CFPB Tips – An Overview of the Loan Estimate
The new Loan Estimate replaces the early TILA disclosure and the Good Faith Estimate. The Creditor must provide the Loan Estimate to the Borrower within three days of application. An application is considered received when the consumer provides the following information: Consumer Information Name Income Social Security number to obtain a credit report Address of the subject […]
CFPB – [Video] New Terms & Language to Look For
Learn the CFPB Lingo
With the new rules and new forms comes new terminology and language. The video here explains what language to look for, including:
- Consumer = The Borrower
- Consummation = The day the borrower becomes legally obligated to repay the debt – the date of the signing of the loan documents
- Creditor = A Loan Originator, Lender or Mortgage Broker
- Business Day = A day on which the creditor’s offices are open to the public for carrying on substantially all of its business functions. For purposes of rescission under TILA – all calendar days EXCEPT Sundays and Legal Public Holidays