Other Disclosures & Borrower Analysis

Question 1

Home Loan Toolkit

Answer 1

Required by RESPA. Must be provided to the borrower within 3 business days of application. Helps borrowers through the mortgage process. Explains closing costs and what it takes to purchase a home.,

Question 2

Homeownership Counseling Disclosure

Answer 2

HOEPA disclosure, on all federally-related loan applications the lender must provide a list of 10 housing counselors. Must be sent to the applicant within 3 business days after receiving the application. List must not be older than 30 days. Must be obtained from HUD or CFPB websites.

Question 3

Charm Handbook

Answer 3

Required for all adjustable-rate mortgages, regardless of purchase or refinance. Due in 3 business days of application.

Question 4

HELOC Booklet (When your home is on the line)

Answer 4

Required for all HELOC loans. Must be provided at time of application.

Question 5

Per federal law what disclosures are due within 3 days of application per federal law?

Answer 5

-Loan Estimate
-Home Loan Tool Kit
-Servicing Disclosure (Included in LE)
-ABA/AfBA at time of referral
-SSPL
-CHARM (For ARMs)
-HELOC booklet (for HELOCs)
-4506-T & 4506- (privacy notices)
-Escrow Notice
-Appraisal Notice
-Notice to Home Loan Applicant

(In case of loan denial -Notice of Action & Adverse Action Notice)