Required disclosures to the customer for an mlo who is also a mortgage broker?

The disclosures must include the real estate broker’s license number and NMLS unique identifier number. 4. The disclosures must contain the amount of all compensation to be earned by the broker including the amount of any yield/spread premium or other rebates from the lender.

What are the required respa disclosures?

  1. Good Faith Estimate of Settlement Costs.
  2. Servicing Disclosure Statement.
  3. Affiliated Business Arrangements.
  4. HUD-1 Settlement Statement.
  5. Escrow Account Operation & Disclosures.
  6. Next Page > Processing Your Loan Application.

What disclosure must be provided to the borrower if there is an AfBA in play?

The referring party must give the AfBA disclosure to the consumer at or prior to the time of referral. The disclosure must describe the business arrangement that exists between the two providers and give the borrower an estimate of the second provider’s charges.

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Which of the following disclosures must be provided within three business days of receiving a mortgage loan application?

The initial Truth in Lending Statement must be delivered to the consumer within 3 business days of the receipt of the loan application by the lender. The TILA statement is presumed to be delivered to the consumer 3 business days after it is mailed.

Why does it take 30 years to pay off $150000 loan even though you pay $1000 a month?

Why does it take 30 years to pay off $150,000 loan, even though you pay $1000 a month? … Even though the principal would be paid off in just over 10 years, it costs the bank a lot of money fund the loan. The rest of the loan is paid out in interest.

What is the salary of a mortgage broker?

There are roles in mortgage broking that range from base salaries of around $45,000 to $130,000. As a general rule, high base salaries have high targets and no trail income. PAYG broker roles in general don’t come with trail commission.

What is not covered by RESPA?

Transactions generally not covered under RESPA include: “an all cash sale, a sale where the individual home seller takes back the mortgage, a rental property transaction or other business purpose transaction.”

Who is subject to RESPA?

RESPA applies to the majority of purchase loans, refinances, property improvement loans, and equity lines of credit. RESPA requires lenders, mortgage brokers, or servicers of home loans to provide disclosures to borrowers concerning real estate transactions, settlement services, and consumer protection laws.

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What are the 6 RESPA triggers?

The six items are the consumer’s name, income and social security number (to obtain a credit report), the property’s address, an estimate of property’s value and the loan amount sought.

Which of the following is a disclosure that must be provided before settlement?

Disclosures Before Settlement Another required disclosure before settlement is the HUD-1 Settlement Statement. This is a form that lists all fees that will be charged to the borrower and the seller at closing. The borrower may review the HUD-1 Settlement Statement one day before closing.

What kind of loan transaction requires disclosure of the settlement cost booklet?

The Real Estate Settlement Procedures Act (RESPA) requires lenders and mortgage brokers to give you this booklet within three days of applying for a mortgage loan.

What must a borrower receive at the time of application?

When borrowers apply for a mortgage loan, mortgage brokers and/or lenders must give the borrowers: a Special Information Booklet, which contains consumer information regarding various real estate settlement services. (Required for purchase transactions only). … It also provides information about complaint resolution.

What loans are exempt from RESPA?

When a loan is made to purchase vacant land, and none of the proceeds of the loan will be used to construct a covered residential structure, the loan is exempt from RESPA oversight. This is another case of the relative experience and knowledge of the participants in the transaction.

What is an approval disclosure?

Approval Disclosure means a written statement telling me the amount of the Loan that you have approved and other information that is required by law, including my right to accept this Loan within 30 days after receipt of, or the date indicated on, the Private Education Loan Approval Disclosure.

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What loans does Tila apply to?

The provisions of the act apply to most types of consumer credit, including closed-end credit, such as car loans and home mortgages, and open-end credit, such as a credit card or home equity line of credit.

What happens if I pay an extra $200 a month on my mortgage?

Since extra principal payments reduce your principal balance little-by-little, you end up owing less interest on the loan. … If you’re able to make $200 in extra principal payments each month, you could shorten your mortgage term by eight years and save over $43,000 in interest.

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