[Christopher]

What if the ability to customize loan information is provided on a website where no print option is provided, but the consumer could screen print? If the consumer can view (and screen print) rates, closing costs, etc that are dependent upon a presumed credit score that the consumer enters, would that be considered providing an “estimate of terms or costs specific to the consumer”?

[kowsley]

I would consider this an “estimate of terms or costs specific to the consumer”. The regulation states in 1026.19(e)(2)(ii): If a creditor or other person provides a consumer with a written estimate of terms or costs specific to that consumer before the consumer receives the disclosures required under paragraph (e)(1)(i) (Loan Estimate) of this section, the creditor or such person shall clearly and conspicuously state at the top of the front of the first page of the estimate in a font size that is no smaller than 12-point font: “Your actual rate, payment, and costs could be higher. Get an official Loan Estimate before choosing a loan.”

In addition, the interpretation 1026.19(e)(2)(ii) in the regulation states: For example, if the creditor provides a document showing the estimated monthly payment for a mortgage loan, and the estimate was based on the estimated loan amount and the consumer’s estimated credit score, then the creditor must include the statement on the document. In contrast, if the creditor provides the consumer with a preprinted list of closing costs common in the consumer’s area, the creditor need not include the statement. Similarly, the statement would not be required on a preprinted list of available rates for different loan products.

Based on your question above, the consumer is entering a presumed credit score, which in turn, would provide an estimate of closing costs based on that score. In my opinion, because the consumer is entering specific information regarding their credit score and isn’t just a preprinted list of available rates, then it would be considered a written estimate and the proper disclosure must be put on the screen that would be printed in appropriate font. Also, be sure this written estimate doesn’t resemble the Loan Estimate with the same headings, content, format.

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