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Loan Estimate Preparation Requirements

Learn to identify and recognize the content and format of the loan estimate.

In 2013, the Consumer Financial Protection Bureau (CFPB) published a final rule implementing the single, integrated disclosure for certain residential mortgage loan transactions, which includes mortgage loan disclosure requirements under TILA and Sections 4 and 5 of RESPA (or the TILA-RESPA Integrated Disclosure Rule, or TRID). TRID disclosures became effective on and after October 3, 2015, and are applicable to covered closed-end mortgage loans. Regulation Z provides integrated forms and imposes timing and related disclosure requirements for mortgage loans subject to its provisions. On loans covered and subject to the integrated disclosure provisions, a creditor must provide good faith estimates of the loan estimate disclosures for information on the content, form, and format of the disclosure. The creditor generally must deliver or place in the mail the loan estimate no later than three business days after receiving the consumer's application and no later than seven business days before consummation. Generally, the creditor is responsible for ensuring that the loan estimate and its delivery meet the rule's content and timing requirements. If a mortgage broker receives a consumer's application, the mortgage broker may provide the loan estimate to the consumer on the creditor's behalf. If it does so, the mortgage broker must comply with all requirements of the rule, as well as the three-year record retention. This topic will address the requirement of the content and titling of the delivery of the loan estimate.

60 minutes
Course Exam
Certificate of Completion
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Over 35 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Agenda

Coverage and Applicability

  • Coverage and Applicability of the Federal Truth-In-Lending Act (TILA) and Regulation Z
  • Applicability of the TILA - RESPA Integrated Disclosures

TILA - RESPA Integrated Disclosures

  • Content and Format of the Early TILA - RESPA Integrated Disclosures (Loan Estimate)
  • Interplay of the Loan Estimate With Other Disclosures, Especially the Closing Disclosures

Key Elements of the Loan Estimate

  • Finance Charge and APR
  • Amount Financed
  • Required Deposit and Payment Schedule

Disclosure Requirements

  • Basis of Disclosures in Loan Estimates
  • Timing of Loan Estimate

Special Circumstances and Recordkeeping

  • Variable Rate/ARM Loans
  • Construction Loans
  • Recordkeeping
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Why Lorman?

Over 35 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Credits

OnDemand Course

This course was last revised on February 22, 2022.

Call 1-866-352-9540 for further credit information.

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

MP3 Download

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

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Why Lorman?

Over 35 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Faculty

James Milano

James Milano

Weiner Brodsky Kider PC

  • Member, Weiner Brodsky Kider PC
  • Consumer finance, and consumer loan programs and compliance
  • Frequent speaker and author on consumer finance topics
  • Member of D.C., Virginia, Maryland, Georgia, and Louisiana State Bar Associations
  • LL.M. degree, Emory University; J.D. and B.A. degrees, Louisiana State University
  • Can be contacted at 571-214-5255 or [email protected]
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Why Lorman?

Over 35 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

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Product ID: 405767
Published 2022
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