On July 31, the Consumer Financial Protection Bureau updated its TILA-RESPA Integrated Disclosure FAQs by adding five questions related to providing loan estimates to consumers: The questions include:
- When is a creditor required to provide a loan estimate to a consumer?
- Can creditors require consumers to provide additional information (other than the six pieces of information constituting an application) in order to receive a loan estimate?
- Can creditors require consumers to submit verifying documents before they receive a loan estimate?
- Is the requirement to provide a loan estimate triggered if the consumer submits the six pieces of information to receive a pre-approval or pre-qualification letter?
- What if a creditor needs to collect additional information (beyond the six pieces of info constituting an application) or verifying documents to process a pre-approval or pre-qualification request?
The updated FAQs and the answers are available here.