Home Equity

Home Equity

Home Equity Lending can be confusing when it comes to all the disclosures. Since we can integrate all of your home equity lending disclosures, we thought the following table would be helpful to you. It describes each disclosure and when you must provide it to the consumer. It is taken directly out of the "Joint Report Concerning Reform to TILA and RESPA" booklet, pg 38.

Time Table for Providing Disclosures under TILA and RESPA

Timing	TILA	RESPA
At or before referral		Affiliated business arrangement disclosure
At or before application	Home-secured lines of credit (HELOC) booklet & disclosure ARM Booklet & disclosure	Initial transfer of servicing disclosure
Within 3 days of application	TILA disclosure (home purchase loans only)	HUD special Information booklet (home purchase loans only) Good Faith Estimate
Three days before closing/consummation	HOEPA loan disclosure Reverse mortgage loan disclosure
One day before closing/consummation		HUD-1 Settlement Statement (if requested)
At closing/consummation	TILA disclosure (for all transactions except home purchase; for home purchase if change in terms) Rescission notice	HUD-1 Settlement Statement Initial escrow account statement (within 45 days of closing)
Post closing/consummation	ARM notice of rate & payment changes	Annual escrow statement Transfer of servicing notice

If you are looking for some examples of these disclosures, please give us a call and we'll be happy to show you some.

Forms Design, Inc.
Office: 616.866.2505
Fax: 240.206.3225
6091 Belding Road. NE
Rockford MI 49341
Info@FormsDesign.com