What is a special information booklet?

What is a special information booklet?

The special information booklet is required pursuant to Section 5 of RESPA (12 U.S.C. 2604) and is published by the Bureau to help consumers applying for federally related mortgage loans understand real estate transactions.

What is the name of the special information booklet?

settlement cost booklet
The CFPB has issued an updated version of the home buying information booklet (also known as the special information or settlement cost booklet) required under RESPA and TILA.

What special information booklet must be given to every person at the time of application for a loan?

RESPA requires that a “Servicing Disclosure Statement” be given at the time an application for a mortgage servicing loan is submitted or within 3 business days. It must indicate whether the servicing of the loan may be assigned, sold or transferred to any other person at any time while the loan is outstanding.

When must a special information booklet required?

RESPA requires mortgage brokers and lenders to provide borrowers with three specific disclosures at this point in the transaction: A Special Information Booklet must be provided to the prospective borrower at the time of the loan application or within three days thereafter.

Who provides the special information booklet to the borrower?

The lender
(1) The lender shall provide the special information booklet by delivering it or placing it in the mail to the applicant not later than three business days (as that term is defined in § 1024.2) after the application is received or prepared.

Who must receive a special information booklet?

(Jeff Sorg, OnlineEd) – A creditor must provide the special information booklet, specifically the RESPA Settlement Costs Booklet, to the consumer who applies for a consumer credit transaction secured by real property no later than three business days after receiving the consumer’s loan application.

Who provide the special information booklet to the borrower?

(1) The lender shall provide the special information booklet by delivering it or placing it in the mail to the applicant not later than three business days (as that term is defined in § 1024.2) after the application is received or prepared.

What is the name of the special information booklet which explains the settlement process and is due three business days after receipt of a loan application?

Is the Home loan Toolkit required on refinances?

Lenders are required to give you the toolkit within three business days after you apply for a loan to buy a home. The toolkit is designed to be used with the Loan Estimate and Closing Disclosure, the two new disclosures that replace four overlapping mortgage forms for applications received on or after October 3, 2015.

What do you need to get a loan estimate?

Loan officers are required to provide you with a Loan Estimate once you have provided:

1. your name,
2. your income,
3. your Social Security number (so the lender can pull a credit report),
4. the property address,
5. an estimate of the value of the property, and.
6. the desired loan amount.

Is RESPA still in effect?

RESPA was signed into law in December 1974, and became effective on June 20, 1975. The law has gone through a number of changes and amendments since then, all with the intent of informing consumers of their settlement costs and prohibiting kickbacks that can increase the cost of obtaining a mortgage.