TRID
DD Process
Itemization
And, Scene.
People of DD
100

What are the 6 requirements for an application?

Address
Loan Amount
Income
Estimated Value
Name
Social Security Number

100

What comments do we use on GFE screen for items we are curing? Why do we use different comments on the GFE screen and the CDp1 screen when curing?

  • $xx in credit applied for fee increase above regulatory limit.
  • Comments on GFE screen are what the borrower sees, so they are simple & to-the-point about how this impacts them. Comments on CDp1 are for internal use only, to document the reason we are curing (due to an error in the loan process, cost of business, etc.)
100

What types of fees go in the 1300s * ?

  • Title fees, when we run out of lines in the 1100s
100

You're working on an ICD and you notice Recording fees increased, and we are now showing a 10% fee Variance.  What should you do to correct?

Cure

100

In 2013, I auditioned to be on the Voice.

Rita "Raitt" Hrenchir

200

What form did the LE and CD replace when TRID was implemented?

Good Faith Estimate

200

Who are our new Closing Services Affiliates?  (There are 2)

Spruce

Hankin & Pack PLLC (NC Attorney Affiliated with Spruce)

200

What types of fees go in the 1300 ** ?

  • Fees from 3rd party vendors (HOA, Realtors (not commission), Utilities, etc.)
200

An LO asks DD to undo a disposition they completed, because the borrower changed their mind.  What do you do to help?

Direct the LO to the Loan reinstatement request section on the Disposition Screen.

200

I am a licensed Wedding Officiant and have Married 1 very lucky couple.

Matthew "Cupid" Vega

300

In what year did TRID launch?

2015

300

Name 3 things that would make a Prelim CD unusable.

  • Prelim CD loan amount $5k+ under current loan amount
  • No lender’s title policy
  • No loan amount on Prelim
  • No loan identifying information (borrower names, subject property address, etc.)
  • Loan-identifying information is incorrect (borrower names, subject property address, etc.)
300

What line are lender paid Appraisals supposed to be placed?

834

300

An LO emails you to let you know they disclosed their initial disclosures with the wrong address.  It should be 123 Main Street, not 132 Main Street.  How do you help?

Make sure the address is updated correctly, and send out a new set of initial disclosures.

300

Which teammate had to chase down their dads pet Emu during there Nieces 7th bday party?

Chris "Dundee" Wardle

400

What Fee is not calculated into the cash to close of a Loan Estimate?

Aggregate Adjustment


400

What (Name 3) reasons do we reject an ICD request for?

  • Last LE received date not yesterday or earlier
  • Lock mismatches you cannot ignore or update yourself
  • Lock expires before earliest closing/funding date
  • Mavent fails/alerts need cleared
  • Loan needs reworked: lock update denied
    • AV came in low
    • LTV is off for loan type/program
  • Lock pending for extended period of time
  • Prelim CD rejections
    • purchase closing over 7 days out, actual loan amount over $5K more than prelim CD loan amount
    • purchase closing over 7 days out, missing prelim
    • closing over 7 days out, no loan amount on prelim
    • closing over 7 days out, added and/or increased title fee
400

What is the ATR/QM points and fees threshold percentage for a loan over 130,461? 

  • $130,461 or more: 3% of the total loan amount
  • $78,277–$130,461: $3,914
  • $26,092–$78,277: 5% of the total loan amount
  • $16,308–$26,092: $1,305
  • Less than $16,308: 8% of the total loan amount
400

An LO is asking for a Statement of Denial on a loan that was withdrawn.  How are you helping?

Refer the request to compliance, they will review for viability, and if approved, will reinstate the loan.  You may proceed normally with a Denial.

400

Besides Matt, who else on this team is having a baby this year?

Dre "FingerGuns" Graf

500

Name 2 Loan Types that are NOT covered under TRID.

  • Home-equity lines of credit.
  • Reverse mortgages.
  • Mortgages secured by a mobile home or dwelling not attached to land.
  • No-interest second mortgage made for down payment assistance, energy efficiency or foreclosure avoidance.
  • Loans made by a creditor who makes five or fewer mortgages in a year.
500

When fees are not Shopped for, why do we NOT want to move them to a new line, or rename them?

Encompass is not able to correctly read 10% tolerance on not shopped for files if we move fees around, put fees on lines where other fees were, or change fee names. If we do these things, we will often not pop a GFE when we should & will not be abiding by federal regulations (ie not giving a borrower a cure when we need to). If we have no GFE, but Mavent is failing for 10% title fees, this can be a clue that fees were moved and they need to be re-itemized in the correct place before we disclose so that Encompass can correctly read tolerance & pop a GFE so that we can provide a cure & abide by federal regulations.

500

A 2-1 Buydown loan is not populating the subsidy fee.  How do you fix this?

Change loan program to something else.  Then switch back to 2-1.

500

Jordan has asked you to complete a COC CD for a loan that has gone from Conventional to FHA.  How do you process this?

Send the COC CD First, then circle back and create an initial disclosure package without the LE.

500

I coached NBA Phoenix Suns' player Bol Bol between ages 9 and 16, and threw a chair in righteous frustration!

Alejandro "Bobby K" Reyes

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