There was a request for a link to see what the 2014 Combined TIL/GFE disclosure form will look like next January
Here’s the official FTC Memo on the MARS Rules
During our mortgage fraud review I mentioned a great article on Shawn Portmann.
Slide decks for FHA loans and also the full 2-day class can be found on Slideshare.
Question: MDIA re-disclosure. How many days must be between the day the borrower receives the re-disclosures and signing? Here is the TILA/MDIA. Do a document search on the term MDIA and the second one goes through the disclosure/re-disclosure rules step by step that we covered in class.
Question: Why is doc prep fee excluded from APR calc?
A: BC it is paid to a third party. If the documentation preparation is done by the lender then it would be considered a lender fee and would be included in the APR calculation
MDIA If signing on the 12th when must the borrower receive their revised disclosures?
And for those seeking additional reading material for studying, here’s a hint. The NMLS publishes a list of all the content that is covered in the exam along with links to the content. It is heavy reading but here you go. Scroll to the very end of this document for all the links.
Thanks for coming to class! I enjoyed meeting all of you! Keep Studying!