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Will the Origination Charges now be broken down for individual fees?

Creditors determine the level of itemization of "Origination Charges" that is appropriate. The creditor may use a general label that uses terminology that clearly and conspicuously describes the service that is disclosed as an origination charge pursuant to §1026.37(f)(1). Items that are listed under the subheading ‘‘Origination Charges’’ may include, for example, application fee, origination fee, underwriting fee, processing fee, verification fee, and rate-lock fee.

Citation(s): §1026.37(f)(1); Commentary ¶37(f)(1)(i)-3; and, Commentary ¶37(f)(1)(i)-5
Disclaimer: The above information is intended for general information purposes with the goal of assisting Ellie Mae’s customers in complying with the new KBYO regulations. This information is provided as a courtesy to Ellie Mae’s customers and Ellie Mae makes no representation or warranty regarding the accuracy of the information set forth herein, and you may not rely on this information to ensure your company’s compliance with the KBYO regulations. This FAQ should not be construed as legal advice or opinion on any specific facts or circumstances, including the application of the KBYO regulations. You are advised to consult your own compliance staff or attorney regarding your specific residential mortgage lending questions or situation to ensure your compliance with all applicable laws and regulations.
Origination Charges individual fees fee disclosure requirements

CFPB announcement regarding the delay of TRID

The Consumer Financial Protection Bureau is delaying until October 3, 2015, the effective date of the TILA-RESPA Final Rule and the related TILA-RESPA Amendments. In light of certain procedural requirements under the Congressional Review Act (CRA), the TILA- RESPA Final Rule and the TILA-RESPA Amendments cannot take effect on August 1, 2015, as originally provided by those rules. To comply with the CRA and to help ensure the smooth implementation of the TILA-RESPA Final Rule, the Bureau is extending the effective date of both the TILA-RESPA Final Rule and the TILA-RESPA Amendments beyond the additional minimum period required by the CRA to October 3, 2015, as proposed. The Bureau is also making certain technical amendments to the Official Interpretations of Regulation Z to reflect the new effective date and technical corrections to two provisions of Regulation Z adopted by the TILA-RESPA Final Rule.

The full statement from CFPB Director Richard Cordray can be viewed here

Popular KBYO questions

Does a non-borrowing spouse have to sign the Closing Disclosure three days prior to closing as well or just sign it at closing? Part 11: Closing Disclosure – Timing & Consumer Receipt The Closing Disclosure must be provided within 3 days of closing. If there is a change affecting the Closing Disclosure can parties waive the 3-day period to proceed? Part 11: Closing Disclosure – Timing & Consumer Receipt What if no lender credits are decided until the loan closing, does a new Loan Estimate need to be provided to reflect this? Part 9: Revised Loan Estimate – Revisions/Re-Disclosure (including Timing & Delivery) So, just to be clear, if a creditor emails the Loan Estimate to the consumer after sending the same consumer an email before indicating that the creditor will be forwarding the Loan Estimate to the consumer later that day, and the consumer responds the next day via email to the creditor indicating that they have received the Loan Estimate, then would that set of facts qualify as nullifying having the creditor to wait the full 3 days under the “3-day mailbox rule”? Part 4: Loan Estimate – Timing & Consumer Receipt When is a revised Loan Estimate provided to the consumer? Part 9: Revised Loan Estimate – Revisions/Re-Disclosure (including Timing & Delivery) What are the cures for the Closing Disclosure post consummation? Part 14: Closing Disclosure – Revisions/Re-Disclosure (including Timing and Receipt) If a seller agreed to pay a specific dollar amount towards the buyer's closing costs, should those items be placed in the seller's column of the Closing Disclosure or as a lump sum in the cash to close section? Part 12: Closing Disclosure – Details of Disclosure Completion When does the Loan Estimate have to be provided to the consumer? Part 4: Loan Estimate – Timing & Consumer Receipt For electronic delivery of disclosures, after a borrower agrees to accept electronic delivery in compliance with the ESIGN Act must all disclosures be sent through an ESIGN compliant system, or can a lender email a scanned copy of a document through normal email? Can the borrower return the document by email as an attachment? Part 3: Loan Estimate – Miscellaneous Questions Can you discuss implementing the new requirements with a true preapproval program which does not have a property address, yet income/assets are verified? Part 2: Definition of Application (with questions pertaining to Pre-Approval and Pre-Qualification)