Can the written list of service providers be printed on the loan estimate?
NOTE: While the written list must correspond to the required services for which the consumer can shop as disclosed on the Loan Estimate, the creditor is not required to provide a detailed breakdown of all related fees that are not themselves required by the creditor but that may be charged to the consumer by the ...
When a borrower is not permitted to shop for services provided by a third party provider What must the creditor do?
§1026.19(f)(2)(v). If the creditor did not allow the consumer to shop for a settlement service, the creditor may need to reimburse the borrower for any additional charges for that service that are added later in order to comply with the Know Before You owe rule.
What is an SSP in mortgage?
Overview. The rule permits lenders/mortgage brokers to provide borrowers the ability to select third party service providers. By doing so could favorably affect the tolerance thresholds for fees disclosed on the Loan Estimate.
What is needed for a loan estimate?
your income, your Social Security number (so the lender can pull a credit report), the property address, an estimate of the value of the property, and.
Which of the following would not be considered a settlement service?
Which of the following would not be considered a settlement service? The answer is servicing.
How is the consumer informed if he or she is permitted to shop for a settlement service?
How is the consumer informed if he or she is permitted to shop for a settlement service? A. A creditor is allowed to inform service providers of consumers who are shopping for services.
What is a settlement provider list?
The Settlement Service Provider List is an Encompass form where you enter providers who display on the list. You can add providers in several ways: - While working in the Settlement Service Provider List form, enter provider information manually or copy provider information from your business contacts.
What is the written list of service providers?
When a creditor requires a specific settlement service, but does not require the use of a specific provider, creditors are supposed to give a list of preferred providers to the applicant - known as the written list of providers - which provides at least one provider for the service being required.
What are two things that RESPA prohibits?
RESPA Section 8(a) and Regulation X, 12 CFR § 1024.14(b), prohibit giving or accepting a fee, kickback, or thing of value pursuant to an agreement or understanding (oral or otherwise), for referrals of business incident to or part of a settlement service involving a federally related mortgage loan.
What are the steps of the closing process in the right order?
The steps leading up to the closing date include:Purchase agreement acceptance.Optional buyer home inspection.Loan origination.Lender home appraisal and credit underwriting.Loan Approval.Homeowner and title insurance.Closing disclosures.
What are the 4 C's of credit?
Standards may differ from lender to lender, but there are four core components — the four C's — that lender will evaluate in determining whether they will make a loan: capacity, capital, collateral and credit.
What information is included in the loan estimate form quizlet?
This form discloses final loan terms, the borrower's projected monthly payments, and total costs to complete the transaction. This includes all of the costs of the borrower's transaction.
When a debtor no longer has an obligation to pay a debt that debt has been?
The debtor will no longer be personally liable for the debts and therefore has no legal obligation to pay discharged debt. In most cases, creditors are also unable to take collection action against the debtor if the debt has been discharged. Some common dischargeable debts include credit card debt and medical bills.
Which of the following borrowers would be considered self employed for underwriting purposes?
Which of the following borrowers would be considered self-employed for underwriting purposes? The answer is borrower who is a salesperson for a company, of which she is a 30% owner. A self-employed borrower is one who owns 25% or more of a business.
Which of the following labels is most likely for a balloon loan?
Which of the following labels is most likely for a balloon loan? 180/360.