TRID – Disclosure Procedures

admin — Tue, 06 Oct 2015 21:15:05 +0000

MFG Banking Wholesale Disclosure Procedures

MFG Banking has created the “No Hassle Origination” process to comply with the TILA RESPA Integrated Disclosures (TRID – Effective 10/3/2015) and to assist our brokers in getting their loans closed as fast as possible.

Its as easy as this:

1. Broker takes “Application”
-Application Definition: Borrowers Name, Subject Property Address, Social Security Number, Loan Amount, Estimated Value & Income.

2. Broker gets the e-delivery disclosure & borrower signature affidavit signed by the borrower.

3. Broker determines the fees.

4. Broker sends MFG the above information within 24 hours of receipt of the “Application.”

After the borrower has acknowledged their intent to proceed with the transaction via e-signatures on the initial disclosure package, the broker can collect all remaining submission documentation. The documentation can be uploaded to BRIDGE, or sent to your Account Executive as soon as it is received. If you are using BRIDGE, you need to SUBMIT the loan through the system either by changing the status to SUBMIT or locking the loan.

The Definition of “Application under the TRID is simple:

An application means the submission of a consumer’s financial information for purposes of obtaining and extension of credit. An application consists of the following six pieces of information:

The consumer’s name
The consumer’s income
The consumer’s social security number to obtain a credit report
The property address
An estimate of the value of the property
The mortgage loan amount sought

Sending Disclosure Information to MFG Banking – Option 1

Input into BRIDGE & change to READY status:

Complete the Registration, 1003-1, 1002-2, 1003-3 & Fees section in BRIDGE.

Upload Credit Report, BSA, E-Delivery Disclosure, 1003 Signed & Dated by LO, Estimated Title Fees (from closing agent) & any state required broker disclosures (we will send these to the borrower for you.)

Put into READY status in BRIDGE.

Sending Disclosure Information to MFG Banking – Option 2

Send the Following items to your AE via Email or Fax:

Fully completed 1003 signed and dated by LO

Credit Report

Borrower Signature Affidavit (BSA)

Fees Worksheet & Estimated Title Fees (from closing agent)

E-Delivery Disclosure

State Required Disclosures for broker license type (ex. MLDS for Cal-BRE)

* Please Note: Failure to submit the items needed for MFG to properly disclose within 24 hours will result in the incomplete application being canceled in BRIDGE by 12:00pm on the third business day. If the loan is locked the lock is canceled as well. If/when the broker has a completed application it will have to be restarted in BRIDGE.