What is the 3 7 3 rule in mortgage terms?

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Dedric Rodriguez asked a question: What is the 3 7 3 rule in mortgage terms?
Asked By: Dedric Rodriguez
Date created: Sat, May 22, 2021 11:28 PM
Date updated: Thu, Dec 1, 2022 3:28 AM

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Timing Requirements – The “3/7/3 Rule”

The initial Truth in Lending Statement must be delivered to the consumer within 3 business days of the receipt of the loan application by the lender. The TILA statement is presumed to be delivered to the consumer 3 business days after it is mailed.

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Term: The 3/7/3 Rule Definition: A provision of the Truth in Lending Act related to required disclosures and waiting periods. Initial disclosures to be delivered within three business days of applying; earliest to close a loan is the seventh business day after disclosures are provided; a three business day waiting period imposed after borrower receives redisclosures before a loan can close.

11substitute an alternative description of the facility provided under the regulated mortgage contract for 'mortgage' where that term is used in any disclosure;7. 3 3 3 3 7 (2) substitute the term 'illustration' for ‘Key facts illustration’ when opting to use the tailored business loans or loans to high net worth mortgage customers rules in 7 MCOB 4.9, MCOB 5.7, MCOB 6.7 or MCOB 7.7; and. 7 (3) limit disclosure to facilities provided under the regulated mortgage contract.

3/7/3 Rule A provision of the Truth in Lending Act related to required disclosures and waiting periods. Initial disclosure to be delivered within three business days of receiving an application; earliest to close a loan is the seventh business day after disclosures are provided; a three business-day waiting period imposed after borrower receives redisclosures before a loan can close.

Mortgage term Mortgage amortization; Description: The length of time you are committed to a mortgage rate, lender, and conditions set out by the lender. The length of time if takes you to pay off your entire mortgage. Time frame: 6 months - 10 years: CMHC-insured mortgage: Maximum 25 years Non CMHC-insured mortgage: 35-40 years (lender dependent)

(B) Change the terms of the loan or credit plan in a manner beneficial to the consumer so that the loan or credit plan will no longer be a high-cost mortgage. (2) (i) Within 60 days of the creditor's discovery or receipt of notification of an unintentional violation or bona fide error and prior to the institution of any action, the consumer is notified of the compliance failure;

on the rule (Section 1.3) Additional clarification on questions relating to the Loan Estimate and the 7 day waiting period (Section 6.1 and 6.2) Additional clarification on questions relating to Timing for Revisions to Loan Estimate (Section 9) April 2014 1.0 Original Document

3 Safeguards. Section 3.1 applies to solicitors and 3.2 applies to licensed solicitors. The gist of both is that the solicitor must follow their professional body's guidance on anti-money laundering procedures and mortgage fraud, as well as (unless the client is known to the firm) check the client's identity using documents from the list provided.

A mortgage is a legal instrument which is used to create a security interest in real property held by a lender as a security for a debt, usually a loan of money. A mortgage in itself is not a debt, it is the lender's security for a debt. It is a transfer of an interest in land (or the equivalent) from the owner to the mortgage lender, on the condition that this interest will be returned to the ...

to the consumer. Consummation cannot occur until Wednesday, August 19, 2015 or 3 (three) days after the final Closing Disclosure is received by the consumer either in person on August 15th, or Saturday August 22, 2015 with an additional 3 (three) days if any other method of delivery is used. Waiver of waiting period before consummation

When dealing with rates outside this range, the rule can be adjusted by adding or subtracting 1 from 72 for every 3 points the interest rate diverges from the 8% threshold.

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