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196:. A mortgage loan is a loan in which property or real estate is used as collateral. During this process, borrowers must submit various types of financial information and documentation to a mortgage lender, including tax returns, payment history, credit card information and bank balances. Mortgage lenders use this information to determine the type of loan and the interest rate for which the borrower is eligible. The process in the
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289:: this step is initiated by a borrower and results in an application to borrow money to purchase a real estate property that includes details of the mortgage product, property specifications, borrower information and supporting documentation. The application is filled out by the borrower, either through self-services or with the help of a loan officer.
479:: the platform that allows the lender to make the sale with a borrower. It may interface directly with the borrower, a loan officer, or both. POS systems may include borrower self-help, data validation, and compliance checking to ensure the loan application is ready for processing and underwriting.
346:: enacted in 1974, that makes it unlawful for any creditor to discriminate against any applicant, with respect to any aspect of a credit transaction, on the basis of race, color, religion, national origin, sex, marital status, or age (provided the applicant has the capacity to contract).
382:: effective October 2015, TRID was required by the Dodd-Frank act and requires the use of new, integrated disclosure forms for consumers at the time of application and settlement-known as the Loan Estimate (LE) and the Closing Disclosure (CD). It builds on the
485:: the platform that takes a completed loan application and facilitates the mortgage transaction from processing to shipping. LOS systems may include document management, designing, and compliance checking to decrease risk and increase loan quality.
295:: loan processors ensure accurate packaging of the loan, which includes ensuring that all loan documentation is complete, verified, and compliant for underwriting. The loan processor then orders services and coordinates loan documents.
303:: determining if the risk of offering a mortgage loan to a particular borrower under certain parameters is acceptable, and includes verification, appraisal, title search and insurance, flood certification, and surveying.
396:
enacted in 1974 that protects homeowners by assisting them in becoming better educated while shopping for real estate services, and eliminating kickbacks and referral fees which add unnecessary costs to settlement
309:: a settlement agent manages the logistics of providing borrowers final loan documents for review and signing, releasing and wiring the funds, and recording the mortgage at which point the mortgage is official.
668:
376:. It made changes in the American financial regulatory environment that affected all federal financial regulatory agencies and almost every part of the nation's financial services industry.
355:: enacted in 1975, to provide information that shows whether financial institutions are serving local housing credit needs, and to aid public officials in targeting public investments.
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enacted in 1968 that requires disclosures about its terms and cost to standardize the manner in which costs associated with borrowing are calculated and disclosed, and the
315:: documents are reviewed for auditing and quality control purposes, copies are sent to investors, and purchase notifications are sent to other departments.
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491:: Services that are used throughout the mortgage origination process and include appraisal, pricing, flood, fraud, title, and credit checks.
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333:: enacted in 1963, makes it "unlawful to refuse to sell, rent to, or negotiate with any person because of that person's inclusion in a
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282:, is a complex and evolved process that involves many steps, in purple, which varies from lender to lender. The basic steps include
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The mortgage origination process in the United States is required to comply with the following regulations:
192:, is the process by which a lender works with a borrower to complete a mortgage transaction, resulting in a
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we're going to enact and enforce reforms to make sure that these outrages never happen in the first place.
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718:. The Harvard Law School Forum on Corporate Governance and Financial Regulation. July 21, 2010
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prohibits creditors from denying a person credit because of age, race, sex, or marital status.
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669:"Obama to Sign Dodd–Frank Financial Regulatory Reform Bill Into Law Today"
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in the United States since the regulatory reform that followed the
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This article incorporates text from this source, which is in the
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has become complex due to the proliferation of loan products and
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deal primarily with the United States and do not represent a
738:"The Dodd–Frank Act: Significant Impact on Public Companies"
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613:"McCain Embraces Regulation After Many Years of Opposition"
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360:
Dodd–Frank Wall Street Reform and
Consumer Protection Act
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Mortgage origination tools fall into three categories:
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773:
Dlabay, Les R.; Burrow, James L.; Brad, Brad (2009).
560:
Dlabay, Les R.; Burrow, James L.; Brad, Brad (2009).
807:"Regulation X Real Estate Settlement Procedures Act"
640:Paletta, Damian; Lucchetti, Aaron (July 16, 2010).
49:. Unsourced material may be challenged and removed.
816:. Consumer Financial Protection Bureau. March 2015
539:(2 ed.). Detroit: Thomson/Gale. p. 213.
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1521:List of housing markets by real estate prices
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368:, it brought the most significant changes to
134:The examples and perspective in this article
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380:TILA-RESPA Integrated Disclosure Rule (TRID)
849:Consumer Financial Protection Bureau (CFPB)
537:West's Encyclopedia of American Law, Vol. 8
440:. Unsourced material may be challenged and
246:. Unsourced material may be challenged and
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881:
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535:Lehman, Jeffrey; Phelps, Shirelle (2005).
528:
460:Learn how and when to remove this message
266:Learn how and when to remove this message
172:Learn how and when to remove this message
109:Learn how and when to remove this message
745:Skadden, Arps, Slate, Meagher & Flom
611:Shear, Michael D. (September 17, 2008).
364:: enacted in 2010 as a response to the
702:"Half a Loaf, Financial Reform Edition"
1589:Mortgage industry of the United States
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642:"Law Remakes U.S. Financial Landscape"
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278:The mortgage origination, a subset of
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392:Real Estate Settlement Procedures Act
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600:Home Mortgage Disclosure Act of 1975
438:adding citations to reliable sources
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244:adding citations to reliable sources
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47:adding citations to reliable sources
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320:Key consumer protection regulations
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1506:Undergraduate real estate programs
814:CFPB Consumer Laws and Regulations
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1304:Investment rating for real estate
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509:Nocera, Joe (January 16, 2012).
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678:. July 21, 2010. Archived from
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906:Tertiary sector of the economy
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489:Mortgage origination services
483:Loan Origination System (LOS)
366:financial crisis of 2007–2008
1415:Real estate investment trust
1020:Extraterrestrial real estate
716:"Dodd–Frank Act Becomes Law"
586:Equal Credit Opportunity Act
351:Home Mortgage Disclosure Act
342:Equal Credit Opportunity Act
208:Mortgage origination process
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402:Mortgage origination tools
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1319:Real estate derivative
1279:Effective gross income
1045:Healthcare real estate
675:Washington Independent
58:"Mortgage origination"
1476:Industry trade groups
1380:Exclusive buyer agent
1334:Real estate valuation
1324:Real estate economics
1284:Gross rent multiplier
1113:Real estate investing
1015:Corporate Real Estate
313:Shipping and delivery
184:In consumer lending,
1294:Highest and best use
1260:Economics, financing
1224:Real estate contract
1118:Real estate flipping
1087:Residential property
1030:Lease administration
982:United Arab Emirates
434:improve this section
385:Truth in Lending Act
370:financial regulation
240:improve this section
186:mortgage origination
154:create a new article
146:improve this article
43:improve this article
1274:Capitalization rate
1269:Asset-based lending
1103:Property management
1008:Commercial building
1003:Commercial property
647:Wall Street Journal
477:Point Of Sale (POS)
202:consumer protection
1501:Real estate trends
1405:Real estate broker
1375:Chartered Surveyor
1329:Real estate bubble
1309:Mortgage insurance
1142:Adverse possession
1065:Luxury real estate
1040:Garden real estate
704:. 3 February 2016.
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1214:Property abstract
1197:Land registration
1157:Concurrent estate
1082:Real estate owned
1072:Off-plan property
1050:Vacation property
1035:Niche real estate
792:978-0-538-44561-0
775:Intro to Business
579:978-0-538-44561-0
562:Intro to Business
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1486:Land banking
1385:Land banking
1370:Buyer broker
1344:Rental value
1167:Conveyancing
977:Saudi Arabia
818:. Retrieved
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756:. Retrieved
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300:Underwriting
298:
292:
286:
277:
262:
253:
238:Please help
226:
185:
183:
168:
159:
135:
105:
96:
86:
79:
72:
65:
53:
41:Please help
36:verification
33:
1511:Urban decay
1365:Buyer agent
1187:Foreclosure
1182:Encumbrance
1055:Arable land
967:Puerto Rico
915:By location
890:Real estate
779:Mason, Ohio
566:Mason, Ohio
1583:Categories
1466:Green belt
1339:Remortgage
1123:Relocation
922:Bangladesh
622:7 February
496:References
293:Processing
162:April 2019
99:April 2020
69:newspapers
1451:Filtering
1441:Companies
1360:Appraiser
1241:Severance
937:Indonesia
450:July 2017
421:does not
397:services.
256:July 2017
227:does not
150:talk page
1541:Category
1446:Eviction
1390:Landlord
1192:Land law
957:Pakistan
901:Property
758:July 25,
722:July 25,
686:July 22,
653:July 22,
520:June 19,
144:You may
1554:Commons
1471:Indices
1353:Parties
1152:Closing
1096:Sectors
442:removed
427:sources
394:(RESPA)
248:removed
233:sources
83:scholar
1559:
1546:
1533:
1491:People
1425:Tenant
1251:Zoning
972:Russia
962:Panama
947:Turkey
927:Canada
820:18 May
789:
576:
543:
387:(TILA)
353:(HMDA)
344:(ECOA)
85:
78:
71:
64:
56:
1594:Loans
1434:Other
1207:Lease
996:Types
952:Kenya
942:Italy
932:China
810:(PDF)
752:(PDF)
741:(PDF)
152:, or
90:JSTOR
76:books
1172:Deed
822:2016
787:ISBN
760:2010
724:2010
688:2010
673:The
655:2010
624:2017
584:The
574:ISBN
541:ISBN
522:2017
425:any
423:cite
231:any
229:cite
62:news
1133:Law
436:by
242:by
45:by
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