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Truth in Lending: 5.11.2.7.7.1 General; identification of creditor and broker

This section of the loan estimate form starts on page three.966 All of the remaining information the creditor must provide appears under the master heading, “Additional Information About This Loan.” First, at the top of page three, the creditor (labeled “Lender”) must list its name and its Mortgage Licensing System and Registry identification number (labeled “NMLS ID/License ID”).

Truth in Lending: 5.11.2.7.7.2 “Comparisons” subsection

Next, the loan estimate form must contain a “Comparisons” table along with statement next to this title that says: “Use these measures to compare this loan with other loans.”968 In the column on the left side under “Comparisons,” the row must state—“In 5 years” followed by the total principal, interest, mortgage insurance, and loan costs scheduled to be paid through the end of the sixtieth month after the due date of the first periodic payment, expressed as a dollar amount.969 This number co

Truth in Lending: 5.11.2.7.7.4 Signature statement

The loan estimate form ends on page three with the heading “Confirm Receipt.” Here, if the creditor includes signature lines for the borrowers, the creditor must state: “By signing, you are only confirming that you have received this form.

Truth in Lending: 5.11.2.7.8 Form of loan estimate

Section 1026.37 of Regulation Z ends with rules addressing headings and labels, use of the model forms in appendix H, rounding of dollar amounts and percentages, unit-periods, modifications to the model forms due to translations into languages other than English, logos or slogans, attachment of the creditor’s business card, and the inclusion of administrative information.991 More importantly, section 1026.37(o) imposes the clear and conspicuous, grouping, and segregation rules that apply to other closed-end consumer credit

Truth in Lending: 5.11.2.8.2 General information section

The general information appears at the top of the first page of the closing disclosure form. Next to the heading “Closing Disclosure,” the creditor must include the following statement: “This form is a statement of the final loan terms and closing costs. Compare this document with your Loan Estimate.” Immediately underneath this statement, the creditor must include the following items under the “Closing Information” heading:1004

Truth in Lending: 5.11.2.8.4 “Projected Payments” section

A separate table under the heading “Projected Payments” must appear on the first page of the closing disclosure form underneath the “Loan Terms.”1013 The same information that is shown on the loan estimate form must appear in this section,1014 except that the amount of estimated escrow payments to be listed must be determined according to RESPA’s Regulation X § 1024.17 for transactions subject to RESPA.1015 If the loan transaction is not gove

Truth in Lending: 5.11.2.8.5 “Costs at Closing” section

The creditor must disclose the actual costs or average price of the costs on the closing disclosure, unless an estimate is permitted.1018 A separate table under the heading “Costs at Closing” must appear on the first page of the closing disclosure form after the “Projected Payments” table. The “Costs at Closing” table begins with the actual “Closing Costs” section itemized as the sum of:

Truth in Lending: 5.11.2.8.6.1 Relationship to loan estimate

Using the master heading “Closing Cost Details,”1026 page two of the closing disclosure form must contain an itemization of all loan costs associated with the transaction broken down into two subheadings: “Loan Costs”1027 and “Other Costs,”1028 followed by totals.1029 This section differs from that in the loan estimate form because it must include columns showing whether the charge was borrowe

Truth in Lending: 5.11.2.8.6.2 “Loan Costs” subsection

Under the heading “Loan Costs,” the creditor must itemize each amount into the following categories: “Origination Charges”; “Services Borrower Did Not Shop For”; and, “Services Borrower Did Shop For.”1035 Next to each of these subheadings, the creditor must disclose the sum of the charges in that section that were paid by the borrower at or before closing.1036 Following the itemization of charges in each category, the creditor must show which fees were paid by the borrower, the seller, and o

Truth in Lending: 5.11.2.8.6.4 Totals

The “Total Closing Costs” are to be disclosed on line J, representing the sum of all closing costs (both the “Loan Costs” and the “Other Costs” subsections) paid by the borrower at or before closing.1071 The “Closing Cost Subtotals” line appears under “Total Closing Costs.” This line includes the subtotals of all closing costs that were borrower-paid, seller-paid, or paid by others.1072 The amount of any “generalized” lender credits, disclosed as a negative number, labeled “Lender Credits” i

Truth in Lending: 5.11.2.8.7.1 General

This section of the closing disclosure form starts on page four.1138 All of the remaining information the creditor must provide appears under the master heading, “Additional Information About This Loan” and spans pages 4 and 5 of the closing disclosure form.1139

Truth in Lending: 5.11.2.8.7.2 “Loan Disclosures” subsection

Under the heading “Loan Disclosures,” information about “Assumptions,” “Demand Feature,” “Late Payment,” “Negative Amortization,” “Partial Payments,” “Security Interest,” and “Escrow Account” must appear on this page.1140 Under the label “Assumption,” the creditor must include a statement of whether a subsequent purchaser may be permitted to assume the remaining loan obligation on its original terms.1141 Under the label “Demand Feature,” the closing disclosure form must state whether the leg

Truth in Lending: 5.11.2.8.7.5 “Loan Calculations” subsection

Next, on page 5 of the closing disclosure form, the “Additional Information About This Loan” section must contain a “Loan Calculations” table.1167 In the column on the left side and on the first row, the table must state the “Total of Payments,” with a statement that the disclosure is the total the consumer will have paid after making all payments of principal, interest, mortgage insurance, and loan costs, as scheduled.

Truth in Lending: 5.11.2.8.7.6 “Other Disclosures” subsection

The closing disclosure form must also include “Other Disclosures” in the “Additional Information About This Loan” section.1180 Here, the creditor must provide certain information about the “Appraisal,” “Contract Details,” “Liability After Foreclosure,” “Refinance,” and “Tax Deductions.”

Truth in Lending: 5.11.2.8.7.7 “Questions” subsection

This part of the closing disclosure form must include a separate notice, labeled “Questions?,” that directs the consumer to use the contact information provided on the same page and that contains the CFPB’s website link to obtain more information or to file a complaint.1190

Truth in Lending: 5.11.2.8.7.8 “Contact Information” subsection

Under “Contact Information,” the closing disclosure form must contain a table in which the creditor must list specific information for each creditor (labeled “Lender”), the mortgage broker, the consumer’s real estate broker, the seller’s real estate broker, and the settlement agent participating in the transaction.1191 This information includes:

Truth in Lending: 5.11.2.8.7.9 Signature statement

Finally, the closing disclosure form ends on page five with the heading “Confirm Receipt.” Here, if the creditor includes signature lines for the borrowers, the creditor must state: “By signing, you are only confirming that you have received this form.

Truth in Lending: 5.11.2.8.8 Form of closing disclosure

Section 1026.38 of Regulation Z ends with rules addressing headings and labels, use of the model forms in appendix H, headings and labels, rounding of dollar amounts and percentages, unit-periods, modifications to the model forms due to translations into languages other than English, logos or slogans, attachment of the creditor’s business card, and the inclusion of administrative information.1196 More importantly, section 1026.38(t) imposes the clear and conspicuous, grouping, and segregation rules that apply to other closed-end consumer cr

Truth in Lending: 5.11.2.9 Remedies

The general rules regarding the availability of actual and statutory damages under TILA are as follows: Actual damages, attorney fees, and costs are available for all violations that arise from requirements that appear in parts B (credit transactions), D (credit billing), and E (consumer leasing) of TILA.1201 Relevant to loan origination disclosures, only a violation of a closed list of disclosure requirements that appear in part B of TILA triggers statutory damages under TILA.1202 Whether a

Truth in Lending: 5.12.1.1 Overview

In 1981, Regulation Z was revised to require a few disclosures for all variable rate transactions.1211 Those regulations—which apply only to transactions that are not secured by the consumer’s principal dwelling and to transactions that are secured by the principal dwelling but have a term of one year or less—are discussed at § 5.12.2, infra. Separate rules, discussed