Respa /Tila
Disclosure Names
ABA AfBA
MSDS
GFE
Notice of Transfer Statement
Initial Escrow Statement
Annual Escrow Statement
Home Ownership Counseling Organizations List Disclosure
HUD-1 Settlement Statement
TILA – Section 19 disclosures
Consumer Handbook on Adjustment Rate Mortgages
Informs the borrower of how arms work
Completed application or 3 business days
2 years
Early ARM Disclosure
Informs the borrower of their specific arm
Completed application
2 years
Notice of Right to Receive an Appraisal
Lets borrower know they can get a COPY of the appraisal
Notice of Right to Receive an Appraisal: due at application or within 3 business days if mailed
Copy of appraisal: due promptly upon completion or no later than 3 business days prior to consummation
Closing Disclosure
CD
Gives the borrower
Final settlement and finance costs of the loan
3 days before consummation or 1 day prior if requested
5 years
Annual Privacy Notice
Explains what info company gathers and how it is shared given annually
Annually
MSDS
Mortgage Servicing Disclosure Statement
Informs borrower or likelihood that the loan will be transferred to a new servicer
@ completed application or within 3 (Monday-Friday) days
5 years from settlement date
Initial Truth in Lending Statement
Informs the borrower of their estimated finance costs associated with open end loans
At completed application or 3 bus days
2 years
Notice of Action Taken
dverse Action Notice
(for credit denied)
Informs the borrower of decision, explanation, lender info and where they can get credit report
30 days from application
25 months
HOEPA Disclosure
Covered loan notice
Informs the borrower of what a high cost loan is , their apr, and a sono
3 bus days prior to consummation
2 years
Annual Escrow Statement
Detects overages and shortages , if an overage over $50 or more than it is returned to the borrower. Informed if there is a shortage.
Annually or 30 days of escrow analysis
GFE
Good Faith Estimate
Inform them of their loan costs for open ended loans
Completed application or 3 business days
3 years
What You Should Know About Your HELOC
When your house is on the line
Informs the borrower of how helocs work
At completed application or 3 busines days
2 years
Initial Privacy Notice
Explains what info is gathered and shared with affiliates
When customer relationship is established
Notice of Right to Rescind
Notice of Right to cancel
Lets borrower know they can cancel loan, they have 3 business days from closing . each party gets 2 copies
Closing
2 years
Notice of Transfer Statement
NTS
Informs borrower that loan may be transferred
15 before transfer , new servicer has 15 days to inform, and cant charge late fees for 60 days
Home Ownership Counseling Organizations List Disclosure
List of at least 10 home ownership counseling organizations
.excludes reverse mortgages & timeshares
Completed application or 3 business days
Home Loan Toolkit
Special information booklet
Informs the borrower of mortgage process
Closed ended loans
As soon as possible , no later than completed application or 3 business days
2 years
RESPA – Section 10
Initial Escrow Statement
Explains amount needed for escrow and breaks each payment down.
Closing or 45 days of escrow account establishment
Homeowners Protection Act (PMI Cancellation Act)
Notice of Right to Cancel PMI
Pmi disclosure
Informs borrower that they can request to cancel pmi at 80% with an appraisal and will automatically fall off at 78%
closing
Ongoing Interest Rate Adjustment
Disclosure
Info about servicer , alternatives to paying new rate, effective date of new rate, new payment amount, any changes to loan terms
60 to 120 days prior to rate change
2 years
TILA – TRID
LE
Informs the borrower of estimated costs of the loan
For closed ended loans
Completed application or 3 bus days
3 years
Notice of Right to Receive Credit Score
Informs the borrower of their credit score and factors
No later than completed application or within 3 business days
HUD-1 Settlement Statement
HUD-1
Final settlement costs for open end loans
Closing or 1 day prior if requested
5 years
Final Truth in Lending Statement
Final TIL
Final finance costs for open ended loans
Closing or 1 day prior if requested
2 years
Initial Interest Rate Adjustment Disclosure
Info about servicer and different ways to pay new rate, new date, new payment amount, any changes to loan terms.
210 to 240 days prior to rate adjustment
2 years