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July 31 2009 - HEPA

July 19th, 2009 7:04 PM by Sam Kader

Highlights of the new rule:

  • Initial disclosures of mortgage costs within 3 days of your loan application.
  • Can't charge upfront fees except for credit report. Other fees can be collected after receiving the truth-in-lending disclosures and an annual percentage rate calculation of those loan costs.
  • 7 days waiting period after applicants are handled disclosures are mailed.
  • Final truth-in-lending disclosures are due 3 business days before closing.
  • A copy of the appraisal report must be delivered 3 business days before the scheduled closing on the loan.
  • If A.P.R. in the original Truth-In-Lending increases by more than .125% - a new TIL needs to be delivered and an additional seven business days to consider the transaction before settlement. Changes can occur due to float rate option and initial estimated costs from 3rd party participants.
Posted in:General
Posted by Sam Kader on July 19th, 2009 7:04 PM

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