[dcsluder1]

Question I have since we were written up by examiners, does the Loan Estimate/Closing Disclosure not take the place of an Itemization of Amount Financed? Since the Loan Estimate/Closing Disclosure show the Amount Financed, Total Finance Charge Total Payments, ect why do we need to include an Itemization of Amount Financed? They say the same thing? Can anyone explain the difference to me?

[rcooper]

See the CFPB’s webinar q&as: https://files.consumerfinance.gov/f/documents/201707_cfpb_Outlook-Live_Index-of-TRID-Questions-Addressed-During-Webinars.pdf, see page 3, question 2:
Does the creditor have to disclose an itemization of amount financed with the LE? Answered on October 1, 2014, General Questions. (Listen to the entire question and answer and the CFPB addresses this for TRID transactions in general.)

Please let us know if you have any additional questions.
Thanks!

[jholzknecht]

No itemization of the amount financed is required with the TRID disclosures. The amount financed appears on the Closing Disclosures, but does not even appear on the Loan Estimate. Why would an itemization be needed when the amount financed is not required?

[Author]

Posts