3 business days after talking to consumer
7 business days after receiving a completed application
3 business days after the 6 items of a completed application have been received
30 days after the 6 items of a completed application have been received
When the loan is locked.
When you change lenders.
When you switch from banking to brokering.
When the loan terms have changed.
When the APR has increased or decreased by .125%
Clear to Close
Change of Circumstance
Cash to Close
Change of Closing
A change in loan amount
Going from broker to banker
Change of loan type or program
Change of income due to inability to verify income provided or income shows a different amount
Appraised value is different than estimated value that changes the terms of the loan.
Additional service is necessary based on additional title report
When the lock has to be extended
Within 3 days of whenever the consumer has been represented a change in loan terms, verbally or otherwise
When rates drop more than .500%
Whenever a loan is counter offered to the consumer with different terms than originally represented
Yes, they all have the same application requirements.
No, according to Reg B there are more requirements to constitute a complete application.
In the FPF Training Center
On the CFPB website
The "Working Together" form found in Encompass
Notice of Incompleteness
Notice of Incompetence
Notice of Illegitimacy
When the underwriter issues conditions.
When items needed from the consumer to complete application as defined by the creditor are missing or insufficient.
When the applicant withdraws the loan file.
A request for all items remaining to complete an application for credit
2 years paystubs and W-2s or two years tax returns
A stated reasonable period of time for the consumer to deliver the missing or insufficient items
A decline of the terms in which the applicant applied for but an offer to extend credit at new term
A notice that failure to get those items will result in no further obligations of the creditor
Creditor must provide the borrower with a new TIL.
Creditor must give the borrower a 45 day extension.
The creditor has no obligation.
Notice of Appraisal Taxes
Notice of Action Taken
Notice of Appropriate Timeframes
Upon loan submission
Upon loan denial
Upon loan withdrawal
When the appraisal is received
When the loan interest rate is locked
When issuing a counteroffer