does freddie mac allow a limited condo review for attached projects

The integrated mortgage disclosures do not apply to: Home-equity lines of credit (HELOCs not subject to RESPA) Reverse mortgages (continue to be subject to RESPA) Mortgages secured by a mobile home or dwelling not attached to land (if the mobile home is real property, the rule does apply) No-interest second mortgage made for down payment assistance, energy efficiency or foreclosure avoidance (§. Which real estate mortgage transactions are exempt from the integrated mortgage disclosures? A. Lenders are accountable for compliance, including the timing and accuracy of the Closing Disclosure, and most will therefore prepare and deliver the Closing Disclosure to the consumer. Can settlement agents prepare the Closing Disclosure and send it to the lender for approval, just as they can today for the HUD-1? A. The rule requires a creditor to provide the closing disclosure to the consumer three business days before consummation. When does the creditor have to provide the Closing Disclosure to the consumer? A.

All closed-end consumer mortgage loans secured by real property purchased primarily for personal, family or household purposes – including construction loans, vacant land loans, 25 acres or more loans, or single-family residence loans – require the integrated mortgage disclosures. Which real estate mortgage transactions require the integrated mortgage disclosures and are subject to timing requirements? A. The new integrated mortgage disclosures will replace the current Good Faith Estimate, HUD-1 and Truth-in-Lending disclosures, for most transaction types. Which current lender disclosures do the TRID forms replace when they go into effect? A. Once a lender has these items, the Loan Estimate must be provided to the consumer within three business days. An application is defined by the following: (1) borrower name (2) income (3) Social Security number (4) property address (5) estimated property value (6) mortgage loan amount sought.

How is the “application” defined under the integrated mortgage disclosure rules? A. Additionally, the Loan Estimate must be delivered or placed in the mail no later than the seventh business day before consummation.

The Loan Estimate must be provided to the consumer by the creditor no later than the third business day after the creditor receives the consumer’s application. When must the Loan Estimate be given by the creditor? A. The TRID rule and disclosure forms apply to most closed-end consumer mortgage loans. Which real estate mortgage transactions are impacted by the Consumer Financial Protection Bureau® (CFPB) TILA-RESPA Integrated Disclosure (TRID) rule? A.

Does freddie mac allow a limited condo review for attached projects