Disclosure Tracking Compliance Timeline and Tracking Calculations

GFE Application Date

Initial Disclosure Due Date

This date is three days after the GFE Application Date.

• A "day" is any day lender is open to conduct business according to Our Company Calendar in Compliance Calendar settings.
• By default, the day of the GFE Application Date is included (i.e., is considered day 1). To exclude this day, you must adjust the Initial Disclosure Due Date settings using the Disclosure Tracking Settings tool.

• Initial disclosure (i.e., the GFE) must be delivered or sent before the end of Day 3.

Earliest Fee Collection Date

This date is the later of the following dates: the date you determine that the borrower intends to continue with the loan (as indicated in field ID 3197 on the 2010 GFE) or the day of the Initial TIL Borrower Received Date or the Initial GFE Borrower Received Date.

• RESPA regulations state that lenders cannot collect loan-related fees, except for credit report fee, until the initial GFE and REGZ-TIL are received by the borrower and the borrower has indicated an intention to proceed with the loan covered by the GFE.
• A "day" is any day of the week excluding Sundays and Legal Holidays according to the U.S. Postal Calendar in Compliance Calendar settings.

Earliest Closing Date

The following calculations are used to determine this date:

• If an initial Loan Estimate has been sent, the Earliest Closing date is the LE Sent date (field 3152) plus 7 days, based on the Reg-Z Business Day Calendar in the Compliance Calendar setting.
• If a revised Loan Estimate has been sent but not received (the Revised LE Received date is in the future), the Earliest Closing date is the Revised LE Sent date (field 3154) plus 7 days, based on the Reg-Z Business Day Calendar in the Compliance Calendar setting. The Revised LE Sent date is not counted as one of the 7 days.

• If a revised Loan Estimate has been sent and received, the Earliest Closing date is the Revised LE Received date (field 3155) plus 3 days, based on the Reg-Z Business Day Calendar in the Compliance Calendar setting. The Revised LE Received date is not counted as one of the 3 days.

• If an initial Closing Disclosure has been sent but not received, the Earliest Closing date is the CD Sent date (field 3977) plus 6 days, based on the Reg-Z Business Day Calendar in the Compliance Calendar setting. The CD Sent date is not counted as one of the 6 days.
• If an initial Closing Disclosure has been sent and received, the Earliest Closing date is the CD Received date (field 3978) plus 3 days, based on the Reg-Z Business Day Calendar in the Compliance Calendar setting in the Compliance Calendar setting. The CD Received date is not counted as one of the 3 days.

• If a revised Closing Disclosure has been sent and Change in APR, Change in Loan Product, or Prepayment Penalty Added has been selected on the Disclosure Details window as the reason for the revised Closing Disclosure:

  • If the revised Closing Disclosure has been sent but not yet received (the Revised CD Received date is in the future), the Earliest Closing date is the Revised CD Sent date (field 3979) plus 6 days, based on the Reg-Z Business Day Calendar in the Compliance Calendar setting. The Revised CD Sent date is not counted as one of the 6 days.
  • If a revised Closing Disclosure has been sent and received, the Earliest Closing date is the Revised CD Received date (field 3980) plus 3 days, based on the Reg-Z Business Day Calendar in the Compliance Calendar setting. The Revised CD Received date is not counted as one of the 3 days.

• The Earliest Closing date is re-calculated when:

  • A revised Loan Estimate is excluded or included.
  • A revised Closing Disclosure disclosed due to any of the reasons listed above (Change in APR, Change in Loan Product, or Prepayment Penalty Added) is excluded or included.
• A "day" is any day lender is open to conduct business according to the Reg-Z Business Day Calendar in the Compliance Calendar setting.

If a revised Loan Estimate or Revised CD (with a change of circumstance caused by an APR change, loan product change, or additional prepayment penalty) is disclosed, the calculations described above use the Revised LE Sent, Revised LE Received, Revised CD Sent, and Revised CD Received dates instead.

Indicates the time zone being used for the time and date calculations in the loan file. The time zone indicated here is based on the time zone indicated in field LE1.X9. The default value for this field is determined by the Closing Costs Expiration Time Zone setting (Encompass Settings > Loan Setup > Disclosure Tracking Settings > Compliance Timeline Calculation for RESPA-TILA.). Additionally, LE1.X9 is used to evaluate calculated dates based on the values stored in the Disclosure Tracking tool in order to calculate timeline fields (LE Sent, LE Received, CD Sent, CD Received).

Initial TIL Sent Date

Three days after the GFE Application Date.

• According to RESPA regulations, the initial REGZ-TIL must be provided (along with the GFE) within three days of receiving the application.
• A "day" is any day of the week excluding Sundays and Legal Holidays according to the U.S. Postal Calendar in Compliance Calendar settings.
• The GFE Application Date is considered Day 1.
• Initial REGZ-TIL must be delivered or sent before the end of Day 3.

Borrower Received Date

The day the borrower received the initial REGZ-TIL. Date is calculated according to the disclosure delivery method:

• U.S. Mail - REGZ-TIL deemed received three days after the Initial TIL Sent Date. A "day" is any day of the week excluding Sundays and Legal Holidays according to U.S. Postal Calendar in Compliance Calendar settings.
  • The Initial TIL Sent Date is excluded.
  • REGZ-TIL assumed received by the end of Day 3.
• In Person - REGZ-TIL deemed received on the Initial TIL Sent Date.
• Other - If sent via email, REGZ-TIL deemed received on date email is opened by the borrower (not on date email is sent). If sent by overnight delivery, REGZ-TIL deemed received on the date borrower signs for the package or acknowledges receipt of package.
• Fax - REGZ-TIL deemed received on date disclosure is sent via fax.

Revised TIL Provided Date

The date that the latest revised REGZ-TIL was sent.

• Under MDIA provisions, when a conventional loan's current APR and the disclosed APR differ by more than .125%, the revised REGZ-TIL must be provided within three days of the change. (This same provision applies to ARM loans when there is a difference of .25% between the two rates.)
• A "day" is any day of the week excluding Sundays and Legal Holidays according to the U.S. Postal Calendar in Compliance Calendar settings.
• The day the revised REGZ-TIL is saved in Encompass is considered Day 1.
• Revised REGZ-TIL must be delivered or sent before the end of Day 3.

Borrower Received Date

The day the borrower received the revised REGZ-TIL. Date is calculated according to the disclosure delivery method:

• U.S. Mail - REGZ-TIL deemed received three days after the Revised TIL Provided Date. A "day" is any day of the week excluding Sundays and Legal Holidays according to the U.S. Postal Calendar in Compliance Calendar settings.
  • The Revised TIL Provided Date is excluded.
  • REGZ-TIL assumed received by the end of Day 3.
• In Person - REGZ-TIL deemed received on the Revised TIL Provided Date.
• Other - If sent via email, REGZ-TIL deemed received on date email is opened by the borrower (not on date email is sent). If sent by overnight delivery, REGZ-TIL deemed received on the date borrower signs for the package or acknowledges receipt of package.
• Fax - REGZ-TIL deemed received on date disclosure is sent via fax.

Initial GFE Sent Date

Three days after the GFE Application Date.

• According to RESPA regulations, the initial GFE must be provided (along with the REGZ-TIL) within three days of receiving the application.
• A "day" is any day of the week excluding Sundays and Legal Holidays according to the U.S. Postal Calendar in Compliance Calendar settings.
• The GFE Application Date is considered Day 1.
• Initial GFE must be delivered or sent before the end of Day 3.

Borrower Received Date

The day the borrower received the initial GFE. Date is calculated according to the disclosure delivery method:

• U.S. Mail - GFE deemed received three days after the Initial GFE Sent Date. A "day" is any day of the week excluding Sundays and Legal Holidays according to the U.S. Postal Calendar in Compliance Calendar settings.
  • The Initial GFE Sent Date is excluded.
  • GFE assumed received by the end of Day 3.
• In Person - GFE deemed received on the Initial GFE Sent Date.
• Other - If sent via email, GFE deemed received on date email is opened by the borrower (not on date email is sent). If sent by overnight delivery, GFE deemed received on the date borrower signs for the package or acknowledges receipt of package.
• Fax - GFE deemed received on date disclosure is sent via fax.

Revised GFE Provided Date

The date that the latest revised GFE was sent.

• According to RESPA regulations, the revised GFE must be provided within three days of any change based on a changed circumstance made to the initial disclosed GFE.
• A "day" is any day of the week excluding Sundays and Legal Holidays according to the U.S. Postal Calendar in Compliance Calendar settings.
• The Changes Received Date (Field ID 3165 on the 2010 GFE) is considered Day 1.
• Revised GFE must be delivered or sent before the end of Day 3.

Borrower Received Date

The day the borrower received the revised GFE. Date is calculated according to the disclosure delivery method:

• U.S. Mail - GFE deemed received three days after the Revised GFE Provided Date. A "day" is any day of the week excluding Sundays and Legal Holidays according to the U.S. Postal Calendar in Compliance Calendar settings.
  • The Revised GFE Provided Date is excluded.
  • GFE assumed received by the end of Day 3.
• In Person - GFE deemed received on the Revised GFE Provided Date.
• Other - If sent via email, GFE deemed received on date email is opened by the borrower (not on date email is sent). If sent by overnight delivery, GFE deemed received on the date borrower signs for the package or acknowledges receipt of package.
• Fax - GFE deemed received on date disclosure is sent via fax.

Affiliated Business Disclosure Provided

The date an Affiliated Business Arrangement Disclosure is provided to the borrower (i.e., the date sent via U.S. Mail, the date delivered face to face, etc.)

• Date must be entered manually or selected from calendar provided for this field.

CHARM Booklet Provided

The date the licensee provided the Consumer Handbook on Adjustable Rate Mortgages (CHARM) or a suitable substitute at the time of application. If the application is sent via U.S. Mail this disclosure must be included in the packet.

• Date must be entered manually or selected from calendar provided for this field.

HUD Special Booklet Provided

The date that HUD's Special Information Booklet is sent to the borrower.

• U.S. Mail - HUD's Special Information Booklet deemed received three days after the booklet is sent. A "day" is any day of the week excluding Sundays and Legal Holidays according to the U.S. Postal Calendar in Compliance Calendar settings.
• HUD's Special Information Booklet assumed received by the end of Day 3.
• Date must be entered manually or selected from calendar provided for this field.

HELOC Brochure Provided

The date the Special Brochure for Open-Ended Credit Plans is sent to the borrower.

• Date must be entered manually or selected from calendar provided for this field.

1st Appraisal Provided

The date the first completed appraisal is sent to the borrower.

• Date must be entered manually or selected from calendar provided for this field.

Subsequent Appraisal Provided

The date the second completed appraisal is sent to the borrower.

• Date must be entered manually or selected from calendar provided for this field.

The date the automated valuation model report is sent to the borrower. According to CFPB regulations, the AVM must be provided within a week after its receipt and with sufficient time before consummation (or account opening for open-end credit).

• Date must be entered manually or selected from calendar provided for this field.

The date home counseling information is sent to the borrower. According to CFPB regulations, lenders are required to provide a list of home ownership counseling

organizations to consumers within three business days after they apply for a mortgage

loan, with the exclusion of reverse mortgages and mortgage loans secured by a

timeshare.

• Date must be entered manually or selected from calendar provided for this field.