New Truth in Lending Sample Calendars INITIAL DISCLOSURES Step 1 Broker registers or uploads a file in Reunion Direct and emails or faxes the 1003 and GFE newloan reunionmortgage com or

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New Truth in Lending Sample Calendars INITIAL DISCLOSURES Step 1 Broker registers or uploads a file in Reunion Direct and emails or faxes the 1003 and GFE newloan reunionmortgage com or Powered By Docstoc
					New Truth in Lending Sample Calendars

    INITIAL DISCLOSURES

Step 1 - Broker registers or uploads a file in Reunion Direct, and emails or faxes the 1003
and GFE (newloan@reunionmortgage.com or 866.923.3327)

Step 2 - Reunion will mail initial disclosures to the borrower the same day (if received by
3:00 pm Pacific Time), or the next day if after 3:00 pm

Step 3 – Borrower is considered to have received the disclosures by mail after 3 days

Step 4 – Broker can now charge fees as needed, including for an appraisal (only a credit
report fee can be charged before the initial disclosures)

SUNDAY         MONDAY               TUESDAY         WEDNESDAY       THURSDAY       FRIDAY       SATURDAY
1          2                    3                4               5             6               7
           Broker submits       Day 1            Day 2           Day 3         Day 4           Day 5
           loan before                                           Assumes       Appraisal
           3:00 pm and                                           that          can be
           Reunion mails                                         borrower      ordered, and
           initial                                               received      other fees
           disclosures                                           disclosures   charged

8          9                    10               11              12            13              14
           Day 6                Day 7
                                Earliest that
                                docs can be
                                drawn/signed



 RE-DISCLOSURES (if the APR increases by more than .125% from the initial TIL)

Step 1 - Reunion mails re-disclosures to borrower as soon as the APR increase is detected

Step 2 – Borrower is considered to have received the disclosures by mail after 3 days

Step 3 – Borrower has 3 days to evaluate the change before docs can be drawn and signed

SUNDAY         MONDAY           TUESDAY         WEDNESDAY           THURSDAY       FRIDAY       SATURDAY
1          2                3                   4               5              6               7
           Reunion mails    Day 1               Day 2           Day 3          Day 1           Day 2
           re-disclosures                                       Assumes that   First day for
                                                                borrower       borrower to
                                                                received       evaluate
                                                                disclosures

8          9                10                  11              12             13              14
           Day 3            Day 4               Day 1           Day 2          Day 3           Day 4
                            Earliest that       Refinance       Refinance      Refinance       (cannot
                            docs can be         Rescission      Rescission     Rescission      fund on a
                            drawn/signed                                                       Saturday)

15         16               17                  18              19             20              21
           Day 5
           Earliest that
           refinance can
           fund


Note: The definition of “business days” for disclosure purposes is Monday through Saturday,
excluding legal Federal holidays.
                                                                                                           7/09