Charm booklet update

However, this booklet is not a substitute for understanding the specific loan you are applying for. You should spend time with the loan officer to ensure that you understand the key details of your particular loan. It is your obligation to provide the Booklet to the applicant as per the timing and delivery requirements in Regulation Z.

Only one booklet needs to be provided per loan application. Therefore, you do not need to provide it to each applicant. However, send the disclosure to the primary applicant if readily identifiable from the application.

For in-person applications, the CHARM booklet should be provided at the time an application form is provided. For all other transactions, the CHARM Booklet must be delivered or placed in the mail not later than three business days following receipt of a loan application. Business day means a day on which your offices are open to the public for carrying on substantially all of its business functions. You cannot charge a non-refundable fee till the time the disclosures have been mailed.

In case of online applications, the CHARM booklet may be provided to the loan applicant in electronic form on or with the application. An important question is how to evidence the delivery of the Booklet. There are various ways in which you can accomplish that:. For brokered loans, do not rely on the mortgage broker to send the disclosure on your behalf.

The regulation Z places the responsibility on the lender. Accordingly, you should maintain an appropriate form of evidence of sending the disclosure in your records for a minimum of 2 years. All Contents Copyright All Rights Reserved.

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