Purpose
What is the purpose of the Notice of Right to Cancel?
Inform parties with ownership their right to rescind.
What Closing Disclosure did TRID create?
CD
When is the HOEPA Disclosure due?
3 business days prior to consummation
How long do we retain the FINAL TIL?
2 Years
If the lender does not properly disclose 2 copies (or 1 electronic) of this TILA disclosure to the correct parties, what happens to the right of recission?
It extends to 3 years.
What is the purpose of the Closing Disclosure
Inform the borrower of all the finalized costs (settlement and finance) for the loan.
What disclosure must go out if a borrower receives a loan that falls under Section 32 of TILA?
HOEPA Disclosure or Covered Loan Notice
Both the Notice of Right to Rescind and the Notice of Right to Cancel PMI are due when?
At closing.
How long do we retain the Closing Disclosure?
5 years
What parties must receive a copy of the Notice of Right to Cancel?
Any parties with ownership interest.
Which "closing" disclosure informs the borrower about the breakdown of their escrow payments for the upcoming year?
Initial Escrow Statement
The Initial Escrow Statement is required by what regulation and section?
RESPA, Section 10
When is the Closing Disclosure due?
3 business days prior to consummation
How long do we retain the Covered Loan Notice?
2 Years
What two loan products will receive a HUD-1 and a Final TIL?
A HELOC and a Reverse Mortgage
What is the purpose of the HUD-1?
Inform the borrower of final settlement costs for open-end loans
What two "Closing" disclosures come from RESPA?
The HUD-1 and the Initial Escrow Statement
When are both the HUD-1 and the Final TIL due to the borrower?
At closing
Which two closing disclosures do NOT have required retention periods?
What is an AKA for the HOEPA Disclosure?
Covered Loan Notice
What is the purpose of the Final TIL?
Inform the borrower of final finance costs for open-end loans
What disclosure comes from HPA?
Notice of Right to Cancel PMI
When is the Initial Escrow Statement due?
At closing or withing 45 calendar days of account establishment.
How long do we retain the HUD-1?
5 years
What is the difference between the Notice of Right to Cancel and the Notice of Right to Cancel PMI?
The Notice of Right to Cancel informs the borrower of their right to rescind (or cancel) the mortgage. The Notice of Right to Cancel PMI informs the borrower of their rights for PMI removal.