Loan Estimate Page 3

Working with 2015 RESPA-TILA Regulations 

2015 RESPA-TILA Workflow 

The Loan Estimate input forms (Pages 1-3) enable you to review, edit, or enter information that is populated to the Loan Estimate output form that is provided to the borrower no later than the third business day after the loan application is received. Use the Loan Estimate Page 3 to review and edit contact information for the lender and mortgage broker, review comparisons of the APR and the borrower's principal and interest payments for the first five years of the loan, and review other considerations that will be disclosed to the borrower. This form is used to populate page 3 of the Loan Estimate output form.

Lender Info and Mortgage Broker Info

This section displays contact information for the lender and mortgage broker. This information may already be populated from the File Contacts tool or other Encompass forms.

Add or Change Lender Contact Information

1. Click the Address Book icon, select a Lender, and then click Select.

2. Click a Lock icon to edit a locked field.

Add or Change Mortgage Broker Contact Information

1. Click the Search icon (magnifying glass).

2. Click the Search icon next to the Company field, select a company, and then click Select.

3. Click the Search icon next to the Branch field (if applicable), select a company, and then click Select.

4. Select a Loan Officer from the list.

5. Click a Lock icon to edit a locked field.

Comparisons

The Comparisons section enables the borrower to view the annual percentage rate (APR), information related to the cost of the loan over the first five years of the loan, and the interest payments over the life of the loan expressed as a percentage of the loan amount. Click the Lock icons to edit the fields.

Other Considerations

Use the Loan Disclosures section to disclose appraisal, assumption, homeowner's insurance, late payment, servicing, and construction loan information.

• For Homeowner's Insurance, select the Omit from print option to remove the disclosure text regarding homeowner's insurance from the Loan estimate output form .

• For Appraisal, select the Omit from print option to not include the disclosure text regarding the appraisal. Select the Use Section 35option for a higher priced mortgage loan (HPML) to insert the appropriate appraisal text for these loans into the Loan Estimate output form. When the Use Section 35 checkbox is selected, the word “promptly” will be removed from the second sentence in the description: "We will promptly give you a copy of any appraisal, even if your loan does not close."

• Some information is already populated from other Encompass forms.

Click the Get Late Fee button to automatically populate late fees based on state and agency requirements for the subject property location. The button triggers calculations that produce generic late fees or investor-driven overrides to late fees based on investor plan IDs and custom plan IDs associated with the user’s Plan ID.

The fields in this section can be populated using a Data Template.

See Also

Loan Estimate Page 1

Loan Estimate Page 2