- Business Rules
Where may Conventional PMI, FHA MIP, VA Funding Fee, and USDA/RHS Guarantee Fee be found on the Loan Estimate?It depends on the type of payment: Specific fees can be found under the following scenarios:
Services Did Not Shop For -
- Fee charged at consummation and is not a prepayment of future premiums over a specific future time period or a payment into an escrow account. Government funding fees include VA Funding Fee, USDA guarantee fee, or any other fee paid to a government entity as part of a governmental loan program, that is paid at consummation.
- Could apply if creditor allowed consumer to shop for PMI; provided fee is charged at consummation; is not a prepayment of future premiums over a specific future time period; is not a payment into an escrow account.
- Fee is prepayment of future premiums over a specific future time period. "Mortgage insurance or any functional equivalent" means amounts identified in 1026.4(b)(5).
- Fee is a payment into an escrow account.
CFPB announcement regarding the delay of TRID
The full statement from CFPB Director Richard Cordray can be viewed here