Editor’s Note311
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).
Editor’s Note312
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.
[Not reprinted herein; see http://files.consumerfinance.gov/f/201403_cfpb_mortgage-loans-transactions_cover_H27A.pdf]Editor’s Note313
Description: This is a sample of the Written List of Providers for the transaction in the sample Loan Estimate illustrated by form H–24(B).
[Not reprinted herein; see http://files.consumerfinance.gov/f/201403_cfpb_mortgage-loans-transactions_cover_H27B.pdf]Editor’s Note314
Description: This is a sample of the Written List of Providers with information about the providers selected by the creditor for the charges disclosed pursuant to § 1026.37(f)(2).
[Not reprinted herein; see http://files.consumerfinance.gov/f/201403_cfpb_mortgage-loans-transactions_cover_H27C.pdf]Editor’s Note317
Description: This is a sample of the Loan Estimate illustrated by form H–24(D) for a refinance transaction in which the consumer is estimated to receive funds from the transaction, translated into the Spanish language as permitted by § 1026.37(o)(5)(ii).
[Not reprinted herein; see http://files.consumerfinance.gov/f/201403_cfpb_loanestimate_spanish_H28C.pdf]Editor’s Note318
Description: This is a sample of the information required by § 1026.37(a) through (c) for a transaction with a loan term of seven years that includes a final balloon payment illustrated by form H–24(E), translated into the Spanish language as permitted by § 1026.37(o)(5)(ii).
[Not reprinted herein; see http://files.consumerfinance.gov/f/201403_cfpb_loanestimate_spanish_H28D.pdf]Editor’s Note319
Description: This is a sample of the information required by § 1026.37(a) and (b) for a transaction with negative amortization illustrated by form H–24(F), translated into the Spanish language as permitted by § 1026.37(o)(5)(ii).
[Not reprinted herein; see http://files.consumerfinance.gov/f/201403_cfpb_loanestimate_spanish_H28E.pdf]Editor’s Note320
Description: This is a blank model Closing Disclosure that illustrates the content requirements in § 1026.38, and is translated into the Spanish language as permitted by § 1026.38(t)(5)(viii). This form provides three variations of page one, one page two, one page three, four variations of page four, four variations of page five, and two variations of page six reflecting the variable content requirements in § 1026.38. This form does not reflect any other modifications permitted under § 1026.38(t).
Editor’s Note321
Description: This is a sample of the Closing Disclosure illustrated by form H–25(B) translated into the Spanish language as permitted by § 1026.38(t)(5)(viii).
[Not reprinted herein; see http://files.consumerfinance.gov/f/201403_cfpb_loanestimate_spanish_H28G.pdf]Editor’s Note322
Description: This is a sample of the Closing Disclosure illustrated by form H–25(E) translated into the Spanish language as permitted by § 1026.38(t)(5)(viii).
[Not reprinted herein; see http://files.consumerfinance.gov/f/201403_cfpb_loanestimate_spanish_H28H-Copy.pdf]Editor’s Note323
Description: This is a blank model Loan Estimate that illustrates form H– 24(G), with the optional alternative disclosures permitted by § 1026.37(d)(2) and (h)(2) for transactions without a seller, translated into the Spanish language as permitted by § 1026.37(o)(5)(ii).
[Not reprinted herein; see http://files.consumerfinance.gov/f/201403_cfpb_loanestimate_spanish_H28I.pdf]Editor’s Note324
Description: This is a blank model Closing Disclosure that illustrates form H–25(J), with the alternative disclosures under § 1026.38(d)(2), (e), and (t)(5)(vii) for transactions without a seller, translated into the Spanish language as permitted by § 1026.38(t)(5)(viii).
[Not reprinted herein; see http://files.consumerfinance.gov/f/201403_cfpb_loanestimate_spanish_H28J-Copy.pdf]Editor’s Note325
Description: This is a blank model form of the disclosures required by § 1026.20(e).
[Not reprinted herein; see http://files.consumerfinance.gov/f/201403_cfpb_escrow-cancellation_H29.pdf]Editor’s Note329
Housing Counselor Information: If you would like counseling or assistance, you can contact the following:
The following list indicates which federal agency enforces Regulation Z for particular classes of businesses. Any questions concerning compliance by a particular business should be directed to the appropriate enforcement agency. Terms that are not defined in the Federal Deposit Insurance Act (12 U.S.C. 1813(s)) shall have the meaning given to them in the International Banking Act of 1978 (12 U.S.C. 3101).
National banks and federal branches and federal agencies of foreign banks
(a) Introduction
(1) Section 1026.22(a) of Regulation Z provides that the annual percentage rate for other than open-end credit transactions shall be determined in accordance with either the actuarial method or the United States Rule method. This appendix contains an explanation of the actuarial method as well as equations, instructions and examples of how this method applies to single advance and multiple advance transactions.
(a) Introduction. Creditors are required to disclose a series of total annual loan cost rates for each reverse mortgage transaction. This appendix contains the equations creditors must use in computing the total annual loan cost rate for various transactions, as well as instructions, explanations, and examples for various transactions.
(a) Required tables. In calculating the total annual loan cost rates in accordance with appendix K of this part, creditors shall assume three loan periods, as determined by the following table.
(b) Loan periods.
(1) Loan Period 1 is a two-year loan period.
(a) Definitions.
(1) “Promotional terms” means terms of a cardholder’s account that will expire in a fixed period of time, as set forth by the card issuer.
(2) “Deferred interest or similar plan” means a plan where a consumer will not be obligated to pay interest that accrues on balances or transactions if those balances or transactions are paid in full prior to the expiration of a specified period of time.
The following is an example of how to calculate the minimum payment repayment estimate, the minimum payment total cost estimate, the estimated monthly payment for repayment in 36 months, the total cost estimate for repayment in 36 months, and the savings estimate for repayment in 36 months using the guidance in appendix M1 to this part where three annual percentage rates apply (where one of the rates is a promotional APR), the total outstanding balance is $1000, and the minimum payment formula is 2 percent of the outstanding balance or $20, whichever is greater.
