Understanding Your Loan Estimate: Page 2, Loan Costs

Closing costs are fees paid when the title of the property is transferred to the buyer making them the legal owner. Origination Charges are fees collected by the lender for the loan process. They may including fees for handling the loan application and “Origination...

Can My Settlement Charges Change?

Yes, if circumstances change, such as: a natural disaster damages the property or affects closing costs the title insurer providing the estimate goes out of business during underwriting new information on you or the transaction affecting settlement is discovered. If...

Can Creditors Revise TRID Loan Estimates?

Creditors are generally bound by the initial Loan Estimate. They are permitted to provide a revised Loan Estimate only under certain changed circumstances. These include circumstances that: a) increase settlement charges beyond the legal tolerance limits b) affect...

What’s Refunded If My Loan Is Higher Than My Estimate?

If the amount you pay at closing exceeds the amounts disclosed on the Loan Estimate – beyond tolerance limits for each category – the creditor must REFUND the excess to you no later than 60 calendar days after loan consummation. For charges subject to a...

Could My Loan Costs Exceed The Loan Estimate?

Yes, within defined limits. Service charges for which YOU shop and select a provider may change; the creditor is NOT responsible for providers who are NOT on their written list. In addition, prepaid interest, property insurance premiums and escrow or reserve deposits...

What Will The TRID Loan Estimate Tell Me?

The Loan Estimate documents the essential facts and terms of an approved real estate loan. It includes: loan terms projected payments and loan costs cash and costs at closing time the services for which you CAN and CANNOT shop in relation to the loan summary...

How Long Must Creditors Keep Real Estate Loan Records?

Under the TRID rule, creditors must retain Escrow Cancellation and Partial Payment Policy disclosures for two years; Loan Estimate records for three years after loan consummation and Closing Disclosures for FIVE years. If a creditor sells or transfers their interest...

What Is A ‘Business Day’ For Real Estate Loan Disclosures?

“Business day” is defined slightly differently for Loan Estimates and Closing Disclosures. For Loan Estimates, each day on which a creditor’s offices are open to the public count as a business day. Loan estimates must be delivered or placed in the mail no later than...
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