REFINANCE (Adjustable Rate Mortgage/HMDA)
Consumer-Purpose Closed-end Secured by Real Property
This checklist is intended to comply with the general requirements. It may not fit every scenario.
BORROWER: __________________________________________________ LOAN OFFICER: ___________________________
PURPOSE/COMMENTS:______________________________________________________________________________________
At Application:
|______ |1. Application |Name, income, social security number, property address, property value, & loan amount |
| |Date of Initial Credit Request: __________ |received: ______________(date) (Include NMLS Names/IDs) |
| | |Purchase Agreement Received: _______________ |
|______ |2. ARM Program Disclosure & CHARM Booklet |W/ application if secured by principal dwelling, term greater than 1 year & rate can |
| | |increase |
|______ |3. Steering Disclosure |If you broker with more than one creditor or broker and have “in-house” option |
|______ |4. Government Monitoring Information |If secured by & primarily for purchase/refi of primary dwelling (not const-only) |
| |HMDA Banks |Collect if Purchase, Refinance, or Home Improvement |
| ____ Purchase |____ Refinance |____ Home Improvement |
|______ |5. CIP Information |(Name, Physical Address, SSN, Date of Birth); Verify prior to closing |
|______ |6. Joint Intent |If more than one applicant |
|______ |7. Credit Insurance Application Disclosure |Provide orally and in writing at time insurance product solicited/offered |
Within 3 (general) business days of application (All loans secured by real property):
|______ |1. Loan Estimate* & Service Provider List |Deliver/mail at least 7 (precise) business days before closing |
|______ |22. Toolkit Booklet |If first lien and purpose is to purchase dwelling |
|______ |3. Credit Score/Risk-Based Pricing Notice |As soon as reasonably practical after the credit report is pulled |
Within 3 (general) business days of application (If security includes a dwelling):
|______ |1. Affiliated Business Arrangement Disclosure |With Loan Estimate or at time of referral, whichever is earlier |
|______ |2. Notice to Home Loan Applicant |As soon as reasonably practical after the credit report is pulled |
|______ |3. Homeownership Counseling List |Must be obtained within last 30 days and based on applicant’s zip code |
|______ |4. Appraisal Disclosure*** |If 1st lien on a dwelling or (any lien) HPML – Timing from Initial Credit Request |
After the LE is received by applicant and prior to charging any fees (All loans secured by real property):
|______ |1. Intent to Proceed | |
Prior to closing (All loans secured by real property – Flood Insurance Requirements only apply if security includes a structure):
|______ |1. Flood Hazard Determination Form |SFHA? ____ Yes ____ No Multiple Buildings? ____ Yes ____ No |
|______ |2. Flood Notice (if in flood zone) |Provide a reasonable time prior to closing or no later than commitment |
|_____ |Signed by borrowers | |
|______ |33. APR Within Tolerance |.125% tolerance for Regular Transaction; .250% tolerance for Irregular Transaction |
Prior to closing (if security includes a dwelling):
|______ |1. Higher-Priced Mortgage Loan** |If secured by principal dwelling and APR thresholds met |
| |_____ Escrow Account (Unless Exempt) |
| |_____ Appraisal Requirements (Unless Exempt) |
| | |
|______ |2. Copy of Appraisal*** |1st lien: Provide promptly and at least 3 business days prior to closing |
| | |Other lien HPML: Provide at least 3 general business days prior to closing |
|______ |3. If High-Cost Mortgage, Written Certification of Counseling Obtained |
|______ |4. Ability to Repay |Using third-party verification |
|_____ Income or Assets |____Employment Status |_____ Monthly Payment (this loan) |
|_____ Debts |____Monthly Debt Ratio/Residual Income |_____ Credit History |
|_____ Monthly Payment (Simultaneous Loans) |_____ Monthly Payment: Mortgage Related Obligations |
Received at least 4 (Precise) Business Days Before Closing (If secured by real property): If not in person, assume receipt 3 business days later
|______ |1. Revised Loan Estimate |In the event of a valid changed circumstance, documentation required |
Received at least 3 (Precise) Business Days Before Closing (If secured by real property): If not in person, assume receipt 3 business days later
|______ |1. Closing Disclosure | |
|______ |2. Revised Closing Disclosure |If APR inaccurate; product change; or prepayment penalty added. Other changes = Revised |
| | |disclosure at closing. |
Received at least 3 (Precise) Business Days Before Closing (If secured by principal dwelling): If not in person, assume receipt 3 business days later
|______ |1. If high-cost mortgage, HCM disclosure 3 (precise) business days prior to closing (each borrower/consumer w/ right to rescind) |
Closing (All loans):
|_______ |1. Right of Rescission signed |(2 copies to each consumer with an ownership interest in security property that is their |
| |Closing Date: _______________ |primary residence); Includes bridge loans |
| |Advance funds on ____________ | |
|_______ |2. Note signed |Compare to Closing Disclosure for accuracy; Include NMLS Names/IDs |
|_______ |3. Insurance | |
|_____ |Hazard insurance | |
|_____ |Flood insurance |Verify address, flood zone; adequate coverage; effective date; mortgagee |
| _____ |PMI |Provide Notice/Disclosure and for fixed-rate loans, an AM Schedule |
|_______ |4. Sale of Insurance disclosure |If an insurance product is sold in connection with the loan |
|_______ |5. Privacy Disclosure |If not an existing customer |
| |6. Revised Closing Disclosure |Revised Disclosure required if prior becomes inaccurate – Permit consumer to inspect the |
| | |business day prior to closing |
|_______ |7. Initial Rate Change Notification |If secured by principal dwelling, term greater than one year, rate can increase, and 1st |
| | |adjusted payment due within 210 days of closing |
|_______ |8. Initial Escrow Account Statement |At settlement or within 45 calendar days, if applicable |
After Closing:
|_______ |1. Notice of Transfer |If secured by a dwelling and loan is sold to another institution |
|HMDA Banks (As Applicable): | | |
|_______ |2. Complete HMDA Proof Sheet | |
|_______ |3. Record on HMDA-LAR | |
Final Loan File Review:______________________________________________________
*If application is for construction/permanent financing: A Loan Estimate for both the construction phase and the permanent financing is required within 3 (general) business days of the initial application.
**HPML escrow rules N/A for construction loans; temporary financing (e.g. bridge) with a term of 12 months or less; or Reverse Mortgages. HPML appraisal rules N/A for construction loans, bridge loans with a term of 12 months or less (if for the purchase of primary dwelling); QM’s; “streamlined” 1st lien refinancings [see §1026.35(c)(2)(vii)]; small dollar loans; loans secured by mobile homes, boats, or trailers; or reverse mortgages. Loans secured by a new manufactured home & land do not require interior inspection. Loans secured by a manufactured home but no land are exempt from the appraisal requirements if a Manufacturer’s Invoice (“New” homes only); Independent cost/value estimate; or Independent valuation is provided three business days before closing. Flipped transactions may require a 2nd appraisal.
***Regulation B does not define “business day”. We recommend use of the “general business day” to be consistent with the similar HPML requirement.
HOME EQUITY LINE OF CREDIT
(Secured by Residential Real Property)
This checklist is intended to comply with the general requirements. It may not fit every scenario.
BORROWER: _____________________________________________ LOAN OFFICER: __________________________
PURPOSE/COMMENTS:_____________________________________________________________________________________
At application:
|_______ |1. Application |Date Received: _________________________________ |
| | |___ In person ___ Dropped off ___ Mailed ___ Phone ___ Electronic |
|_______ |2. Government Monitoring Information |Collect if secured by and primarily for the purch/refi of primary dwelling |
| |
|HMDA Banks: Reporting HELOCs for HMDA banks is optional, therefore: |
| |If the bank does not report HELOCs: Only Collect Government Monitoring Information if the HELOC is used to purchase and is secured by a primary |
| |residence (to meet Reg B requirements) and do not report on the LAR. |
| |If the bank does report HELOCs: Collect Government Monitoring Information. |
|_______ |3. Home Equity Line of Credit Program/Application Disclosure |
|_______ |4. Home Equity Line of Credit Booklet |“What You Should Know About Home Equity Lines of Credit” |
|_______ |5. CIP information obtained |(name, physical address, SSN, DOB); Verify prior to account opening |
|_______ |6. Appraisal Disclosure* |If a first lien, provide no later than 3 business days after application |
|_______ |7. Credit insurance application Disclosure |Provide orally and in writing at time insurance product solicited/offered |
|_______ |8. Joint Intent – Reg B |If more than 1 applicant |
|_______ |9. Credit Score/Risk-Based Pricing |As soon as reasonably practical after the credit report is pulled |
|_______ |10. Notice to Home Loan Applicant |As soon as reasonably practical after the credit report is pulled |
|_______ |11. Homeownership Counseling List |Provide no later than 3 general business days after application (must be obtained within |
| | |last 30 days and be based on zip code of applicant) |
|_______ |12. Affiliated Business Arrangement Disclosure |No later than time of referral |
Prior to closing:
|_______ |1. Flood Hazard Determination Form |SFHA? ___ Yes ___ No Multiple Buildings? ___ Yes ___ No |
|_______ |2. Flood Notice (if in flood zone) |Provide a reasonable time prior to closing or no later than commitment |
|_______ |signed by borrowers | |
|_______ |3. Copy of Appraisal* |If first lien, provide promptly & at least 3 business days prior to closing |
|_______ |4. If high-cost mortgage, HCM disclosure 3 business days prior to closing (each borrower/consumer w/ right to rescind) |
|_______ |Written Certification of Counseling Obtained (if high-cost mortgage) |
|_______ |If high-cost mortgage: Ability to Repay using third-party verification: |
| |_____ Income or Assets |
| |_____ Employment |
| | |
| |_____ Current Obligations |
| |_____ Mortgage-Related Obligations |
| | |
Closing:
|_______ |1. Right of Rescission signed (also |(2 copies to each consumer who has an ownership interest in security property that is their |
| |required on purchase money loans) |primary residence) |
| | Closing Date: __________________ |
| |Advance funds on ___________________ |
|_______ |2. Note signed |Must match terms of Program Disclosure |
|_______ |3. Insurance | |
|_____ |Hazard insurance | |
|_____ |Flood insurance |Verify address; flood zone; adequate coverage; effective date; mortgagee |
|_______ |4. Privacy Disclosure |If not an existing customer |
Final Loan File Review:______________________________________________________
*Regulation B does not define “business day”. We recommend use of “general business day”.
AGRICULTURAL/COMMERCIAL-PURPOSE REAL ESTATE LOAN
This checklist is intended to comply with the general requirements. It may not fit every scenario.
BORROWER: ______________________________________________ LOAN OFFICER:_________________________
CLOSING DATE: ___________________________
PURPOSE/COMMENTS:______________________________________________________________________________________
___________________________________________________________________________________________________________
___________________________________________________________________________________________________________
At application:
|_______ |1. Application |Date Received: __________________________________ |
|_______ |2. CIP information obtained |(name, physical address, SSN or EIN, date of birth-if applicable) |
|_______ |3. Joint Intent – Reg B |If more than 1 applicant |
|_______ |4. HMDA Banks: Government Monitoring |Collect for home purchase loans (unless the loan is primarily for agricultural purposes), |
| |Information (race, sex, ethnicity) |home improvement loans, and refinance loans |
| | |
|Within 3 business days of application: | |
|_______ |1. Appraisal Disclosure |If secured by 1st lien on a 1-4 family dwelling |
| | | |
Prior to closing:
|_______ |1. Flood Hazard Determination Form |SFHA? ___ Yes ___ No Multiple Buildings? ___ Yes ___ No |
|_______ |2. Flood Notice (if in flood zone) |Provide a reasonable time prior to closing or no later than commitment |
|_______ |signed by borrowers | |
|_______ |3. Verify CIP information | |
|_______ |4. Copy of Appraisal |If secured by 1st lien on a dwelling – Provide promptly and at least 3 business days prior |
| | |to closing |
Closing:
|_______ |1. Note signed | |
|_______ |2. Insurance | |
|_____ |Hazard insurance | |
|_____ |Flood insurance |Verify address; flood zone; adequate coverage; effective date; mortgagee |
Final Loan File Review:______________________________________________________
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