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V. Mortgage Loan Disclosures and Documentation

This class was created by Brainscape user Antonio Rullo. Visit their profile to learn more about the creator.

By: Antonio Rullo
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Decks in this class (5)

Loan Estimate (LE) and Closing Disclosure (CD)
will test your knowledge on the various mortgage documents that must be provided to clients during the loan application process, these being the LE and CD. You will come to understand the importance of these documents, what laws regulate them, what they contain, when they should be given to your clients and in what manner.
10  cards
Truth-in-Lending (TIL) Statement
Following on from the previous section there are many more documents that you need to provide clients and the TIL statement is one of these. This part will focus on this important document regulated by the TILA testing the limits of your knowledge in various ways, so by the end you will know what it does and how it benefits your client.
6  cards
Good Faith Estimate (GFE)
an addon to the previous section there will be times when you give a client a GFE rather than a TIL. This section will test your knowledge on why this GFE is given over a TIL, what it outlines to clients, why they need it and when they will receive it during the lending application.
6  cards
Mortgage Loan Application (1003 Form)
get well acquainted with is the 1003 Form which applicants must fill in. This section acts in a similar way to the previous ones in this chapter, testing your knowledge on the contents of the form, why it’s an integral part of the lending process, why some states may have different forms, and the overall purpose of the form in general.
5  cards
Compliance with Privacy Laws (Gramm-Leach-Bliley Act)
One of the weighing laws that oversees and regulates mortgage loan disclosures and documentation is the privacy law of the Gramm-Leach-Bliley Act This section will introduce and test your knowledge of this law and outline how it plays a major role in how lenders handle the private data of their customers.
7  cards

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V. Mortgage Loan Disclosures and Documentation

  • Class purpose General learning

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