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The name of the real estate firm/company (i.e. broker) would be the name listed. You would also list the agent’s name and information in the “contact section”. See page 5 of the sample disclosure linked here:
https://files.consumerfinance.gov/f/201403_cfpb_closing-disclosure_cover-H25B.pdf.And comment 1026.38(r)(2) states:…“If the creditor, mortgage broker, seller’s real estate broker, consumer’s real estate broker, or settlement agent participating in the transaction is a natural person, the natural person’s name is listed in the § 1026.38(r)(1) and (r)(4) disclosures (assuming that such natural person is the primary contact for the consumer or seller, as applicable).”
So if the broker is a natural person and not a business you would list that person in the “name” section and the “contact” section if he/she is also the primary contact.The commentary to section 38(r) gives somem insight: https://www.bankersonline.com/regulations/12-1026-038#38r
In my opinion, if a loan has matured there isn’t anything to modify. And, as you mentioned, if you replace the existing obligation with a new obligation that is considered a refinance.
It is worded a little differently, but there is a similar 10 day timeframe. Reg Z says one of the reasons that you can issue a revised loan estimate is that more than 10 days have elapsed before the consumer gives their intent to proceed. See 1026.19(e)(3)(iv)(E). Also see p. 381 of the preamble: https://files.consumerfinance.gov/f/201311_cfpb_final-rule-preamble_integrated-mortgage-disclosures.pdf.
Do we show a second adjustment at the beginning of year 5 to 5%, a third at the beginning of year 6 to 7%, and then a fourth and final at the beginning of year 7 to max out at 7.25% for the remainder of the loan term? Yes
In an ARM transaction the regulation says to use the composite rate when calculating the TIP rate. The composite rate according to 1026.17C(c)(1)-10 says the composite rate should factor in the initial rate for as long as it is charged and the rate that would have been applied using the index or formula at consummation for the remaining term. It also says if there are rate caps that those caps should be reflected in the composite rate.
There are some good examples in the commentary – see page 1664: https://files.consumerfinance.gov/f/201311_cfpb_final-rule-commentary_integrated-mortgage-disclosures.pdf
Also here’s the excerpt from the commentary to 1026.17(c)(1)-10:
When creditors use an initial interest rate that is not calculated using the index or formula for later rate adjustments, the disclosures should reflect a composite annual percentage rate based on the initial rate for as long as it is charged and, for the remainder of the term, the rate that would have been applied using the index or formula at the time of consummation. The rate at consummation need not be used if a contract provides for a delay in the implementation of changes in an index value. For example, if the contract specifies that rate changes are based on the index value in effect 45 days before the change date, creditors may use any index value in effect during the 45 day period before consummation in calculating a composite annual percentage rate.ii. The effect of the multiple rates must also be reflected in the calculation and disclosure of the finance charge, total of payments, and the disclosures required under §§ 1026.18(g) and (s), 1026.37(c), 1026.37(l)(1) and (3), 1026.38(c), and 1026.38(o)(5), as applicable.
iii. If a loan contains a rate or payment cap that would prevent the initial rate or payment, at the time of the first adjustment, from changing to the rate determined by the index or formula at consummation, the effect of that rate or payment cap should be reflected in the disclosures.
I agree with MCCompliance.
As for where to place a non-lender required fee on the loan estimate look to Comment 1026.37(g)(4)-4 (this would be section H of the form as you referenced):
Examples of other items that are disclosed under § 1026.37(g)(4) if the creditor is aware of those items when it issues the Loan Estimate include commissions of real estate brokers or agents, additional payments to the seller to purchase personal property pursuant to the property contract, homeowner’s association and condominium charges associated with the transfer of ownership, and fees for inspections not required by the creditor but paid by the consumer pursuant to the property contract. Although the consumer is obligated for these costs, they are not imposed upon the consumer by the creditor or loan originator. Therefore, they are not disclosed with the parenthetical description “(optional)” at the end of the label for the item, and they are disclosed pursuant to § 1026.37(g) rather than § 1026.37(f). Even if such items are not required to be disclosed on the Loan Estimate under § 1026.37(g)(4), however, they may be required to be disclosed on the Closing Disclosure pursuant to § 1026.38. Comment 19(e)(3)(iii)-3 discusses application of the good faith requirement for services chosen by the consumer that are not required by the creditor.
If you have a used manufactured home without land the transaction is exempt from the general HPML appraisal rules and all you are required to obtain is either:
1) a cost estimate of the value of the manufactured home securing the transaction obtained from an independent cost service provider; or
2) A valuation, as defined in § 1026.42(b)(3), of the manufactured home performed by a person who has no direct or indirect interest, financial or otherwise, in the property or transaction for which the valuation is performed and has training in valuing manufactured homes
and ensure you provide a copy of whichever you use to the consumer no later than three business days prior to consummation of the transaction.In the supplemental final rule the CFPB states that NADA is a provider they anticipate creditors utilizing for used manufactured homes without land. See p. 78566.
https://www.gpo.gov/fdsys/pkg/FR-2013-12-26/pdf/2013-30108.pdf
The dollar threshold is a stand-alone exemption.
Your state law likely has rules on charging fees. Even if your state laws permits charging a fee in this order it may not be permitted for certain garnishments. I recommend talking to your attorney, state banking association or department of financial institutions to learn what you can and can not do.
Take a look at the preamble, linked here: https://files.consumerfinance.gov/f/201311_cfpb_final-rule-preamble_integrated-mortgage-disclosures.pdf, beginning on page 874.
jGo9- It sounds like LaserPro has done it correctly. If there is no escrow waiver fee that portion of the disclosure should be left blank. You can find this on page 1118 of the preamble.
I agree that VSI would be considered credit insurance and shouldn’t be financed in connection with a consumer credit transaction secured by a dwelling. Good point kmeade. Sounds like timob1973 has it covered.
Ok – that clears things up. Yes, I agree if you allow the customer to shop the provider must be added to the list.
Since you are asking about VSI I am assuming this is a car loan, or at least secured by a vehicle and not real property. If this is the case you will look to 1026.18 for the disclosure requirements.
In order to determine if VSI is a finance charge look at 1026.4(b)(8), which states that it is a finance charge unless certain criteria are met (1026.4(d)(2).
1026.4(b) states:
Examples of finance charges. The finance charge includes the following types of charges, except for charges specifically excluded by paragraphs (c) through (e) of this section:
…(8) Premiums or other charges for insurance against loss of or damage to property, or against liability arising out of the ownership or use of property, written in connection with a credit transaction.1026.4(d)(2) states:
2) Property insurance premiums. Premiums for insurance against loss of or damage to property, or against liability arising out of the ownership or use of property, including single interest insurance if the insurer waives all right of subrogation against the consumer, may be excluded from the finance charge if the following conditions are met:(i) The insurance coverage may be obtained from a person of the consumer’s choice, and this fact is disclosed. (A creditor may reserve the right to refuse to accept, for reasonable cause, an insurer offered by the consumer.)
(ii) If the coverage is obtained from or through the creditor, the premium for the initial term of insurance coverage shall be disclosed. If the term of insurance is less than the term of the transaction, the term of insurance shall also be disclosed. The premium may be disclosed on a unit-cost basis only in open-end credit transactions, closed-end credit transactions by mail or telephone under §1026.17(g), and certain closed-end credit transactions involving an insurance plan that limits the total amount of indebtedness subject to coverage.
