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Truth in Lending: H-24(G) Mortgage Loan Transaction Loan Estimate—Modification to Loan Estimate for Transaction Not Involving Seller—Model Form
Editor’s Note301
Description: This is a blank model Loan Estimate that illustrates the application of the content requirements in § 1026.37, with the optional alternative tables permitted by § 1026.37(d)(2) and (h)(2) for transactions without a seller. This form provides one variation of page one, four variations of page two, and four variations of page three, reflecting the variable content requirements in § 1026.37.
Truth in Lending: H-25(A) Mortgage Loan Transaction Closing Disclosure—Model Form
Editor’s Note302
Description: This is a blank model Closing Disclosure that illustrates the content requirements in § 1026.38. This form provides three variations of page one, one page two, one page three, four variations of page four, and four variations of page five, reflecting the variable content requirements in § 1026.38. This form does not reflect modifications permitted under § 1026.38(t).
Truth in Lending: H-25(B) Mortgage Loan Transaction Closing Disclosure—Fixed Rate Loan Sample
Editor’s Note303
Description: This is a sample of a completed Closing Disclosure for the fixed rate loan illustrated by form H–24(B). The purpose, product, sale price, loan amount, loan term, and interest rate have not changed from the estimates provided on the Loan Estimate. The creditor requires an escrow account and that the consumer pay for private mortgage insurance for the transaction.
Truth in Lending: H-25(C) Mortgage Loan Transaction Closing Disclosure—Borrower Funds From Second-Lien Loan in Summaries of Transactions Sample
Editor’s Note304
Description: This is a sample of the information required on the Closing Disclosure by § 1026.38(j) for disclosure of consumer funds from a simultaneous second-lien credit transaction not otherwise disclosed pursuant to § 1026.38(j)(2)(iii) or (iv) that is used to finance part of the purchase price of the property subject to the transaction.
Truth in Lending: H-25(E) Mortgage Loan Transaction Closing Disclosure—Refinance Transaction Sample
Editor’s Note306
Description: This is a sample of a completed Closing Disclosure for the refinance transaction illustrated by form H–24(D). The purpose, loan amount, loan term, and interest rate have not changed from the estimates provided on the Loan Estimate. The outstanding balance of the existing mortgage loan securing the property was less than estimated on the Loan Estimate. The creditor requires an escrow account and that the consumer pay for private mortgage insurance for the transaction.
Truth in Lending: H-25(F) Mortgage Loan Transaction Closing Disclosure—Refinance Transaction Sample (Amount in Excess of § 1026.19(e)(3))
Editor’s Note307
Description: This is a sample of the completed disclosures required by § 1026.38(e) and (h) for a completed Closing Disclosure for the refinance transaction illustrated by form H–24(D). The Closing Costs have increased in excess of the good faith requirements of § 1026.19(e)(3) by $200, for which the creditor has provided a refund under § 1026.19(f)(2)(v).
Truth in Lending: H-25(G) Mortgage Loan Transaction Closing Disclosure—Refinance Transaction With Cash From Consumer at Consummation
Editor’s Note308
Description: This is a sample of a completed Closing Disclosure for a refinance transaction in which the consumer must pay additional funds to satisfy the existing mortgage loan securing the property and other existing debt to consummate the transaction.
Truth in Lending: H-26 Mortgage Loan Transaction—Pre-Loan Estimate Statement—Model Form
Editor’s Note312
Description: This is a model of the statement required by § 1026.19(e)(2)(ii) to be stated at the top of the front of the first page of a written estimate of terms or costs specific to a consumer that is provided to a consumer before the consumer receives the disclosures required under § 1026.19(e)(1)(i).
Truth in Lending: H-27(A) Mortgage Loan Transaction—Written List of Providers—Model Form
Editor’s Note313
Description: This is a blank model form for the written list of settlement service providers required by § 1026.19(e)(1)(vi) and the statement required by § 1026.19(e)(1)(vi)(C) that the consumer may select a settlement service provider that is not on the list.
Truth in Lending: SECTION 1026.1 Authority, purpose, coverage, organization, enforcement, and liability. [§ 226.1]
(a) Authority. This part, known as Regulation Z, is issued by the Bureau of Consumer Financial Protection to implement the Federal Truth in Lending Act, which is contained in title I of the Consumer Credit Protection Act, as amended (15 U.S.C. 1601 et seq.). This part also implements title XII, section 1204 of the Competitive Equality Banking Act of 1987 (Pub. L. 100-86, 101 Stat. 552). Furthermore, this part implements certain provisions of the Real Estate Settlement Procedures Act of 1974, as amended (12 U.S.C. 2601 et seq.).
Truth in Lending: SECTION 1026.2 Definitions and rules of construction. [§ 226.2]
(a) Definitions. For purposes of this part, the following definitions apply:
(1) Act means the Truth in Lending Act (15 U.S.C. 1601 et seq.).
(2) Advertisement means a commercial message in any medium that promotes, directly or indirectly, a credit transaction.
Truth in Lending: SECTION 1026.3 Exempt transactions. [§ 226.3]
The following transactions are not subject to this part or, if the exemption is limited to specified provisions of this part, are not subject to those provisions:17
(a) Business, commercial, agricultural, or organizational credit.
(1) An extension of credit primarily for a business, commercial or agricultural purpose.
Truth in Lending: SECTION 1026.4 Finance charge. [§ 226.4]
(a) Definition. The finance charge is the cost of consumer credit as a dollar amount. It includes any charge payable directly or indirectly by the consumer and imposed directly or indirectly by the creditor as an incident to or a condition of the extension of credit. It does not include any charge of a type payable in a comparable cash transaction.
Truth in Lending: SECTION 1026.5 General disclosure requirements. [§ 226.5]
(a) Form of disclosures.
(1) General.
(i) The creditor shall make the disclosures required by this subpart clearly and conspicuously.
(ii) The creditor shall make the disclosures required by this subpart in writing, in a form that the consumer may keep, except that:
Truth in Lending: SECTION 1026.6 Account-opening disclosures. [§ 226.6]
(a) Rules affecting home-equity plans. The requirements of this paragraph (a) apply only to home-equity plans subject to the requirements of § 1026.40. A creditor shall disclose the items in this section, to the extent applicable:
(1) Finance charge. The circumstances under which a finance charge will be imposed and an explanation of how it will be determined, as follows:
Truth in Lending: SECTION 1026.7 Periodic statement. [§ 226.7]
The creditor shall furnish the consumer with a periodic statement that discloses the following items, to the extent applicable:
Truth in Lending: SECTION 1026.8 Identifying transactions on periodic statements. [§ 226.8]
The creditor shall identify credit transactions on or with the first periodic statement that reflects the transaction by furnishing the following information, as applicable:
(a) Sale credit.
(1) Except as provided in paragraph (a)(2) of this section, for each credit transaction involving the sale of property or services, the creditor must disclose the amount and date of the transaction, and either:
Truth in Lending: SECTION 1026.9 Subsequent disclosure requirements. [§ 226.9]
(a) Furnishing statement of billing rights.
(1) Annual statement. The creditor shall mail or deliver the billing rights statement required by § 1026.6(a)(5) and (b)(5)(iii) at least once per calendar year, at intervals of not less than 6 months nor more than 18 months, either to all consumers or to each consumer entitled to receive a periodic statement under § 1026.5(b)(2) for any one billing cycle.
Truth in Lending: SECTION 1026.10 Payments. [§ 226.10]
(a) General rule. A creditor shall credit a payment to the consumer’s account as of the date of receipt, except when a delay in crediting does not result in a finance or other charge or except as provided in paragraph (b) of this section.
(b) Specific requirements for payments.
(1) General rule. A creditor may specify reasonable requirements for payments that enable most consumers to make conforming payments.
Truth in Lending: SECTION 1026.11 Treatment of credit balances; account termination. [§ 226.11]
(a) Credit balances. When a credit balance in excess of $1 is created on a credit account (through transmittal of funds to a creditor in excess of the total balance due on an account, through rebates of unearned finance charges or insurance premiums, or through amounts otherwise owed to or held for the benefit of the consumer), the creditor shall:
(1) Credit the amount of the credit balance to the consumer’s account;