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Issuing a good faith ewhen not all ination has been provided Form: What You Should Know
The new rules will set out the following: (1) good faith estimates must be in writing and include the following information: (A) the name and address of each party to the agreement that is named in the estimate; (B) the loan amount, the name of the insurance carrier(s) or reinsurer(s) that will receive the payment, the loan term(s), and the type(s) of insurance coverage that will be transferred; (C) the estimated amount of insurance premium(s) and insurance deductible(s); and (D) a clear statement to the effect that disclosure of this estimate will serve as the legal obligation of the borrower pursuant to the consumer credit agreement(s). The new rule will apply, among other things, to reverse mortgages, insurance premiums (including medical payments), and property insurance (including property damage liability, theft or vandalism insurance), and it will require disclosures of the GFE in a clear statement on the disclosure statement at interest rates. A Good Faith Estimate is required in connection with most reverse mortgages. Reverse mortgages are loans where you purchase the mortgage from lenders, and where the terms of the loan contract do not require prior notice to the lenders of each of the following: the amount and type of insurance coverage transferred, that is, the premium or deductible for the type of insurance, or the payment of the insurance premiums; or the amount of the insurance premium, deductibles, or total premiums charged, or the estimated amount of any such payments; or the payment of the insurance premium, deductibles, or total premiums and your payment(s) of each insurance premium, deductible, or total premium, as described in Item (C); “Reverse mortgage” means mortgage of a dwelling, except for a residential lease. A reverse mortgage includes a mortgage (including a subprime or other high-risk mortgage) obtained: 1. by a lender that is a commercial lender, except when the lender is a qualified institutional purchaser as defined in section 1101 of the Truth in Lending Act that purchases a second lien mortgage; or 2. by a consumer for use in connection with the acquisition, ownership, or maintenance of a qualified first-lien mortgage, or for the acquisition, ownership, or maintenance (other than by a consumer that is a resident of that state) of a qualified second mortgage. [FED. REG. 1252.201, 1252.204, 1252.218, 1252.220, 1252.
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