If the consumer submits these six pieces of information, the requirement to provide a loan estimate is triggered and the creditor must ensure that the loan estimate is delivered or mailed within three business days. The creditor or, if a mortgage broker receives the consumer's request, the creditor or mortgage broker can mail or deliver the loan estimate. Once you have submitted your six key facts, each lender must send you a loan estimate for VA Loans near Seabrook Island SC within three business days. Please allow a few additional days for mail delivery if the lender uses postal mail. If you haven't received a loan estimate for VA Loans near Seabrook Island SC within that time frame, call the lender and ask why. For more information on this scenario, see the CFPB's regulatory guide on supervisory and enforcement considerations relevant to mortgage brokers transitioning to lenders with mini-correspondents, which provides guidance on determining the true creditor based on the actual source of funding and the real interest of the lender who finances it.
If a mortgage broker delivers the loan estimate to the consumer and, at the time of delivery, the creditor is not known, the loan identification number may be left blank. In many cases, as long as the intermediary or mini-correspondent acts as a creditor in a real transaction in the secondary market, your name will appear on the estimate of the loan in creditor status. A loan estimate provided by a mortgage broker in accordance with the requirements satisfies the creditor's obligation. The loan estimate is information required by the creditor; if a mortgage broker issues the loan estimate, the creditor is still responsible for ensuring that the requirements of Article 1026.19 (e) are met.
Leaving the loan identification blank is strongly recommended if the mortgage broker does not know who the creditor is at the time a mortgage broker delivers the loan estimate, or if there is a possibility that a creditor will change during the loan process. For example, such costs include all real estate brokerage fees, homeowners association or condo fees paid at the end, home guarantees, inspection fees, and other charges that are part of closing real estate but not required by the creditor. Therefore, if the mortgage broker delivers the loan estimate and there are no subsequent valid revisions to the loan estimate they issue (including the fact that the rate is fixed at the time of initial delivery), technically yes, you could have a loan estimate without loan identification and only add the loan identification at the time of delivery of the closing disclosure. The mortgage broker must choose not to include the name of the creditor or the identification of the loan in the loan estimate if the creditor is not known or if he believes that a change of creditor is possible. If a mortgage broker receives a consumer's request, the creditor or mortgage broker can provide the consumer with the loan estimate.
In transactions with a mortgage broker, the name and address of the creditor, if known, must be disclosed, even if the mortgage broker provides an estimate of the loan to the consumer. Determine if a credit union has met the repayment capacity requirements of § 1026.43 (c) by granting a qualified mortgage that meets the requirements of the definition of a qualified mortgage for global payments to small creditors in § 1026.43 (f) (above), unless the creditor requirement of § 1026.35 (b) (iii) (A) (operating predominantly in a rural or underserved area) does not apply. If the mortgage broker provides the loan estimate, the mortgage broker must meet all relevant requirements. If the creditor is unknown at the time a mortgage broker can provide the loan estimate, Regulation Z states that the creditor's name must be left blank.
Regarding the submission of the loan estimate, the creditor will deliver or mail the loan estimate no later than the third general business day following the date the creditor (or mortgage broker) receives the consumer's request. In this case, the date the mortgage broker mails or delivers the loan estimate to the consumer should be used, if the mortgage broker receives the request.
