Initial Disclosures Definitions

Loan Estimate

A Loan Estimate is a three-page form that you receive after applying for a mortgage. The Loan Estimate tells you important details about the loan you have requested. … The form provides you with important information, including the estimated interest rate, monthly payment, and total closing costs for the loan.

Uniform Residential Loan Application

The Uniform Residential Loan Application, also known as a Fannie Mae Form 1003 or just a 1003 form, is a standard form that contains all the information necessary for a lender to establish the risk profile of a borrower. … You will fill this form out with the help of a loan officer at the financial institution.

Washington Domestic Partnership Addendum To Uniform Residential Loan Application

This document establishes the status of any domestic partnership you may or may not be in.

Affiliated Business Arrangement Disclosure

The disclosure must describe the business arrangement that exists between the two providers and give the borrower an estimate of the second provider’s charges. However, nowhere does it say the split of revenue that is given to each party.

Affiliated Business Arrangement Disclosure Statement Notice

RESPA’s AFFILIATED BUSINESS (AfBA) ARRANGEMENT DISCLOSURE FORM. … The affiliated business arrangement disclosure must describe the business arrangement that exists between the two providers and give the borrower an estimate of the second provider’s charges.

Borrower Signature Authorization

Borrower Signature Authorization is a form signed by the applicant authorizing the lender to obtain and verify information and documentation from third parties that is needed in connection with the application for mortgage loan

Borrower Consent To The Use Of Tax Return Information

Consent to Use of Tax Return Information Federal law requires this consent form be provided to you (“you” refers to each taxpayer, if more than one). Unless authorized by law, we cannot use, without your consent, your tax return information for purposes other than the preparation and filing of your tax return.

Residential Mortgage Credit Score Disclosure Exception Notice

In the credit score exception notices, creditors are required to disclose the distribution of credit scores among consumers who are scored under the same scoring model that is used to generate the consumer’s credit score using the same scale as that of the credit score provided to the consumer.

Anti-Steering Disclosure Of Loan Options

An Anti-Steering Loan Options Disclosure is required for all transactions where a Wholesale Mortgage Loan Originator is compensated by someone other than the borrower (i.e. when borrower is selecting the lender-paid option).

Federal Equal Credit Opportunity Act Notice (ECOA)

The Federal Trade Commission (FTC), the nation’s consumer protection agency, enforces the Equal Credit Opportunity Act (ECOA), which prohibits credit discrimination on the basis of race, color, religion, national origin, sex, marital status, age, or because you get public assistance.

Customer Identification Verification

In an effort to assist the government in the fight against funding terrorism and money-laundering activities, Federal law requires all financial institutions to obtain, verify and record information that identifies each person who opens an account.

Electronic Delivery Consent And Intent To Proceed

Expressing an “intent to proceed” is another critical step in the home buying process that you need to decide after shopping and getting pre-approved by a few mortgage lenders. In simple terms, intending to proceed means that you’ve finally chosen a lender who you think offers you the most competitive rates.

Washington State Model Disclosure Form

This disclosure form is designed to conform to the requirements of the Washington State Mortgage Broker Practices Act, chapter 19.146 RCW (“Act”). Every contract between a mortgage broker and a borrower shall be in writing and shall contain the entire agreement of the parties. See RCW 19.146.040. For your own protection, please note that verbal understandings, and documents not signed and dated by both parties, may not be enforceable under the Act. In addition to this Disclosure Form requirement, you may have to provide a separate Rate Lock Agreement. See RCW 19.146.030 and WAC 208-660-430.

Mortgage Broker Agreement

In general terms a mortgage broker can be described as a matchmaker between a borrower and a lender with the goal of originating a mortgage loan. Typically, a mortgage broker draws from a pool of various lenders to find the right match.

Housing Counselors Near You

The U.S. Department of Housing and Urban Development (HUD) requires housing counseling agencies (HCAs) participating in its Housing Counseling Program to provide legal disclosures to its counseled clients. Disclosures help protect clients from unscrupulous practices, and also protect agencies from potential legal claims arising from the provision of counseling and education services. HCA disclosures primarily inform clients of agency programs and services, and about conflict of interest policies.

Disclosure Notices

The Home Mortgage Disclosure Act (HMDA) requires many financial institutions to maintain, report, and publicly disclose loan-level information about mortgages. … HMDA was originally enacted by Congress in 1975 and is implemented by Regulation C.

Acknowledgment Of Receipt Of Homeownership Counseling Notice 19

As previously announced in REMN Wholesale Bulletin 14-03 issued January 9, 2014 REMN Wholesale will generate a Homeownership Counseling Disclosure with the initial lender disclosure package for loans with an application dated on or after January 10, 2014. This disclosure is a new CFPB requirement under the Homeownership Counseling Amendments to RESPA.

The Homeownership Counseling Disclosure must be signed by the borrower(s) to acknowledge receipt and included in the loan file.

Privacy Form – No Opt Out

Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do.

Additional Details For Services You Can Shop For

These costs are paid to outside parties and YOU are free to shop and compare providers for a variety of services. These might include pest inspection, or a survey to verify property lines or a range of Title-related services.

Credit Inquiry Letter Of Explanation

A letter of explanation is your opportunity to explain to the lender in detail why there are negative marks on your credit. It’s designed to give the lender a better sense of your current financial situation as well as any past circumstances that caused damage to your credit score

Borrower’s Certification And Authorization

This document has the borrower certify that all the information within the loan application is correct. The borrower’s certification and authorization also authorizes the lender to share information in the loan application with other parties.

4506t – Request For Transcript Of Tax Return

The Request for Transcript of Tax Return (IRS Form 4506-T) provides the borrower’s permission for the lender to request the borrower’s tax return information directly from the IRS. The IRS tax transcripts are one of the most effective QC and fraud prevention and detection tools available.