Truth in Lending Act Checklist

Closed-End Credit Advertising

Closed-End Credit Advertising
Item Description Yes No N/A
1

Does the institution make all required disclosures clearly and conspicuously? (§ 1026.24(b))

Note: Institutions may provide disclosures required by § 1026.24 to the consumer in electronic form without regard to consumer consent or other provisions of the E-Sign Act in the circumstances set forth in those sections. (§ 1026.17(a)(1))

     
2 If an advertisement for credit states specific credit terms, does it state only those terms that the credit union actually offers or will arrange or offer? (§ 1026.24(a))      
3 If the advertisement states a rate of finance charge, is it stated as an “annual percentage rate”? (§ 1026.24(c))      
4 Is the APR stated more conspicuously than (i) for dwelling-secured credit, the simple annual rate, or (ii) for non-dwelling-secured credit, the simple annual rate or periodic rate (if stated)? Does the advertisement refrain from stating any other rate? (§ 1026.24(c))      
5 If the APR is stated and may increase after consummation, does the advertisement state that fact? (§ 1026.24(c))      
6 If the institutions used triggering terms (see § 1026.24(d)(1)), did the advertisement include, as applicable,      
6(a) Amount or percentage of down payment? (§ 1026.24(d)(2)(i))      
6(b) Repayment terms over the full term of the loan, including any balloon payment? (§ 1026.24(d)(2)(ii))      
6(c) APR? (§ 1026.24(d)(2)(iii))      
6(d) The fact that the APR may be increased after consummation, if applicable? (§ 1026.24(d)(2)(iii))      
7 If an advertisement for credit secured by a dwelling states a simple annual rate of interest and more than one simple annual rate of interest applies over the term of the advertised loan, does the advertisement disclose in a clear and conspicuous manner:      
7(a) Each simple annual rate of interest that applies; for variable-rate transactions, are rates disclosed based on reasonably current index and margin?      
7(b) Time period during which each simple annual rate of interest applies?      
7(c) APR for the loan; if the APR is variable, does the APR comply with accuracy standards in § 1026.17(c) and § 1026.22? (§ 1026.24(f)(2))      
8

If an advertisement for credit secured by a dwelling states the amount of any payment, does the advertisement disclose in a clear and conspicuous manner:

Note: Steps 7 and 8 do not apply to an envelope in which an application or solicitation is mailed, or to a banner advertisement or pop-up advertisement linked to an application or solicitation provided electronically. (§ 1026.24(f)(4))

Also, steps 7 and 8 do not apply to television and radio advertising; (§ 1026.23(g))

     
8(a) Amount of each payment that applies over the term of the loan, including any balloon payment; in variable-rate transactions, does the institution disclose payments based on a reasonably current index and margin?      
8(b) Period of time during which each payment applies?      
8(c) For first-lien loans, the fact that payments do not include amounts for taxes and insurance premiums, if applicable, and that actual payment obligation will be greater? (§ 1026.24(f)(3))      
9 If an advertisement distributed in paper form or through the Internet is for a loan secured by the consumer’s principal dwelling, and the advertisement states that the advertised extension of credit may exceed the dwelling’s fair market value, does the advertisement clearly and conspicuously state that:      
9(a) The interest on the portion of the credit extension that is greater than the dwelling’s fair market value is not tax deductible for federal income tax purposes? (§ 1026.24(h)(1))      
9(b) The consumer must consult a tax adviser for further information regarding the deductibility of interest and charges? (§ 1026.24(h)(2))      
10 Are advertisements for credit secured by a dwelling void of misleading statements, including:      
10(a) Misleading advertising of “fixed” rates and payments? (§ 1026.24(i)(1))      
10(b) Misleading comparisons in advertisements? (§ 1026.24(i)(2))      
10(c) Misrepresentations about government endorsements? (§ 1026.24(i)(3))      
10(d) Misleading use of the current lender’s name? (§ 1026.24(i)(4))      
10(e) Misleading claims of debt elimination? (§ 1026.24(i)(5))      
10(f) Misleading use of the term “counselor”? (§ 1026.24(i)(6))      
10(g) Misleading foreign-language advertisements? (§ 1026.24(i)(7))      

Open-End/Home Equity Line of Credit Advertising

Open-End/Home Equity Line of Credit Advertising
Item Description Yes No N/A
11 If credit terms are specific, are terms stated that the credit union actually offers or will arrange or offer? (§ 1026.16(a))      
12

If the institution used triggering terms on any open-end plan advertisement (§ 1026.6(b)), did the advertisement also clearly and conspicuously include:

Note: Credit unions may provide the disclosures required by §§ 1026.60, 1026.40, and 1026.16 to consumers in electronic form without regard to consumer consent or other provisions of the E-Sign Act in the circumstances set forth in those sections. (§ 1026.5(a)(iii))

Also, there are alternative disclosure requirements allowed for radio and television advertisements. (§ 1026.16(e))

     
12(a) Any minimum, fixed, transaction, activity, or similar fee that is a finance charge that could be imposed? (§ 1026.16(b)(1)(i))      
12(b) Any periodic rates stated as an APR? (§ 1026.16(b)(1)(ii))      
12(c) The fact that the plan provides for a variable periodic rate, if applicable? (§ 1026.16(b)(1)(ii))      
12(d) Any membership or participation fee that could be imposed? (§ 1026.16(b)(1)(iii))      
13 If an advertisement refers to an APR as fixed (or similar term), does the advertisement also specify a time period for which the rate will be fixed and not increase; or if the institution does not provide such time period, will the rate not increase while the plan is open? (§ 1026.16(f))      
14 For open-end (not home-secured) plans, for any APR or fee that is an introductory rate or fee, is the term “introductory” or “intro” in immediate proximity to each listing of the introductory rate or fee? (§ 1026.16(g)(3))      
15 For open-end (not home-secured) plans, does the institution make the required disclosures for any promotional rate under § 1026.16(g)(2)(i) or any promotional fee under § 1026.16(g)(2)(iv) in a clear and conspicuous manner; and if the rate or fee is stated in a written or electronic advertisement, in a prominent location closely proximate to the first listing of the promotional rate or fee? (§ 1026.16(g)(4))      
16 For open-end (not home-secured) plans, do the disclosures for any promotional APR or promotional fee include, in a clear and conspicuous manner, when the promotional rate or promotional fee will end and what APR or fee will apply after the end of the promotional period? (§§ 1026.16(g)(4)(i), (ii), and (iii))      
17 If a deferred interest offer is advertised for an open-end credit plan not subject to § 1026.40, is the deferred interest period stated in a clear and conspicuous manner in the advertisement? (§ 1026.16(h)(3))      
18 If any deferred interest offer is advertised for an open-end credit plan not subject to § 1026.40, are the language requirements of §§ 1026.16(h)(4)(i) and 1026.16(h)(4)(ii) stated in the advertisement and are they similar to Sample G-24 in Appendix G? If the deferred interest offer is included in a written or electronic advertisement, does the institution state this information in a prominent location closely proximate to the first statement of “no interest,” “no payments,” “deferred interest,” “same as cash,” or similar term regarding interest or payments during the deferred interest period? (§ 1026.16(h)(4))      
19 Does the credit union refrain from offering a college student any tangible item to induce such student to apply for, or open, an open-end consumer credit plan if such offer is made on or near the campus of an institution of higher education, or at an event sponsored by or related to an institution of higher education? (§ 1026.57(c))      

Additional Requirements for Home Equity Lines of Credit

Additional Requirements for Home Equity Lines of Credit
Item Description Yes No N/A
20

If an institution used triggering terms (§ 1026.16(b)), or the payment terms were set forth for a HELOC, did the advertisement also include, clearly and conspicuously:

Note: There are alternative disclosures allowed for radio and television advertising. (§ 1026.16(e))

     
20(a) Any loan fee that is a percentage of the credit limit? (§ 1026.16(d)(1)(i))      
20(b) An estimate of any other fees for opening the plan stated as a single dollar amount or reasonable range? (§ 1026.16(d)(1)(i))      
20(c) Any periodic rate stated as an APR? (§ 1026.16(d)(1)(ii))      
20(d) The highest APR that may be imposed for a variable-rate plan? (§ 1026.16(d)(1)(iii))      

Open-End/Home Equity Line of Credit Advertising

Open-End/Home Equity Line of Credit Advertising
Item Description Yes No N/A
21 For HELOCs, if a discounted or premium rate plan, does the advertisement state how long the initial APR will be in effect and provide a reasonably current, fully indexed APR with equal prominence and in close proximity to the initial rate? (§ 1026.16(d)(2))      
22 For HELOCs, if an institution discloses a minimum periodic payment, does the advertisement disclose, if applicable, and with equal prominence and in close proximity to the minimum periodic payment statement, the fact that a balloon payment may or will result and the amount and timing of the balloon payment if the consumer makes only minimum payments for the maximum permissible period? (§ 1026.16(d)(3))      
23 For HELOCs, if there is a reference to tax deductibility, does the reference refrain from misleading language? (§ 1026.16(d)(4))      
24 If an advertisement distributed in paper form or through the Internet is for a home- equity plan secured by the consumer’s principal dwelling, and the advertisement states that the advertised extension of credit may exceed the fair market value of the dwelling, does the advertisement clearly and conspicuously state:      
24(a) The interest on the portion of the credit extension that is greater than the fair market value of the dwelling is not tax deductible for federal income tax purposes? (§ 1026.16(d)(4)(i))      
24(b) The consumer must consult a tax adviser for further information regarding the deductibility of interest and charges? (§ 1026.16(d)(4)(ii))      
25 Does the advertisement refrain from misleading terms, such as referring to the HELOC as “free money”? (§ 1026.16(d)(5))      
26 For HELOCs, does the institution make the required disclosures for promotional APRs and payments and are they clear and conspicuous and with equal prominence and close proximity to each listing of the promotional rate or payment? (§ 1026.16(d)(6)(ii))      
27 For HELOCs, do the promotional disclosures include, in a clear and conspicuous manner, the period of time during which the promotional rate or promotional payment will apply? (§ 1026.16(d)(6)(ii)(A))      
28 For HELOCs, do the promotional rate disclosures include, in a clear and conspicuous manner, any APR that will apply under the plan? And, if such rate is variable, does the advertisement disclose the APR  according to the accuracy standards in §§ 1026.40 or 1026.16(b)(1)(ii), as applicable? (§ 1026.16(d)(6)(ii)(B))      
29 For HELOCs, does the advertisement disclose the amounts and time period of any promotional payments that will apply under the plan in a clear and conspicuous manner? In variable-rate transactions, does the advertisement disclose the payments that will be determined based on application of an index and margin based on a reasonably current index and margin? (§ 1026.16(d)(6)(ii)(C))      
30 For television and radio advertisements stating any of the terms requiring additional disclosures under §§ 1026.16(b)(1) or 1026.16(d)(1), did the advertisement either (a) comply as required by §§ 1026.16(b)(1) or (d)(1); or (b) state the information required by §§ 1026.16(b)(1)(ii) or (d)(1)(ii), as applicable and list a toll-free telephone number or any telephone number that allows a consumer to reverse the phone charges when calling for information, along with a reference that such number may be used by consumers to obtain the additional cost information? (§ 1026.16(e))      

Closed-End Credit Disclosure Forms – For transactions under §§ 1026.19(e) and (f)

Closed-End Credit Disclosure Forms
Item Description Yes No N/A
31

For a closed-end credit transaction subject to §§ 1026.19(e) and (f) (real property or a cooperative unit), does the credit union provide disclosures required under § 1026.37 (Loan Estimate) and § 1026.38 (Closing Disclosure)? (§§ 1026.19(e) and 1026.19(f))

NOTE: Use of the Loan Estimate and Closing Disclosure is mandatory for RESPA- covered transactions other than reverse mortgages. § 1024.5(d)(2), cross-referenced to § 1026.3(h), contains a partial RESPA exemption for certain mortgage loans, generally those associated with certain housing assistance loans for low- and moderate- income consumers.  Though exempt from the § 1026.19 requirements, disclosures prescribed by § 1026.18 are required. For these transactions, the Loan Estimate and Closing Disclosure may be considered a model form.

     
31(a) For loans subject to § 1026.19(e), does the credit union provide the good faith disclosures in the form required by 1026.37 and conforming to the Loan Estimate in Appendix H? (§§ 1026.19(e), 1026.37(o))      
31(b) For loans subject to § 1026.19(f),, does the credit union provide  the Closing Disclosure in the form required by § 1026.38 and conforming to the Closing Disclosure in Appendix H? (§§ 1026.19(f), 1027.38(t))      

Loan Estimate § 1026.37(a) (Page 1 of the Loan Estimate)

Loan Estimate
Item Description Yes No N/A
32 Do the disclosures required for the Loan Estimate include the following: (§ 1026.37(a)(2)):      
32(a) The statement, “Save this Loan Estimate to compare with your Closing Disclosure”? (§ 1026.37(a)(2))      
32(b) Name and address of credit union? (§ 1026.37(a)(3))      
32(c) Date Issued? (§ 1026.37(a)(4))      
32(d) Applicants? (§ 1026.37(a)(5))      
32(e) Property - The property address, including zip code? (§ 1026.37(a)(6));      
32(f) The Contract Sale Price (if there is a seller) or the Estimated Property Value (if there is no seller), as defined by § 1026.37(a)(6)? (§ 1026.37(a)(7))      
32(g) Loan Term - Stated in years, months, or both, as applicable? (§ 1026.37(a)(8))      
32(h) Purpose - Loan purpose, categorized as “Purchase,” “Refinance,” or “Construction.” All other loan purposes must be categorized as “Home Equity Loan”? (§ 1026.37(a)(9))      
32(i) Product? Product type, including the type of interest rate categorized as – “Adjustable Rate,” “Step Rate,” or “Fixed Rate.” – This disclosure must be preceded by the type of feature that may change the consumer’s periodic payment, such as “Negative Amortization,” “Interest Only,” “Step Payment,” “Balloon Payment,” or “Seasonal Payment,” with the duration of any introductory rate or payment period and the first adjustment period if applicable (§ 1026.37(a)(10))      
32(j) Loan Type - Categorized as “Conventional,” “FHA,” “VA,” or “Other”? (§ 1026.37(a)(11))      
32(k) Loan ID #?  (§ 1026.37(a)(12)) and      
32(l) Rate Lock? A statement of whether the disclosed interest rate is locked for a specific period. If so, the date and time (including time zone) that the lock will expire, along with an accompanying statement that the interest rate, any points and any lender credits may change unless the interest rate has been locked (§ 1026.37(a)(13)).      

Loan Terms - § 1026.37(b) (Page 1 of the Loan Estimate)

Loan Terms
Item Description Yes No N/A
33 Determine whether, a separate table under the heading “Loan Terms,”, contains the following required disclosures : (§ 1026.37(b)):      
33(a) Loan Amount? (§ 1026.37(b)(1))      
33(b) Interest Rate? (§ 1026.37(b)(2))      
33(c) Principal and Interest?  The initial periodic payment amount that will be due under the terms of the legal obligation and the applicable unit period (i.e., bi-weekly, monthly, yearly) preceeding the label “Principal and Interest” (§ 1026.37(b)(3))      
33(d) Prepayment Penalty? A statement of whether the loan contains a prepayment penalty, an affirmative or negative response to the question, the maximum amount of the prepayment penalty that may be imposed, and the date on which the penalty may no longer be applied. (§§ 1026.37(b)(4), 1026.37(b)(7)(i))  If the date is disclosed (for an affirmative response), determine whether it is disclosed as the year in which the event occurs, counting from the date of consummation? (§ 1026.37(b)(8)(iii)      
33(e) Balloon Payment? A statement of whether the loan contains a balloon payment, an affirmative or negative response to the question, the maximum amount of the balloon payment and the due date of such payment. (§§ 1026.37(b)(5), 1026.37(b)(7)(ii))  If the date is disclosed (for an affirmative response), determine whether it is disclosed as the year in which the event occurs, counting from the due date of the initial periodic payment (§ 1026.37(b)(8)(ii)) and      
33(f) Whether the loan amount, interest rate or monthly principal and interest can increase after closing (§ 1026.37(b)(6)), and if so, the information required by §§ 1026.37(b)(6)(i)-(iii) and 1026.37(b)(8)(i)-(ii)      

Projected Payments – § 1026.37(c) (Page 1 of the Loan Estimate)

Projected Payments
Item Description Yes No N/A
34 Does the disclosure include the following under the Header “Projected Payments”:  (see § 1026.37(c)):      
34(a)

All required fields in the table are completed, follow the formatting and statement requirements, are accurate, and itemize the periodic payments or range of payments together with an itemized estimate of taxes, insurance, assessments, and payments to be made with escrow account funds? (§§ 1026.37(c)(1) – (5))

NOTE:  If accurate, a credit union can indicate that a portion of taxes, insurance and assessments will be paid with escrow account funds, such as by using the word “some.” (Comment 1026.37(c)(4)(iv)-2)

     
34(b) Each separate periodic payment or range of payments itemized as follows (§ 1026.37(c)(2)):      
34(b)(i) Principal and Interest - The amount payable for principal and interest labeled “Principal & Interest,” including the term “only interest” if the payment or range of payments includes any interest only payment? (§ 1026.37(c)(2)(i))      
34(b)(i)(A) Adjustable Rate Loans - The maximum principal and interest payment determined by assuming that the interest rate in effect throughout the loan term is the maximum possible interest rate?  The minimum amounts must be determined by assuming that the interest rate in effect throughout the loan term is the minimum possible interest rate (§ 1026.37(c)(2)(i)(A))      
34(b)(i)(B) Adjustable Rate and Negative Amortization Loans - The maximum principal and interest amounts (after the loan term period for which the loan principal balance may increase) determined by assuming the maximum principal amount permitted under the terms of the legal obligation at the end of the loan term period?  The minimum amounts must be determined by assuming that the interest rate in effect throughout the loan term is the minimum possible interest rate (§ 1026.37(c)(2)(i)(B))      
34(b)(ii) Mortgage Insurance.  Is the maximum amount payable for mortgage insurance premiums corresponding to the principal and interest payment disclosed, labeled “Mortgage Insurance”? (§ 1026.37(c)(2)(ii))      
34(b)(iii) Escrow.  Does the amount payable into an escrow account to pay some or all of the charges described in § 1026.37(c)(4)(ii), labeled escrow, with a statement that the amount disclosed can increase over time (§ 1026.37(c)(2)(iii),?      
34(b)(iv) Total Monthly Payment - Is the total periodic payment, calculated as the sums disclosed as the “Principal & Interest,” “Mortgage Insurance,” and “Escrow”, labeled “Total Monthly Payment”? (§ 1026.37(c)(2)(iv))      
34(c) If the amount of a periodic monthly payment may change, did the credit union disclose the additional, separate periodic payments or range of payments have been disclosed? (§ 1026.37(c)(1)(i)) Events requiring additional disclosure(s) include:      
34(c)(i) The change of the periodic principal and interest payment or range of such payments,      
34(c)(ii) A scheduled balloon payment,      
34(c)(iii) The automatic termination of mortgage insurance, or      
34(c)(iv) The anniversary of the due date of the initial periodic payment or range of payments immediately following the occurrence of a change in the principal and interest payment or range of such payments      
34(d)

Has the credit union met the following in disclosing a range of payments (§ 1026.37(c)(1)(iii)):

NOTE: If multiple changes to periodic principal and interest payments would result in more than one separate periodic payment or range of payments in a single year, the credit union must combine the changes and disclose them as a single range of payments. (Comment 37(c)(1)(iii)(B)-1);

     
34(d)(i) The credit union has disclosed both the minimum and maximum amount for both the principal and interest payment and the total periodic payment? (§ 1026.37(c)(1)(iii))      
34(d)(ii) The credit union has accurately disclosed a range of payments where multiple events are combined into a single range of payments in order to meet the requirement that only four disclosures may be made? (§ 1026.37(c)(1)(iii)(A))      
34(d)(iiI) The credit union has accurately disclosed a range of payments where multiple events occur during a single year or an event occurs during the same year as the initial periodic payment or range of payments?  If the event occurs during the same year as the initial periodic payment or range of payments, the credit union disclosed the range that would apply during the year in which the events will occur? (§ 1026.37(c)(1)(iii)(B))      
34(d)(iv) The credit union has accurately disclosed a range of payments if the periodic principal and interest payment may adjust based on index rates at the time an interest rate adjustment may occur? (§ 1026.37(c)(1)(iii)(C))      
34(e) Has the credit union not disclosed more than four separate periodic payments or ranges of payments? (§ 1026.37(c)(1)( ii))      
34(e)(i) If additional separate periodic payments or range of payments disclosures are required after the third separate periodic payment or range of payment disclosure, and the transaction does not involve a balloon payment, has the credit union disclosed the additional separate periodic payment or range of payments as a single fourth range of payments disclosure? (§ 1026.37(c)(1)(ii))      
34(e)(ii) If additional separate periodic payments or range of payments disclosures are required and the transaction involves a final balloon payment, has the credit union disclosed the additional separate periodic payment or range of payments as a single range of payments after the second separate periodic payment disclosure?  Disclosure of the final balloon payment must appear as the final disclosure, under the heading “Final Payment.” (§§ 1026.37(c)(1)(ii)(A), 1026.37(c)(3)(iii)) and      
34(e)(iii) Did the credit union disclose the automatic termination of mortgage insurance with an additional separate periodic payment or range of payments only if the total number of separate periodic payments or ranges of payments does not exceed three? (§ 1026.37(c)(1)(ii)(B))      
34(e)(iv) Is each separate periodic payment or range of payments disclosed under a subheading stating the years of the loan during which that payment or range of payments will apply?  The years must be disclosed in sequence of whole years from the due date of the initial periodic payment (1026.37(c)(3)(ii))      
34(f)

Taxes, Insurance & Assessments.  Has the credit union accurately disclosed: (§ 1026.37(c)(4))

NOTE:  If only a portion of such amounts are to be paid with escrow account funds, a credit union may so indicate, such as by using the word “some”. (Comment 1026.37(c)(4)(iv)-2);

     
34(f)(i) The sum of all mortgage related obligations, expressed as a monthly amount, even if no escrow account for the payment of some or any of such charges will be established, labeled “Taxes, Insurance & Assessments?” (§ 1026.37(c)(4)(i)-(ii))      
34(f)(ii) A statement that the mortgage related obligations disclosed can increase over time (§ 1026.37(c)(4)(iii))?  If estimates are used for property taxes and homeowner’s insurance, they must reflect (§ 1026.37(c)(5)):      
34(f)(ii)(A) The taxable assessed value of the real property or cooperative unit securing the transaction after consummation, including the value of any improvements on the property or to be constructed on the property, if known.  The disclosure must be made whether or not such construction will be financed from the proceeds of the transaction for property taxes (§ 1026.37(c)(5)(i)); and      
34(f)(ii)(B) The replacement costs of the property during the initial year after the transaction for premiums or other charges for insurance against loss of or damage to property, or against liability arising out of the ownership or use of property (§ 1026.37(c)(5)(ii))      
34(f)(iii) A statement of whether the mortgage related obligations include payments for property taxes; premiums or other charges for insurance against loss of or damage to property, or against liability arising out of the ownership or use of property; or as otherwise identified by § 1026.43(b)(8)?  The credit union must disclose whether the amounts will be paid by the credit union using escrow account funds. (§ 1026.37(c)(4)(iv))      
34(f)(iv) A statement that the consumer must pay separately any mortgage related obligations that are not paid by the credit union using escrow account funds? (§ 1026.37(c)(4)(v))      
34(f)(v) A reference to the escrow account information contained on page 2 of the Loan Estimate, captioned “Initial Escrow Payment at Closing”? (§ 1026.37(c)(4)(vi))      

Costs at Closing – § 1026.37(d) (Page 1 of the Loan Estimate)

Costs at Closing
Item Description Yes No N/A
35 Costs at Closing.  Under the heading “Costs at Closing” does the credit union disclose the Estimated Closing Costs (including Loan Costs and Other Costs, less Lender Credits) and the Estimated Cash to Close (including Closing Costs), based upon the calculations required by §§ 1026.37(f), (g), and (h) (and found on page two of the Loan Estimate)? (§ 1026.37(d)(1))      
36 Optional Alternative Table for Transactions without a Seller or for simultaneous subordinate financing.  For transactions that do not involve a seller or for simultaneous subordinate financing, does the credit union chose to use the alternative “Cash to Close” table?  If so, determine whether the amount is calculated in accordance with § 1026.37(h)(2)(iv) (Calculating Cash to Close), includes a statement of whether the disclosed estimated amount is due from or to the consumer; and includes a statement referring the consumer to the alternative “Calculating Cash to Close” table pursuant to  § 1026.37(h)(2). (§ 1026.37(d)(2))?

NOTE: In a purchase transaction, the optional alternative disclosure may be used for the simultaneous subordinate financing Loan Estimate only if the first-lien Closing Disclosure will record the entirety of the seller’s transaction. (Comment 1026.37(d)(2)-1)  Credit unions may only use this alternative estimated cash to close disclosure in conjunction with the alternative disclosure under § 1026.37(h)(2). (Comment 1026.37(d)(2)-1)

     

Website Disclosure - § 1026.37(e) (Page 1 of the Loan Estimate)

Website Disclosure
Item Description Yes No N/A
37 Website Reference.  Does the credit union disclose that the consumer may obtain general information and tools on the Bureau’s website, and has included a link to the site specified in § 1026.37(e)? (§ 1026.37(e))?      

Closing Cost Details: Loan Costs - § 1026.37(f) (Page 2 of the Loan Estimate)

Closing Cost Details: Loan Costs
Item Description Yes No N/A
38 Loan Costs.  On page 2 under the heading “Loan Costs,” does the credit union have the following disclosures:(§ 1026.37(f)):      
38(a) Origination charges?  Accurately itemized to reflect each amount and a subtotal of all amounts that the consumer will pay to each creditor and loan originator for originating and extending the credit.  Determine whether the points paid to the credit union to reduce the interest rate are itemized separately, as both a percentage of the amount of credit extended and a dollar amount, and using the label “__% of Loan Amount (Points).” Determine whether points paid is the first item listed.  If points to reduce the interest rate are not paid, this disclosure must be left blank (§ 1026.37(f)(1))      
38(b) Services You Cannot Shop For?  An accurate itemization, limited to thirteen items, of each amount and subtotal of all amounts that the consumer will pay for settlement services that the consumer cannot shop for, and that are provided by persons other than the credit union or mortgage broker. Determine whether the terms related to title insurance include “Title” as an introductory description (§ 1026.37(f)(2))      
38(c) Services You Can Shop For?  An accurate itemization, limited to fourteen items, of each amount and subtotal of all amounts that the consumer will pay for settlement services that the consumer can shop for and that are provided by persons other than the credit union or mortgage broker.  Determine whether the terms related to title insurance include “Title” as an introductory description (§ 1026.37(f)(3)))      
38(d) Total Loan Costs?  An accurate sum of the subtotals required to be disclosed under § 1026.37(f) as Origination Charges, Services You Cannot Shop For and Services You Can Shop For (§ 1026.37(f)(4)) and      
38(e) Other than Origination Charges as noted above, determine that items are ordered alphabetically by label under the applicable subheading.  If there are more than the maximum allowable number of line items, determine that the remaining charges are disclosed in the aggregate in the last line as “Additional Charges.” (§§ 1026.37(f)(5) and (f)(6))      

Closing Cost Details: Other Costs - § 1026.37(g) (Page 2 of the Loan Estimate)

Closing Cost Details: Other Costs
Item Description Yes No N/A
39 Other Costs.  Does the credit union makes the following disclosures (§ 1026.37(g)):      
39(a) Taxes and Other Government Fees? Accurately itemized to reflect amounts to be paid to State and local governments for taxes and other government fees, including subtotals for recording fees and other taxes.  A separate line must be included for transfer taxes paid by the consumer.  If not charged to the consumer, these fields must be left blank (§ 1026.37(g)(1))      
39(b) Prepaids? Accurately itemized to reflect amounts to be paid by the consumer in advance of the first scheduled payment and the subtotals of all such amounts.  The disclosures must follow the required order and include the number of months and the total dollar amount to be paid at consummation for homeowner’s insurance and mortgage insurance premiums, the prepaid interest to be paid at consummation, based on daily interest, number of days, interest rate and the total to be collected; the number of months for which property taxes are to be paid; and the amount the consumer will pay at consummation.  If any of these items are not charged to the consumer, the field must be left blank. A maximum of three additional items may be disclosed (including applicable time period covered by the payment at consummation and total to be paid) as Prepaids (§ 1026.37(g)(2))      
39(c) Initial Escrow Payment at Closing? Accurately itemized to reflect the amounts that the consumer will be expected to place into an escrow account at consummation to be applied to recurring periodic charges and subtotals of all amounts.   The disclosure must provide the amount escrowed each month, the number of months of escrow, and the total amount to be paid into the escrow account by the consumer at consummation. Homeowner’s insurance premiums, mortgage insurance premiums, and property taxes must be separately subtotaled.  If any of these items are not charged to the consumer, that field must be left blank. A maximum of five additional items may be disclosed as part of Initial Escrow Payment at Closing (§ 1026.37(g)(3))      
39(d) Other?  An accurate itemization of costs that the consumer is likely to pay, or has contracted with a person other than the credit union or loan originator to pay, at closing and of which the credit union is aware at the time of issuing the Loan Estimate.  Determine whether the credit union has used a descriptive label for each such amount, and provided the subtotal of all such amounts.  Determine whether the terms related to title insurance include “Title” as an introductory description, and whether the parenthetical description “(optional)” is used at the end of the label for items disclosing any premiums paid for separate insurance, warranty, guarantee, or event-coverage products. A maximum of five items may be disclosed as “Other” (§ 1026.37(g)(4))      
39(e) Total Other Costs?  An accurate sum of the subtotals for Taxes and Other Government Fees, Prepaids, Initial Escrow Payment at Closing, and Other disclosed pursuant to § 1026.37(g)(1) through (4) (§ 1026.37(g)(5))      
39(f) Total Closing Costs? Accurate component amounts and sum of the following (§ 1026.37(g)(6)):      
39(f)(i) D+I.  A sum of the Total Loan Costs and Total Other Costs  (§ 1026.37(g)(6)(i)); and      
39(f)(ii) Lender Credits.  The amount of any lender credits, disclosed as a negative number. If no such amount is disclosed, this line must be left blank (§ 1026.37(g)(6)(ii)) and      
39(g) Do the items follow the alphabetical ordering and addenda restrictions of §§ 1026.37(g)(7) and (g)(8)?      

Closing Cost Details: Calculating Cash to Close - § 1026.37(h) (Page 2 of the Loan Estimate)

Closing Cost Details: Calculating Cash to Close
Item Description Yes No N/A
40 Calculating Cash to Close.  Under the heading “Calculating Cash to Close,” does the credit union accurately disclose the total amount of cash or other funds that must be provided by the consumer at consummation, itemized into the following component amounts: (§ 1026.37(h)(1))      
40(a) Total Closing Costs - Disclosed as the sum of the loan costs, other costs and lender credits, labeled “Total Closing Costs”;? (§ 1026.37(h)(1)(i))      
40(b) Closing Costs Financed (Paid from your Loan Amount)? The amount of any closing costs to be paid out of loan proceeds, disclosed as a negative number , labeled “Closing Costs Financed (Paid from your Loan Amount)”. (§ 1026.37(h)(1)(ii)) Determined by subtracting the estimated total amount of payments to third parties not otherwise disclosed under §§ 1026.37(f) and (g) from the loan amount disclosed under § 1026.37(b)(1).

NOTE: (1) If the result of the calculation is zero or negative, the amount of $0 is disclosed. (2) If the result of the calculation is a positive number, the amount is disclosed as a negative number, but only to the extent that the absolute value of the number does not exceed the total amount of closing costs; (Comment 1026.37(h)(1)(ii)-1)

     
40(c) Downpayment/Funds from Borrower? Labeled “Down Payment/Funds from Borrower:”      
40(c)(i) In  a purchase transaction, as defined in § 1026.37(a)(9)(i), disclosed as the amount determined by subtracting the sum of the loan amount disclosed under § 1026.37(b)(1) and any amount of existing loans assumed or taken subject to that will be disclosed under § 1026.38(j)(2)(iv), from the sale price of the property disclosed under § 1026.37(a)(7)(i), except as required by § 1026.38(h)(1)(iii)(A)(2). (§ 1026.37(h)(1)(iii)(A)(1))      
40(c)(ii) For a purchase transaction as defined in § 1026.37(a)(9)(i) that is a simultaneous subordinate financing transaction, a transaction involving or improvements to be made on the property, or when the sum of the loan amount disclosed under § 1026.37(b)(1) and any amount of existing loans assumed or taken subject to on the Closing Disclosure under § 1026.38(j)(2)(iv) exceeds the sale price of the property disclosed under § 1026.37(a)(7)(i), disclosed as the amount of estimated funds from the consumer determined in accordance with § 1026.37(h)(1)(v); (§ 1026.37(h)(1)(iii)(A)(2))      
40(c)(iii) For all other transactions, disclosed as the amount of estimated funds from the consumer determined in accordance with § 1026.37(h)(1)(v) (§ 1026.37(h)(1)(iii)(B))?      
40(d) Deposit – Are deposits:      
40(d)(i) For a purchase transaction, disclosed as the amount that is paid to the seller or held in trust or escrow by an attorney or other party under the terms of the agreement for the sale of the property, as a negative number, labeled “Deposit”?      
40(d)(ii) for all other transactions, disclosed as $0? (§ 1026.37(h)(1)(iv))      
40(e) Funds for Borrower - Disclosed as the amount of funds for the consumer, labeled “Funds for Borrower.” Determined in accordance with § 1026.37(h)(1)(v) by subtracting the sum of the loan amount disclosed under § 1026.37(b)(1) and any amount of existing loans assumed or taken subject to that will be disclosed on the Closing Disclosure under § 1026.38(j)(2)(iv) (excluding any closing costs financed disclosed under § 1026.37(h)(1)(ii)) from the total amount of all existing debt being satisfied in the transaction.  The total amount of all existing debt being satisfied in the transaction is the sum of the amounts that will be disclosed on the Closing Disclosure in the summaries of transactions table under §§ 1026.38(j)(1)(ii), (iii), and (v), as applicable:      
40(e)(i) If the calculation yields a positive number, that amount is disclosed under the heading “Down Payment/Funds from Borrower,” (§§ 1026.37(h)(1)(iii)(A)(2) or (B), as applicable ) and $0 is disclosed under the heading “Funds for Borrower,” under § 1026.37(h)(1)(v)? (§ 1026.37(h)(1)(v)(A))      
40(e)(ii) If the calculation yields a negative amount, the credit union discloses that amount as a negative number under the heading “Funds for Borrower,” (§ 1026.37(h)(1)(v)) and as $0 under the heading “Down Payment/Funds from Borrower under §§ 1026.37(h)(1)(iii )(A)(2) or (B), as applicable )? (§ 1026.37(h)(1)(v)(B))      
40(e)(iii) If the calculation yields “0,” is $0 disclosed under both headings under §§ 1026.37(h)(1)(iii)(A)(2) or (B), as applicable  and (h)(1)(v)? (1026.37(h)(1)(v)(C))      
40(f) Seller Credits - Determined by totaling the amount the seller will pay for Total Loan Costs under § 1026.37(f)(4) and Total Other Costs under § 1026.37(g)(5)), disclosed as a negative number, to the extent known by the credit union at the time of the delivery of the Loan Estimate, labeled “Seller Credits”;?  This must be disclosed as a negative number (§ 1026.37(h)(1)(vi))      
40(g) Adjustments and Other Credits - Determined by combining the Total Loan Costs (determined under § 1026.37(f)) and Total Other Costs (determined under § 1026.37(g)) that are paid by persons other than the loan originator, credit union, consumer, or seller, together with any other amounts not otherwise disclosed under §§ 1026.37(f) or (g) that are required to be paid by the consumer at closing in a transaction using the downpayment/funds from borrower calculation under § 1026.37(h)(1)(iii)(A)(I), or pursuant to a purchase and sale contract, labeled “Adjustments and Other Credits?” (§ 1026.37(h)(1)(vii))      
40(h) Estimated Cash to Close - The sum of the amounts of the components required for Calculating Cash to Close disclosed as under §§ 1026.37(h)(1)(i) - (vii)? (§ 1026.37(h)(1)(viii)).      

Closing Cost Details: Optional Alternative Calculating Cash to Close Table for Transactions without a Seller or for simultaneous subordinate financing - § 1026.37(h)(2) (Page 2 of the Loan Estimate)

Closing Cost Details: Optional Alternative Calculating Cash to Close Table for Transactions without a Seller or for simultaneous subordinate financing
Item Description Yes No N/A
41

Optional Alternative Calculating Cash To Close Table for Transactions Without a Seller or for simultaneous subordinate financing. If the transaction does not involve a seller or for Simultaneous Subordinate Financing, and the credit union has chosen to provide the optional alternative Cash to Close table modeled in Form H-24(G) in Appendix H, did the credit union accurately disclose the total amount of cash or other funds that must be provided by the consumer at consummation, itemized into the following component amounts (§ 1026.37(h)(2)):

NOTE: The optional alternative calculating Cash to Close table may only be provided in transactions without a seller or for simultaneous subordinate financing.
     
41(a) Loan Amount? (§ 1026.37(h)(2)(i))      
41(b) Total Closing Costs - Disclosed as a negative number if the amount disclosed under § 1026.37(g)(6) is a positive number and disclosed as a positive number if the amount disclosed under § 1026.37(g)(6) is a negative number? (§ 1026.37(h)(2)(ii))      
41(c) Total Payoffs and Payments - Disclosed as the total amount of payoffs and payments to be made to third parties that are not otherwise disclosed? (§ 1026.37(h)(2)(iii))      
41(d) Cash to Close - Disclosed as the amount of cash or other funds due from or to the consumer and a statement of whether the disclosed estimated amount is due from or to the consumer?  The amount must be calculated as the sum of the amounts disclosed under “Loan Amount,” “Total Closing Costs”,” and “Total Payoffs and Payments.” (§ 1026.37(h)(2)(iv))      
41(e) Closing Costs Financed (Paid from your Loan Amount) - Disclosed as the sum of the amounts under “Loan Amount,” and “Total Payoffs and Payments?”  The sum is disclosed only to the extent it is greater than “0,” and it is less than or equal to the amount disclosed under “Total Closing Costs.”  (§ 1026.37(h)(2)(v))      

Closing Cost Details: Adjustable Payment (AP) Table - § 1026.37(i) (Page 2 of the Loan Estimate)

Closing Cost Details: Adjustable Payment (AP) Table
Item Description Yes No N/A
42 Adjustable Payment (AP) Table.  For loans where the periodic principal and interest payment may change after consummation based on a factor other than an interest rate adjustment, or for seasonal payment products as described in § 1026.37(a)(10)(ii)(E), does the credit union disclose a separate table under the master headings “Closing Cost Details” and “Adjustable Payment (AP) Table” that contains the following information and satisfies the following requirements:      
42(a) Interest Only Payments - The disclosure states yes or no to the question of whether the transaction is an interest only product under § 1026.37(a)(10)(ii)(B) and, if the answer is yes, the disclosure states the period during which interest only periodic payments are scheduled? (§ 1026.37(i)(1))      
42(b) Optional Payments - The disclosure states yes or no to the question whether the terms of the legal obligation expressly provide that the consumer may elect to pay a specified periodic principal and interest payment in an amount other than the scheduled amount of the payment, and, if the answer is yes, the disclosure states the period during which the consumer may elect to make such payments? (§ 1026.37(i)(2))      
42(c) Step Payments - The disclosure states yes or no to the question whether the transaction is a step payment product under § 1026.37(a)(10)(ii)(C) and, if the answer is yes, the disclosure states the period during which the regular periodic payments are scheduled to increase? (§ 1026.37(i)(3))      
42(d) Seasonal Payments - The disclosure states yes or no to the question whether the transaction is a seasonal payment product under § 1026.37(a)(10)(ii)(E) and, if the answer is yes, the disclosure states the period during which periodic payments are not scheduled? (§ 1026.37(i)(4))      
42(e) Principal and Interest Payments - This label is immediately preceded by the applicable unit period? The disclosures must also contain the following information:      
42(e)(i) The number of the payment of the first periodic principal and interest payment that may change under the terms of the legal obligation (counting from the first periodic payment due after consummation), and the amount or range of the periodic principal and interest payment for such payment, labeled “First Change/Amount;” (§ 1026.37(i)(5)(i))      
42(e)(ii) The frequency of subsequent changes to the periodic principal and interest payment, labeled “Subsequent Changes;” (§ 1026.37(i)(5)(ii)) and      
42(e)(iii) The maximum periodic principal and interest payment that may occur during the term of the transaction, and the first periodic principal and interest payment that can reach such maximum, counting from the first periodic payment due after consummation, labeled “Maximum Payment.” (§ 1026.37(i)(5)(iii))      

Closing Cost Details: Adjustable Interest Rate (AIR) Table - § 1026.37(j) (Page 2 of the Loan Estimate)

Closing Cost Details: Adjustable Interest Rate (AIR) Table
Item Description Yes No N/A
43 Adjustable Interest Rate (AIR) Table.  If the interest rate may increase after consummation, does the credit union disclose, as a separate table under the master headings “Closing Cost Details” and “Adjustable Interest Rate (AIR) Table,” the following information and satisfied the following requirements: (§ 1026.37(j))      
43(a) Index + Margin - Disclosed if the interest rate may adjust and the product type is not a “Step Rate” under § 1026.37(a)(10)(i)(B)?  The disclosure must show the index upon which the adjustments to the interest rate are based and the margin that is added to the index to determine the interest rate, if any, labeled “Index + Margin.” (§ 1026.37(j)(1))      
43(b) Interest Rate Adjustments - If the product type is a “Step Rate” and not also an “Adjustable Rate” under § 1026.37(a)(10)(i)(A)?  The disclosure must show the maximum amount of any adjustments to the interest rate that are scheduled and pre-determined, labeled “Interest Rate Adjustments” (§ 1026.37(j)(2))      
43(c) Initial Interest Rate? The disclosure must show the initial interest rate at consummation of the loan transaction, labeled “Initial Interest Rate”  (§ 1026.37(j)(3))      
43(d) Minimum and Maximum Interest Rates?  The disclosure must show the minimum and maximum interest rates for the loan, after any introductory period expires, labeled “Minimum/Maximum Interest Rate” (§ 1026.37(j)(4)      
43(e) Frequency of Adjustments? The following information, under the subheading “Change Frequency” is disclosed:      
43(e)(i) The month when the interest rate after consummation may first change, calculated from the date interest for the first scheduled periodic payment begins to accrue, labeled “First Change”; and      
43(e)(ii) The frequency of interest rate adjustments after the initial adjustment to the interest rate, labeled, “Subsequent Changes” (§ 1026.37(j)(5)      
43(f) Limits on Interest Rate Changes? The following information, under the subheading “Limits on Interest Rate Changes,” is disclosed:      
43(f)(i) The maximum possible change for the first adjustment of the interest rate after consummation, labeled “First Change”; and      
43(f)(ii) The maximum possible change for subsequent adjustments of the interest rate after consummation, labeled “Subsequent Changes.” (§ 1026.37(j) (6)      

Additional Information About This Loan; Contact information - § 1026.37(k) (Page 3 of the Loan Estimate)

Additional Information About This Loan; Contact information
Item Description Yes No N/A
44 Does the credit union accurately disclose, under the master heading, “Additional Information About This Loan,” the following information:      
44(a) Lender/Mortgage Broker - The name and “NMLS ID/License ID” for the credit union (labeled “Lender”) and the mortgage broker (labeled “Mortgage Broker”), if any? If the credit union or mortgage broker has not been assigned an NMLSR ID, the license number or other unique identifier issued to the credit union or mortgage broker by the applicable jurisdiction or regulating body must be disclosed, with the abbreviation for the State of the applicable jurisdiction or regulatory body stated before the word “License” in the label, if any (§ 1026.37(k)(1))      
44(b) Loan Officer - The name and NMLSR ID of the individual loan officer (labeled “Loan Officer” and “NMLS ID/License ID,” respectively) of the credit union and the mortgage broker, if any, who is the primary contact for the consumer?  If the  individual loan officer has not been assigned an NMLSR ID, the license number or other unique identifier issued by the applicable jurisdiction or regulating body with which the loan officer is licensed and/or registered shall be disclosed, with the abbreviation for the State of the applicable jurisdiction or regulatory body stated before the word “License” in the label, if any (§ 1026.37(k)(2)) and      
44(c) Email/Phone (respectively) - The email address and telephone number of the loan officer? (§ 1026.37(k)(3))      

Additional Information About This Loan: Comparisons - § 1026.37(l) (Page 3 of the Loan Estimate)

Additional Information About This Loan: Comparisons
Item Description Yes No N/A
45 Comparisons.  Does the credit union accurately disclose the following information for comparison purposes and includes the statement “Use these measures to compare this loan with other loans:” (§ 1026.37(l)      
45(a) In 5 years - (§ 1026.37(l)(l))      
45(a)(i) The total principal, interest, mortgage insurance, and loan costs scheduled to be paid through the end of the 60th month after the due date of the first periodic payment, expressed as a dollar amount, along with the statement “Total you will have paid in principal, interest, mortgage insurance, and loan costs”?; and      
45(a)(ii) The principal scheduled to be paid through the end of the 60th month after the due date of the first periodic payment, expressed as a dollar amount, along with the statement “Principal you will have paid off”?;      
45(b) Annual Percentage Rate (APR) - Expressed as a percentage, and the following statement: “Your costs over the loan term expressed as a rate. This is not your interest rate”? (§ 1026.37(l)(2)) and      
45(c) Total Interest Percentage (TIP) - The Total Amount of Interest that the consumer will pay over the life of the loan, expressed as a percentage of the amount of credit extended, using the term “Total Interest Percentage,” the abbreviation “TIP,” and the statement “The total amount of interest that you will pay over the loan term as a percentage of your loan amount?” (§ 1026.37(l)(3)      

Additional Information About This Loan: Other Considerations - § 1026.37(m) (Page 3 of the Loan Estimate)

Additional Information About This Loan: Other Considerations
Item Description Yes No N/A
46 Other Considerations.  Does the credit union accurately disclose the following (§ 1026.37(m): N/A    
46(a) Appraisal - For transactions subject to 15 U.S.C. 1639h or 1691(e), as implemented in this part or Regulation B, 12 CFR Part 1002, respectively, a statement, labeled “Appraisal,” that (§ 1026.37(m)(1)): N/A    
46(a)(i) The credit union may order an appraisal to determine the value of the property identified in § 1026.37(a)(6) and may charge the consumer for that appraisal?      
46(a)(ii) The credit union will promptly provide the consumer a copy of any appraisal, even if the transaction is not consummated? and      
46(a)(iii) The consumer may choose to pay for an additional appraisal of the property for the consumer's use?      
46(b) Assumption - A statement of whether a subsequent purchaser of the property may be permitted to assume the remaining loan obligation on its original terms? (§ 1026.37(m)(2);      
46(c) Homeowner's Insurance - At the option of the credit union, a statement that homeowner's insurance is required on the property and that the consumer may choose the insurance provider?  (§ 1026.37(m)(3)      
46(d) Late Payment - A statement detailing any charge that may be imposed for a late payment; stated as a dollar amount or percentage charge of the late payment amount; and the number of days that a payment must be late to trigger the late payment fee? (§ 1026.37(m)(4)      
46(e) Refinance - The following statement:  “Refinancing this loan will depend on your future financial situation, the property value, and market conditions. You may not be able to refinance this loan?” (§ 1026.37(m)(5))      
46(f) Servicing - A statement of whether the credit union intends to service the loan or transfer the loan to another servicer? (§ 1026.37(m)(6))      
46(g) Liability after Foreclosure - If the purpose of the credit transaction is to refinance an extension of credit as described in § 1026.37(a)(9)(ii), a brief statement that certain State law protections against liability for any deficiency after foreclosure may be lost, the potential consequences of the loss of such protections, and a statement that the consumer should consult an attorney for additional information? (§ 1026.37(m)(7)) and      
46(h) Construction Loans - In a transaction that involves a new construction, if the credit union reasonably expects settlement will occur more than 60 days after the Loan Estimate is issued and wishes to retain the option to provide a revised disclosure, a clear and conspicuous statement that a revised disclosure may be issued any time prior to 60 days before consummation pursuant to § 1026.19(e)(3)(iv)(F)? (§ 1026.37(m)(8))      

Additional Information About This Loan: Confirm Receipt – § 1026.37(n) (Page 3 of the Loan Estimate)

Additional Information About This Loan: Confirm Receipt
Item Description Yes No N/A
47 Confirm Receipt. If the credit union chooses to provide a signature statement, does the credit union accurately provides the following: “By signing, you are only confirming that you have received this form. You do not have to accept this loan because you have signed or received this form.”  If the credit union does not include a line for the consumer's signature, the credit union discloses the following statement, labeled “Loan Acceptance:” “You do not have to accept this loan because you have received this form or signed a loan application.”? (§ 1026.37(n))      

Form of Disclosures -  § 1026.37(o)

Form of Disclosures
Item Description Yes No N/A
48

Form of disclosures.  Does the credit union make the disclosures required by § 1026.37 clearly and conspicuously in writing, in a form that the consumer may keep, with disclosures grouped together and segregated from everything else, containing only the information required by §§ 1026.37 (a) through (n), made in the same order, and positioned relative to the master headings, headings, subheadings, labels, and similar designations in the same manner, as shown in form H-24, set forth in appendix H? (§§ 1026.37(o)(1) and (2)):

NOTE:  Limited changes to the disclosure forms are permitted, including substitution of “monthly” with the applicable unit period, making disclosures in languages other than English, and using the credit union’s logo in the space allotted for the identification of the credit union. (§ 1026.37(o)(5))

     
48(a) Form H-24 required - For a transaction subject to § 1026.19(e) that is a federally related mortgage loan, as defined in Regulation X, 12 CFR 1024.2, does the credit union use form H-24, set forth in appendix H? (§ 1026.37(o)(3)(i))      
48(b) Substantially similar disclosures – Does the credit union provide the disclosures with headings, content, and format substantially similar to form H-24, set forth in appendix H for any other transaction subject to § 1026.37 ? (1026.37(o)(3)(ii))      
48(c) Rounding - nearest dollar.  Does the credit union accurately round the following figures to the nearest whole dollar disclosed pursuant to sections: (§ 1026.37(o)(4)(i)(A))      
48(c)(i) The dollar amounts for Loan Terms required by § 1026.37(b)(6)-(7), (i.e., adjustments after consummation and details about prepayment penalty and balloon payments)?      
48(c)(ii) The dollar amounts for Projected Payments or range of payments required by § 1026.37(c)(1)(iii) (i.e., minimum and maximum amounts of principal and interest for projected periodic payments or range of payments)?      
48(c)(iii) The dollar amounts for Mortgage Insurance required to be disclosed by § 1026.37(c)(2)(ii) (i.e., itemization of maximum amount of mortgage insurance premiums)?      
48(c)(iv) The dollar amounts for Escrow required to be disclosed by § 1026.37(c)(2)(iii)?      
48(c)(v) The dollar amounts for Taxes, Insurance & Assessments required to be disclosed by § 1026.37(c)(4)(ii)?      
48(c)(vi) The dollar amounts for Loan Costs required to be disclosed by § 1026.37(f) (i.e., Origination charges, Services you cannot shop for, Services you can shop for and Total loan costs)?      
48(c)(vii) The dollar amounts for Other Costs required by § 1026.37(g) (i.e., Taxes and other government fees, Prepaids (other than per diem prepaid interest), Initial escrow payment at closing (other than monthly amounts of initial escrow payments), Other, Total other costs, and Total closing costs) except as noted for percentages?      
48(c)(viii) The dollar amounts for Calculating Cash to Close required to be disclosed by § 1026.37(h)? and      
48(c)(ix) The dollar amounts for the Adjustable Payment (AP) Table required to be disclosed by § 1026.37(i)?      
48(c)(x) The dollar amounts for Comparisons required to be disclosed by § 1026.37(l)?      
48(d) Rounding – nearest whole cent. Does the credit union round or truncate the following to the nearest whole cent pursuant to § 1026.37(o)(4)(i)(A)      
48(d)(i) The per diem amount required by § 1026.37(g)(2)(iii) (prepaid interest paid per day)? and      
48(d)(ii) The figures disclosed pursuant to § 1026.37(g)(3)(i)-(iii) (initial escrow payment at closing for homeowner’s insurance, mortgage insurance, and property taxes) and § 1026.37(g)(3)(v) (additional escrow items)?      
48(e) Loan amount. Does the credit union not round the loan amount disclosed pursuant to § 1026.37(b)(1), and truncated whole numbers at the decimal point? (§ 1026.37(o)(4)(i)(B))      
48(f) Total periodic payment. Does the credit union accurately round the total periodic payment disclosed pursuant to § 1026.37(c)(2)(iv), if any of the component amounts of the figures disclosed pursuant to § 1026.37(o)(4)(i)(A) are rounded to the nearest whole dollar? (§ 1026.37(o)(4)(i)(C))      
48(g) Percentages. Does the credit union disclose the following percentages by rounding the exact amounts to three decimal places and then dropping any trailing zeros that occur to the right of the decimal point. (§ 1026.37(o)(4)(ii)).  This procedure applies to the following:      
48(g)(i) Interest rate and adjustments after consummation - disclosed pursuant to §§ 1026.37(b)(2) and (6)?      
48(g)(ii) Points as a percentage of the loan amount – disclosed pursuant to § 1026.37(f)(1)(i)?      
48(g)(iii) Percentage of prepaid interest to be paid per day – disclosed pursuant to § 1026.37(g)(2)(iii)?      
48(g)(iv) Index + Margin, Initial Interest Rate, Minimum/Maximum Interest Rate, and Limits on Interest Rate Changes (as disclosed on the Adjustable Interest Rate (AIR) Table) – disclosed pursuant to § 1026.37(j)?;      
48(g)(v) Annual percentage rate – disclosed pursuant to § 1026.37(l)(2)? and      
48(g)(vi) Total interest percentage – disclosed pursuant to § 1026.37(l)(3)? (§ 1026.37(o)(4)(ii))      

Closing Disclosure – § 1026.38(a)

Closing Disclosure
Item Description Yes No N/A
49 Does the credit union accurately complete the Closing Disclosure? (§ 1026.38(a))      
50 Does the Closing Disclosure include the form purpose with the statement: “This form is a statement of final loan terms and closing costs - Compare this document with your Loan Estimate”? (§ 1026.38(a)(2))      

Closing Information - § 1026.38(a)(3) (Page 1 of the Closing Disclosure)

Closing Information
Item Description Yes No N/A
51

Are all the following Closing Information fields complete and accurate:

NOTE:  If the credit union has not obtained an appraisal, the credit union may disclose the estimated value of the property, using the label “Estimated Prop. Value”? (Comment 1026.38.(a)(3)(vii)-1)

     
51(a) Date Issued. Indicating the date disclosures are delivered? (§ 1026.38(a)(3)(i))      
51(b) Closing Date? (§ 1026.38(a)(3)(ii))      
51(c) Disbursement Date? (§ 1026.38(a)(3)(iii))      
51(d) Settlement Agent? (§ 1026.38(a)(3)(iv))      
51(e)  File #. – Disclosing the identification number assigned to the transaction by the settlement agent? (§ 1026.38(a)(3)(v))      
51(f) Property. The address or location of the property as disclosed in the Loan Estimate? (§ 1026.38(a)(3)(vi))      
51(g) Sale Price. For transactions where there is a seller, the sale price, labeled “Sale Price,” and where there is no seller, the appraised property value, labeled “Appraised Prop. Value.”? (§§ 1026.38(a)(3)(vii)(A)-(B))      

Transaction Information - § 1026.38(a)(4) (Page 1 of the Closing Disclosure)

Transaction Information
Item Description Yes No N/A
52 Are all the following Transaction information fields complete and accurate: N/A N/A N/A
52(a) Borrower. The consumer’s name and mailing address, labeled “Borrower?” (§ 1026.38(a)(4)(i))      
52(b) Seller. Where applicable, the seller’s name and mailing address, labeled “Seller?” (§ 1026.38(a)(4)(ii))      
52(c) Lender.  The name of the credit union making the disclosure, labeled “Lender?” (§ 1026.38(a)(4)(iii))      

Loan Information - § 1026.38(a)(5) (Page 1 of the Closing Disclosure)

Loan Information
Item Description Yes No N/A
53 Are all of the following Loan Information fields complete and accurate: N/A N/A N/A
53(a) Loan Term? (§ 1026.38(a)(5)(i))      
53(b) Purpose? (§ 1026.38(a)(5)(ii))      
53(c) Product? (§ 1026.38(a)(5)(iii))      
53(d) Loan Type?  (§ 1026.38(a)(5)(iv))      
53(e) Loan ID #? (§ 1026.38(a)(5)(v))      
53(f) MIC #. The case number for any mortgage insurance policy, if required by the credit union? (§ 1026.38(a)(5)(vi))      

Loan Terms - § 1026.38(b) (Page 1 of the Closing Disclosure)

Loan Terms
Item Description Yes No N/A
54 Does the credit union disclose, in a separate table labeled “Loan Terms,” the information required to be disclosed on the Loan Estimate under § 1026.37(b) reflecting the terms of the legal obligation at consummation? (§ 1026.38(b))      

Projected Payments - § 1026.38(c) (Page 1 of the Closing Disclosure)

Projected Payments
Item Description Yes No N/A
55 Does the credit union disclose, in a separate table labeled “Projected Payments,” the projected payments or range of payments (in the same manner as required on the Loan Estimate under §§ 1026.37(c)(1) through (4)(v)) reflecting the terms of the legal obligation at consummation?       
56 Does the credit union refer to the Escrow Account disclosure required by § 1026.38(l)(7)      
57 Does the credit union calculate escrow payments: (1026.38(c)(1)-(2))      
57(a) For transactions subject to RESPA, under the escrow account analysis described in Regulation X, § 1024.17? (§ 1026.38(c)(1)(i))      
57(b) For transactions not subject to RESPA, either calculated under the escrow account analysis described in Regulation X, § 1024.17, or in the manner set forth in § 1026.37(c)(5)? (§ 1026.38(c)(1)(ii))      

Costs at Closing - § 1026.38(d) (Page 1 of the Closing Disclosure)

Costs at Closing
Item Description Yes No N/A
58 Does the credit union accurately disclose Closing Costs as the sum of the dollar amounts disclosed on page two of the Closing Disclosure, pursuant to §§ 1026.38(f)(4) (Loan Costs), 1026.38(g)(5) (Other Costs), and 1026.38(h)(3) (Lender Credits), together with a statement referring the consumer to the disclosures on page two, the dollar amounts of “Loan Costs” (§ 1026.38(f)(4)), “Other Costs” (§ 1026.38(g)(5)), and “Lender Credits” (§ 1026.38(h)(3)), and a statement referring the consumer to the “Closing Cost Details” table described in §§ 1026.38(f)-(g)? (§§ 1026.38(d)(i)(A)-(E))      
59 Does the credit union accurately disclose Cash to Close as the sum of the dollar amounts calculated in accordance with the Calculating Cash to Close table (§ 1026.38(i)(9)(ii)), together with a statement referring the consumer to the disclosures on page two and the “Calculating Cash to Close” table described in § 1026.38(i)? (§§ 1026.38(d)(ii)(A) – (B))      
60 For simultaneous subordinate financing, does the credit union accurately disclose the amount calculated according to § 1026.38(e)(5)(ii), together with a statement of whether the amount is due from or to the consumer and a reference to the alternative calculating Cash to Close table required pursuant to § 1026.38(e)? (§§ 1026.38(d)(2)(i) – (iii))      

Closing Costs Details: Loan Costs – § 1026.38(f) (Page 2 of the Closing Disclosure)

Closing Costs Details: Loan Costs
Item Description Yes No N/A
61 Does the credit union disclose all costs associated with the transaction with columns stating whether the charge was borrower-paid at or before closing, seller-paid at or before closing or paid by others, under the following subheadings:      
61(a) Origination Charges. Itemized amounts paid for charges disclosed on the Loan Estimate (§ 1026.37(f)(1)) and the total of borrower-paid amounts paid at or before closing; together with:      
61(a)(a) The compensation paid by the credit union to a third-party loan originator?      
61(a)(b) The name of the third-party loan originator receiving payment?  (§ 1026.38(f)(1))      
61(b) Services Borrower Did Not Shop For.  Itemized costs for each settlement service the credit union required but did not allow the consumer to shop for, with name of recipient, amount, and total costs designated borrower-paid at or before closing.  Items listed in the Loan Estimate (§ 1026.37(f)(3)) are disclosed here if the consumer was provided a written list of settlement service providers under § 1026.19(e)(1)(vi)(C) and the consumer selected a settlement service provider from that written list? (§ 1026.38(f)(2))      
61(c) Services Borrower Did Shop For. Itemized costs for each service required by the credit union, that the consumer shopped for in accordance with § 1026.19(e)(1)(vi)(A), with the amount, the name of recipient, and the total costs designated as borrower-paid at or before closing. If these items were disclosed on the Loan Estimate pursuant to § 1026.37(f)(3), they are disclosed here if the consumer was provided a written list of settlement service providers and did not select a settlement service provider from that written list? (§ 1026.38(f)(3))      
61(d) Total Loan Costs (Borrower-Paid). The sum of the amounts disclosed under § 1026.38(f)(5) as borrower-paid for the origination charge, services the borrower did not shop for and services the borrower did shop for? (§ 1026.38(f)(4))      
61(e) Loan Costs Subtotals. Calculation of the total borrower-paid costs at or before closing, showing each subtotal for the origination charge, services the borrower did not shop for, and services the borrower did shop for? (§ 1026.38(f)(5))      

Closing Cost Details: Other Costs - § 1026.38(g) (Page 2 of the Closing Disclosure)

Closing Cost Details: Other Costs
Item Description Yes No N/A
62 Does the credit union accurately disclose all of the following other costs associated with the transaction (other than those disclosed in the “Loan Costs” table) with columns stating whether the charge was borrower-paid at or before closing, seller-paid at or before closing or paid by others:      
62(a) Taxes and Other Government Fees - All taxes and government fees to be paid by the borrower at or before closing, including the total amount of fees for recording deeds and, separately, the total amount of fees for recording security instruments and transfer taxes, accurately itemized. Determine that the itemized transfer tax is accompanied by the name of the government entity assessing the transfer tax? (§ 1026.38(g)(1)(i)-(ii))      
62(b) Prepaids - Accurately itemized prepaid charges described in the borrower’s Loan Estimate as required by § 1026.37(g)(2); the name of the person ultimately receiving the prepaid payment or the government entity assessing the property tax charged; and the total of all amounts designated as borrower-paid at or before closing? (1026.38(g)(2))      
62(c) Initial Escrow Payment at Closing - Accurate itemizations of each escrow amount required at closing as described on the borrower’s Loan Estimate pursuant to § 1026.37(g)(3) (e.g., homeowner’s insurance, mortgage insurance, property taxes, etc.); applicable aggregate adjustments pursuant to § 1024.17(d)(2); and the total of all amounts designated as borrower-paid at or before closing? (§ 1026.38(g)(3))      
62(d) Other - All charges, accurately itemized, for services required or related to the borrower’s transaction that are in addition to the charges disclosed in the Loan Costs table (§ 1026.38(f)) and in the Other Costs table (§§ 1026.38(g)(1)-(3)), for services required or obtained in the real estate closing by the consumer, the seller, or other party; the name of the person ultimately receiving the payment; and the total of all such itemized amounts that are designated borrower-paid at or before closing, with the applicable designations for items that are optional or are components of title insurance services? (§§ 1026.38(g)(4)(i)-(ii))      
62(e) Total Other Costs (Borrower-Paid) - Accurately totaled and disclosed sum of all amounts disclosed as borrower-paid? (§ 1026.38(g)(5))      
62(f) Other Costs Subtotals - Accurately added the individual subtotals in this “Closing Costs Details – Other Costs” table disclosed under §§ 1026.38(g)(1)-(4) to produce the total? (§ 1026.38(g)(6))      

Closing Cost Details: Total Closing Costs - § 1026.38(h) (Page 2 of the Closing Disclosure)

Closing Cost Details: Total Closing Costs
Item Description Yes No N/A
63 Are Total Closing Costs, paid by the borrower, disclosed in a table showing description, labeling, and ordering requirements? (§ 1026.38(h)(4))      
64 Does the credit union accurately disclose the following closing cost totals:      
64(a) Total Closing Costs (Borrower Paid) - The sum of subtotals for Closing Costs (§ 1026.38(h)(2)) and Lender Credits (§ 1026.38(h)(3)) (i.e., the following two items in this list)? (§ 1026.38(h)(1))      
64(b) Closing Costs Subtotals. Consisting of the sum of “Loan Cost Subtotals” (§ 1026.38(f)(5)) and the “Other Costs Subtotals” (§ 1026.38(g)(6)), designated as Borrower-Paid at or before closing; and the sum of costs paid at and before closing by the seller or other parties (as disclosed pursuant to §§ 1026.38(f) and (g)). (§ 1026.38(h)(2))      
64(c) Lender Credits. For general credits from the credit union for closing costs (as described in § 1026.37(g)(6)(ii), shown as a negative number, and designated as Borrower-Paid at closing. (§ 1026.38(h)(3))      

Calculating Cash to Close - § 1026.38(i) (Page 3 of the Closing Disclosure)

Calculating Cash to Close
Item Description Yes No N/A
65 Does the credit union accurately include the amount from the most recent Loan Estimate provided to the consumer, compared to the amount disclosed in the “Final” column, and provide the necessary answer to the question “Did This Change?” (with items in the latter column disclosed more prominently than other disclosures) for each of the following: (§§ 1026.38(i)(1)(i)-(iii))      
65(a) Total Closing Costs - The Total Closing Costs on the Calculating Cash to Close table of the most recent Loan Estimate disclosed under § 1026.37(h)(1)(i) compared to the final “Total Closing Costs” disclosed under § 1026.38(h)(1)?      
65(a)(i) If the amounts are different (unless due to rounding), has the credit union provided: (§§ 1026.38(i)(1)(i)-(ii))      
65(a)(i)(a) A statement of that fact? (§ 1026.38(i)(1)(iii)(A)(1))      
65(a)(i)(b) If the difference in the “Total Closing Costs” is attributable to differences in itemized charges that are included in either or both subtotals, does the credit union state that the consumer should see the total loan costs (under § 1026.38(f)(4)) and total other costs (under § 1026.38(g)(5)) subtotals (together with references to such disclosures), as applicable? (§ 1026.38(i)(1)(A)(2))      
65(a)(i)(c) If the increase exceeds the limitations on increases in closing costs under § 1026.19(e)(3), does the credit union state that such increase exceeds the legal limits by the dollar amount of the excess?       
65(a)(i)(c)(1) If any refund is provided pursuant to § 1026.19(f)(2)(v), does the credit union provide a statement directing the consumer to the disclosure required under § 1026.38 (h)(3)?      
65(a)(i)(c)(2) If a principal reduction is used to provide the refund, does the credit union provide a statement directing the consumer to the principal reduction disclosure required under § 1026.38(j)(1)(v)?      
65(a)(i)(c)(3) Does the dollar amount equal the sum total of all excesses of the limitations on increases in closing costs under § 1026.19(e)(3), taking into account the different methods of calculating excesses of the limitations on increases in closing costs under §§ 1026.19(e)(3)(i) and (ii) (§ 1026.38(i)(1)(iii)(A)(3))      
65(a)(i)(3) If the amount disclosed under § 1026.38(i)(1)(ii) (i.e., amount in the Final column) is equal to the amount disclosed under § 1026.38(i)(1)(i) (i.e., amount copied over from the most recent Loan Estimate), does the credit union state that fact? (§ 1026.38(i)(1)(iii)(B))      
65(b) Closing Costs Paid Before Closing - Under the subheading “Loan Estimate,” the dollar amount “$0,” compared to the final amount of “Total Closing Costs” disclosed under § 1026.38(h)(2) and designated as borrower-paid before closing, stated as a negative number? (§§ 1026.38(i)(2)(i)-(iii)):      
65(a)(a) If these amounts are different (unless the difference is due to rounding), does the credit union provide a statement of that fact, along with a statement that the consumer paid such amounts prior to consummation of the transaction (§ 1026.38(i)(2)(iii)(A))      
65(a)(b) If the amount disclosed under § 1026.38(i)(2)(ii) (i.e., amount in the Final column) is equal to the amount disclosed under § 1026.38(i)(2)(i) (i.e., $0), does the credit union state that fact? (§ 1026.38(i)(2)(iii)(B))      
65(c) Closing Costs Financed (Paid from your Loan Amount) - Under the subheading “Loan Estimate,” the amount disclosed on Calculating Cash to Close table on the most recent Loan Estimate under § 1026.37(h)(1)(ii), compared to the actual amount of the closing costs that are to be paid out of loan proceeds, if any, stated as a negative number, under the subheading “Final”? (§§ 1026.38(i)(3)(i)-(iii))      
65(c)(a) If the amounts are different (unless the difference is due to rounding), does the credit union state that fact, along with a statement that the consumer included the closing costs in the loan amount, which increased the loan amount? (§ 1026.38(i)(3)(iii)(A))      
65(c)(b) If the amount disclosed under § 1026.38(i)(3)(ii) (i.e., amount in the Final column) is equal to the amount disclosed pursuant to § 1026.38(i)(3)(i) (i.e., amount copied over from the most recent Loan Estimate), does the credit union state that fact? (§ 1026.38(i)(3)(iii)(B))      
65(d) Down Payment/Funds from Borrower      
65(d)(a) Under the subheading “Loan Estimate,” the amount disclosed on the most recent Loan Estimate in the Calculating Cash to Close table under 1026.37(h)(1)(iii), labeled “Down Payment/Funds from Borrower.” (§ 1026.38(i)(4)(ii))?      
65(d)(b) Under the subheading “Final,”      
65(d)(b)(a) In a purchase transaction as defined in § 1026.38(a)(9)(i), the amount determined by subtracting the sum of the loan amount disclosed under § 1026.38(b) and any amount of existing loans assumed or taken subject to that is disclosed under § 1026.38(j)(2)(iv) from the sale price of the property disclosed under § 1026.38(a)(3)(vii)(A), labeled “Down Payment/Funds from Borrower,” except as required by § 1026.38(i)(4)(ii)(A)(2)?;      
65(d)(b)(b) In a purchase transaction that is a simultaneous subordinate financing or that involves improvements to be made on the property, or when the sum of the loan amount disclosed under § 1026.38(b) and any amount of existing loans assumed or taken subject to that is disclosed under § 1026.38(j)(2)(iv) exceeds the sale price disclosed under § 1026.38(a)(3)(vii)(A), the amount of funds from the consumer as determined in accordance with § 1026.38(i)(6)(iv) labeled “Down Payment/Funds from Borrower,”?; or      
65(d)(b)(c) In all other transactions, the amount of funds from the consumer as determined in accordance with § 1026.38(i)(6)(iv), labeled “Down Payment/Funds from Borrower.”?      
65(d)(c) Under the subheading, “Did this change?,” disclosed more prominently than the other disclosures under 1026.38(i)(4):      
65(d)(c)(a) If the amount disclosed under § 1026.38(i)(4)(ii) (i.e., amount in the Final column) is different, unless due to rounding, from the amount disclosed under § 1026.38(i)(4)(i) (i.e., amount copied over from the most recent Loan Estimate), does the credit union state that fact, along with a statement that the consumer increased or decreased this payment and can see further details in the “Summaries of Transactions” table? (§ 1026.38(i)(4)(iii)(A))      
65(d)(c)(b) If the amount disclosed under § 1026.38(i)(4)(ii) is equal to the amount disclosed under § 1026.38(i)(4)(i), does the credit union state that fact? (§ 1026.38(i)(4)(iii)(B))      
65(e) Deposit –      
65(e)(a) Under the subheading “Loan Estimate,” the Deposit amount disclosed on the Calculating Cash to Close table on the most recent Loan Estimate under § 1026.37(h)(1)(iv), labeled “Deposit”      
65(e)(b) Under the subheading “Final,” on the Summaries of Transactions table on the Closing Document, the amount under § 1026.38(j)(2)(ii), stated as a negative number?(§ 1026.38(i)(5))      
65(e)(c) Under the subheading “Did this Change?” disclosed more prominently than the other disclosures under § 1026.38(i)(5):      
65(e)(c)(a) If the amounts are different, unless due to rounding, does the credit union state that fact, along with a statement that the consumer increased or decreased this payment, as applicable, and that the consumer should see the details disclosed under § 1026.38(j)(2)(ii) (i.e., in Section L in the Summaries of Transactions table)?      
65(e)(c)(b) If the amount disclosed under § 1026.38(i)(5)(ii) (i.e. amount in the Final column) is equal to the amount disclosed § 1026.38(i)(5)(i)  (i.e. amount copied over from the most recent Loan Estimate), does the credit union state that fact? (§ 1026.38(i)(5)(iii)(B))      
65(f) Funds for Borrower § 1026.38(i)(6)      
65(f)(a) Under the subheading “Loan Estimate,” the amount disclosed on the Calculating Cash to Close table on the most recent Loan Estimate under § 1026.37(h)(1)(v), labeled “Funds for Borrower”? (§§ 1026.38(i)(6)(i)-(iii))      
65(f)(a)(iii) Under the subheading “Final,” the “Funds for Borrower,” labeled using that term, as determined in accordance with § 1026.38(i)(6)(iv)        
65(f)(a)(iv) Under the subheading “Did this Change?,” disclosed more prominently than the other disclosures under § 1026.38(i)(6): Changes between the “Loan Estimate”  and “Final” column amounts are noted in the “Did this Change?” column in accordance with the requirements of § 1026.38(i)(6)(iii):      
65(f)(a)(iv)(A) If the amounts are different, unless due to rounding, does the credit union state that fact, along with a statement that the consumer's available funds from the loan amount have increased or decreased, as applicable? (§ 1026.38(i)(6)(iii)(A))      
65(f)(a)(iv)(B) If the amount disclosed under § 1026.38(i)(6)(ii) (i.e., amount in the Final column) is equal to the amount disclosed § 1026.38(i)(6)(i) (i.e., amount copied over from the most recent Loan Estimate), does the credit union state that fact? (§ 1026.38(i)(6)(iii)(B))      
65(g) Seller Credits § 1026.38(i)(7)      
65(g)(a) Under the subheading “Loan Estimate,” the amount disclosed on the Calculating Cash to Close table on the most recent Loan Estimate under § 1026.37(h)(1)(vi), labeled “Seller Credit”      
65(g)(b) Under the subheading “Final,” the amount disclosed pursuant to § 1026.38(j)(2)(v), stated as a negative number?      
65(g)(c) Under the subheading, “Did this Change?” disclosed more prominently than the other disclosures under § 1026.38(i)(7):      
65(g)(c)(a) If the amounts are different, unless due to rounding, does the credit union disclose a statement that the consumer should see the details disclosed either (1) under § 1026.38(j)(2)(v) (i.e., in  the summaries of transactions table and the seller-paid column of the closing cost details table under §§ 1026.38(f) or (g); or (2) if the difference is attributable only to general seller credits disclosed under § 1026.38(j)(2)(v), or only to specific seller credits disclosed in the seller-paid column of the closing cost details table under § 1026.38(j)(2)(v), under only the applicable provision; (§§ 1026.38(i)(7)(iii)(A)(1) and (2) );, or      
65(g)(c)(b) If the amount disclosed under § 1026.38(i)(7)(ii) (i.e. amount in the Final column) is equal to the amount disclosed under § 1026.38(i)(7)(i) (i.e. amount copied over from the most recent Loan Estimate), does the credit state that fact? (1026.38(i)(7)(iii)(B))      
65(h)

Adjustments and Other Credits - Under the subheading “Loan Estimate,” the amount disclosed on the Calculating Cash to Close table on the most recent Loan Estimate under § 1026.37(h)(1)(vii), compared to the amount listed pursuant to §§ 1026.38(j)(1)(v) through (x) (to the extent these amounts were not included in the calculation required by §§ 1026.38(i)(4) or (6)), and § 1026.38(j)(1)(vi) (see exam procedures below on Itemizations of Amounts Due From Borrower) reduced by the total of the amounts disclosed under §§ 1026.38(j)(2)(vi)-(xi) (see exam procedures below on Itemization Of Amounts Already Paid By Or On Behalf Of Borrower)? (§§ 1026.38(i)(8)(i)-(ii))

NOTE: If the calculation yields a negative number, the amount is disclosed as a negative number. (Comment 38(i)(8)(ii)-1)

     
65(h)(a) If the amounts are different, unless due to rounding, does the credit union state that fact, along with a statement that the consumer should see the details disclosed under §§ 1026.38(j)(l)(v) through (x) and (j)(2)(vi) through (xi) (i.e., in Sections K and L in the Summaries of Transactions table)? (§ 1026.38(i)(8)(iii)(A))      
65(h)(b) If the amount disclosed under § 1026.38(i)(8)(ii) (i.e. amount in the Final column) is equal to the amount disclosed § 1026.38(i)(8)(i) (i.e. amount copied over from the most recent Loan Estimate), does the credit union state that fact? (§ 1026.38(i)(8)(iii)(B))      
65(i) Cash to Close - Under the subheading “Loan Estimate,” the amount disclosed on the Calculating Cash to Close table on the most recent Loan Estimate under § 1026.37(h)(1)(viii), compared to the “Final” amount listed pursuant to §§ 1026.38(i)(1) through (i)(8), and each disclosed more prominently than the other disclosures in this section? (§§ 1026.38(i)(9)(i)-(ii))      

Alternative Cash to Close Table for Transactions Without a Seller or for Simultaneous Subordinate Financing- § 1026.38(e) (Page 3 of the Closing Disclosure)

Alternative Cash to Close Table for Transactions Without a Seller or for Simultaneous Subordinate Financing
Item Description Yes No N/A
66

Does the credit union properly uses the optional Alternative Cash to Close table? (§ 1026.38(e))

     
67

Is the table is disclosed under the heading “Calculating Cash to Close,” together with the statement “Use this table to see what has changed from your Loan Estimate?” (§ 1026.38(e)) 

     
68 Does the table include:      
68(a) Loan Amount?  Labeled “Loan Amount:”      
68(a)(i) Under the subheading “Loan Estimate,” the loan amount disclosed on the most recent Loan Estimate under § 1026.37(b)(1)      
68(a)(ii) Under the subheading “Final,” the loan amount disclosed under § 1026.38(b), Disclosed more prominently than other disclosures in this section, under the subheading “Did this change?”      
68(a)(ii)(A) If the amounts are different (unless due to rounding), a statement of that fact along with a statement of whether this amount increased or decreased.      
68(a)(ii)(B) If there is no change, a statement of that fact. (§§ 1026.38(e)(1)(i) – (iii))      
68(b) Total Closing Costs?  Labeled “Total Closing Costs”: (§ 1026.38(e)(2))      
68(b)(i) Under the subheading “Loan Estimate,” the amount disclosed on the most recent Loan Estimate under § 1026.37(h)(2)(ii);      
68(b)(ii) Under the subheading “Final,” the final Total Closing Costs disclosed under § 1026.38(h)(1), disclosed as a negative number if the amount disclosed under § 1026.38(h)(1) is a positive number and disclosed as a positive number if the amount disclosed under § 1026.38(h)(1) is a negative number; and      
68(b)(iii) Disclosed more prominently than other disclosures, with the question “Did this change?”:      
68(b)(iii)(A) If there is a change because of differences in itemized charges that are included in either or both subtotals, a statement that the consumer should look at the Total Loan Costs and Total Other Costs subtotals disclosed below, together with references to those disclosures (§ 1026.38(e)(2)(iii)(A)(2)); and      
68(b)(iii)(B) If the increase exceeds the legal limits for increases in closing costs under § 1026.19(e)(3); a statement of that fact, the dollar amount of the excess; and, if any refund is provided, a reference to the disclosure required for including the refund in a lender credit under § 1026.38(h)(3), or if applicable, a statement directing the consumer to the principal reduction disclosure under § 1026.38(t)(5)(vii)(B). (§ 1026.38(e)(2)(iii)(A)(3))      
68(c) Closing Costs Paid before Closing?  Labeled “Closing Costs Paid Before Closing:” (§ 1026.38(e)(3))      
68(c)(i) Under the subheading “Loan Estimate,” the amount of $0;      
68(c)(ii) Under the subheading “Final,” any amount designated as Borrower-Paid before closing under § 1026.38(h)(2), disclosed as a positive number;      
68(c)(iii) Disclosed more prominently than other disclosures, under the subheading “Did This Change?” (§ 1026.38(e)(3))      
68(c)(iii)(A) If the amount disclosed under § 1026.38(e)(3)(ii) is different than the amount disclosed under § 1026.38(e)(3)(i), unless due to rounding, a statement of that fact along with a statement that the consumer paid such amounts prior to consummation (§ 1026.38(e)(3)(iii)(A)); or      
68(c)(iii)(B) If the amount disclosed under § 1026.38(e)(3)(ii) is equal to the amount disclosed under § 1026.38(e)(3)(i), a statement of that fact. (§ 1026.38(e)(3)(iii)(B))      
68(d) Total Payoffs and Payments?  Labeled “Total Payoffs and Payments.” (§ 1026.38(e)(4))      
68(d)(i) Under the subheading “Loan Estimate,” the amount disclosed on the most recent Loan Estimate under § 1026.37(h)(2)(iii)      
68(d)(ii) Under the subheading “Final,” the total amount of payoffs and payments made to third parties not otherwise disclosed under § 1026.38(t)(5)(vii)(B), to the extent known, disclosed as a negative number if the total amount disclosed under § 1026.38(t)(5)(vii)(B) is a positive number and disclosed as a positive number if the total amount disclosed under § 1026.38(t)(5)(vii)(B) is a negative number.      
68(d)(iii) Are these disclosures more prominent than other disclosures under this paragraph under the subheading “Did This Change?”      
68(d)(i)(A) If the amount disclosed under § 1026.38(e)(4)(ii) is different than the amount disclosed under § 1026.38(e)(4)(i) (unless the difference is due to rounding), a statement of that fact, along with a reference to the “Payoffs and Payments” table that may be added pursuant to § 1026.38(t)(5)(viii)(B)) (§ 1026.38(e)(4)); or      
68(d)(i)(B) If the amount disclosed under § 1026.38(e)(4)(ii) is equal to the amount disclosed under § 1026.38(e)(4)(i), a statement of that fact.  (§ 1026.38(e)(4)(iii)(B))      
68(e) Cash to or from consumer.  Labeled “Cash to Close”: (§ 1026.38(e)(5)).      
68(e)(i) Under the subheading “Loan Estimate,” a statement of whether the estimated amount is due from or to the consumer, as disclosed under § 1026.37(h)(2)(iv) on the most recent Loan Estimate; and      
68(e)(ii) Under the subheading “Final.”  a disclosure of the final amount due from or to the consumer, disclosed as a positive number. (§§ 1026.38(e)(5)(i) – (ii))      
68(f) Closing Costs Financed (Paid from your Loan Amount). Labeled “Closing Costs Financed (Paid from your Loan Amount).” Disclosed as the sum of the amounts disclosed under §§ 1026.38(e)(1)(ii) and (e)(4)(ii) (i.e., the amounts in the Final Column of the Loan Amount and Total Payoffs and Payments). However, the amount is disclosed only to the extent that the sum is greater than zero and less than or equal to the sum disclosed under § 1026.38(h)(1) (Total Closing Costs) minus the sum disclosed under § 1026.38(h)(2) designated as Borrower-Paid before closing. (§ 1026.38(e)(6))      

Borrower’s Transaction (Page 3 of the Closing Disclosure)

Borrower’s Transaction
Item Description Yes No N/A
69 Does the credit union accurately disclose the total amount due from the consumer at closing, calculated as the sum of items required to be disclosed by § 1026.38(j)(1)(ii) through (x) (i.e., the items described in this procedure), excluding items paid from funds other than closing funds as described in section § 1026.38(j)(4)(i)?      
70 Does the summary of the borrower’s transaction include the following: (§ 1026.38(j)(1))      
70(a) Sale Price of Property - The amount of the contract sales price of the property being sold in a purchase real estate transaction, excluding the price of any tangible personal property if the consumer and seller have agreed to a separate price for such items? (§ 1026.38(j)(1)(ii))

NOTE: On the simultaneous subordinate financing Closing Disclosure, no contract sales price is disclosed under 1026.38(j)(1)(ii); (Comment 38(j)(1)(ii)-1)

     
70(b) Sale Price of Any Personal Property Included in Sale - The amount of the sales price of any tangible personal property excluded from the contract sales price pursuant to section § 1026.38(j)(1)(ii)? (§ 1026.38(j)(1)(iii))      
70(c) Closing Costs Paid at Closing - The total amount of closing costs disclosed that are designated borrower-paid at closing, calculated pursuant to section § 1026.38(h)(2) (see procedure above regarding Closing Costs Subtotals)? (§ 1026.38(j)(1)(iv))      
70(d) Contractual Adjustments and Other Consumer Charges - A description and the amount of any additional items that the seller has paid prior to the real estate closing, but reimbursed by the consumer at the real estate closing, and a description and the amount of any other items owed by the consumer at the real estate closing not otherwise disclosed pursuant to section § 1026.38(f),(g) or (j)?  (§ 1026.38(j)(1)(v))      
70(e) The description “Adjustments for Items Paid by Seller in Advance”? (§ 1026.38(j)(1)(vi))      
70(f) City/Town Taxes - The prorated amount of any prepaid taxes due from the consumer to reimburse the seller at the real estate closing, and the time period corresponding to that amount? (§ 1026.38(j)(1)(vii))      
70(g) County Taxes - The prorated amount of any prepaid taxes due from the consumer to reimburse the seller at the real estate closing, and the time period corresponding to that amount? (§ 1026.38(j)(1)(viii))      
70(h) Assessments - The prorated amount of any prepaid assessments due from the consumer to reimburse the seller at the real estate closing, and the time period corresponding to that amount? (§ 1026.38(j)(1)(ix))      
70(i) A description and the amount of any additional items paid by the seller prior to the real estate closing that are due from the consumer at the real estate closing? (§ 1026.38(j)(1)(x))      
71 Does the credit union accurately disclose the sum of the amounts disclosed in §§ 1026.38(j)(2)(ii)-(xi) (i.e., the items described in this procedure), excluding items paid from funds other than closing funds as described in § 1026.38(j)(4)(i)?      
72 Does the summary of borrower’s transaction accurately disclose the following: (§ 1026.38(j)(2)(i))      
72(a) Deposit - Any amount that is paid to the seller or held in trust or escrow by an attorney or other party under the terms of the agreement for the sale of the property? (§ 1026.38(j)(2)(ii))      
72(b) Loan Amount - The amount of the consumer's new loan amount or first user loan as disclosed pursuant to section § 1026.38(b)? (§ 1026.38(j)(2)(iii))      
72(c) Existing Loan(s) Assumed or Taken Subject To - The amount of any existing loans that the consumer is assuming, or any loans subject to which the consumer is talking title to the property? (§ 1026.38(j)(2)(iv))      
72(d) Seller Credit - The total amount of money that the seller will provide at the real estate closing as a lump sum not otherwise itemized to pay for loan costs as determined by § 1026.38(f) and other costs as determined by § 1026.38(g) and any other obligations of the seller to be paid directly to the consumer? (§ 1026.38(j)(2)(v))      
72(e) Other Credits - A description and amount of other items paid by or on behalf of the consumer and not otherwise disclosed pursuant to §§ 1026.38(f)-(h), (j)(2) labeled “Other Credits”; and amounts and descriptions of any additional amounts owed the consumer but payable to the seller before the real estate closing, under the heading “Adjustments.”? (§ 1026.38(j)(2)(vi))      
72(f) The description “Adjustments for Items Unpaid by Seller”? (§ 1026.38(j)(2)(vii))      
72(g) City/Town Taxes - The prorated amount of any unpaid taxes due from the seller to reimburse the consumer at the real estate closing, and the time period corresponding to that amount? (§ 1026.38(j)(2)(viii))      
72(h) County Taxes - The prorated amount of any unpaid taxes due from the seller to reimburse the consumer at the real estate closing, and the time period corresponding to that amount? (§ 1026.38(j)(2)(ix)      
72(i) Assessments - The prorated amount of any unpaid assessments due from the seller to reimburse the consumer at the real estate closing, and the time period corresponding that amount? (§ 1026.38(j)(2)(x))      
72(j) A description and the amount of any additional items which have not yet been paid and which the consumer is expected to pay after the real estate closing, but which are attributable in part to a period of time prior to the real estate closing? (§ 1026.38(j)(2)(xi))      
73 Does the calculation of borrower’s transaction accurately disclose the following calculations: (§ 1026.38(j)(3)      
73(a) Total Due from Borrower at Closing - The amount disclosed in the Closing Disclosure, on the line captioned “Due from Borrower at Closing”? (§ 1026.38(j)(3)(i))      
73(b) Total Paid Already by or on Behalf of Borrower at Closing - The amount disclosed in the Closing Disclosure, on the line captioned “Paid Already by or on behalf of Borrower at Closing,” if any, disclosed as a negative number? (§ 1026.38(j)(3)(ii))      
73(c) Cash to Close - A statement that the disclosed amount is due from or to the consumer, and the amount due from or to the consumer at the real estate closing, calculated by the sum of the amounts disclosed as the “Total Due from Borrower at Closing” and “Total Paid Already by or on Behalf of Borrower at Closing”? (§ 1026.38(j)(3)(iii))      
74 Does the credit union disclose costs that are not paid from closing funds, but would otherwise be disclosed; describe the funds as “Paid Outside of Closing” or the abbreviation “P.O.C.,” and include the name of the party making the payment? (§ 1026.38(j)(4)(i))      

Seller’s Transaction Summary (Page 3 of the Closing Disclosure)

Seller’s Transaction Summary
Item Description Yes No N/A
75 Does the credit union accurately disclose the total amount due to the seller at the real estate closing, calculated as the sum of items required to be disclosed pursuant to §§ 1026.38(k)(1)(ii)-(ix)  (i.e., the items in this procedure), excluding items paid from funds other than closing funds as described in § 1026.38(k)(4)(i)?      
76 Does the summary of seller’s transaction accurately disclose the following: (§ 1026.38(k)(1)(i)):      
76(a) Sale Price of Property.  The amount of the contract sales price of the property being sold, excluding the price of any tangible personal property if the consumer and seller have agreed to a separate price for such items? (§ 1026.38(k)(1)(ii))      
76(b) Sale Price of Any Personal Property Included in Sale.  The amount of the sales price of any tangible personal property excluded from the contract sales price pursuant to § 1026.38(k)(1)(ii)? (§ 1026.38(k)(1)(iii))      
76(c) A description and the amount of other items paid to the seller by the consumer pursuant to the contract of sale or other agreement, such as charges that were not disclosed pursuant to § 1026.37 on the Loan Estimate or items paid by the seller prior to the real estate closing but reimbursed by the consumer at the real estate closing? (§ 1026.38(k)(1)(iv))      
76(d) The description “Adjustments for Items Paid by Seller in Advance”? (§ 1026.38(k)(1)(v))      
76(e) City/Town Taxes. The prorated amount of any prepaid taxes due from the consumer to reimburse the seller at the real estate closing, and the time period corresponding to that amount? (§ 1026.38(k)(1)(vi)      
76(f) County Taxes.  The prorated amount of any prepaid taxes due from the consumer to reimburse the seller at the real estate closing, and the time period corresponding to that amount? (§ 1026.38(k)(1)(vii))      
76(g) Assessments. The prorated amount of any unpaid assessments due from the consumer to reimburse the seller at the real estate closing, and the time period corresponding that amount? (§ 1026.38(k)(1)(viii))      
76(h) A description and the amount of additional items paid by the seller prior to the real estate closing that are reimbursed by the consumer at the real estate closing? (§ 1026.38(k)(1)(ix))      
77 Does the credit union accurately discloses the sum of the amounts disclosed in §§ 1026.38(k)(2)(ii)-(xiii)  (i.e., the items in this procedure), excluding items paid from funds other than closing funds described in § 1026.38(k)(4)(i)?      
78 Does the summary of the seller’s transaction accurately disclose the following:  (§ 1026.38(k)(2)(i))      
78(a) Excess Deposit.  The amount of any excess deposit disbursed prior to closing? (§ 1026.38(k)(2)(ii))      
78(b) Closing Costs Paid at Closing.  The amount of closing costs designated seller-paid at closing and disclosed pursuant to § 1026.38(h)(2)? (§ 1026.38(k)(2)(iii))      
78(c) Existing Loan(s) Assumed or Taken Subject To.  The amount of any existing loans assumed or taken subject to by the consumer? (§ 1026.38(k)(2)(iv))      
78(d) Payoff of First Mortgage Loan.  The amount of a first lien loan secured by the property being sold that will be paid off at closing? (§ 1026.38(k)(2)(v))      
78(e) Payoff of Second Mortgage Loan.  The amount of any loan secured by a second lien on the property that will be paid off as part of the real estate closing? (§ 1026.38(k)(2)(vi))      
78(f) Seller Credit.  The total amount of seller funds to be provided at closing as a lump sum that has not otherwise been itemized to pay for loan costs as determined by § 1026.38(f)  and other costs as determined by § 1026.38(g) and any other obligations of the seller to be paid directly to the consumer? (§ 1026.38(k)(2)(vii)      
78(g) A description and amount of all other items paid to be paid by the seller at closing, including any lien-related payoffs, fees, or obligations? (§ 1026.38(k)(2)(viii))      
78(h) The description “Adjustments for Items Unpaid by Seller”? (§ 1026.38(k)(2)(ix))      
78(i) City/Town Taxes.  The prorated amount of unpaid taxes due from the seller to reimburse the consumer at the real estate closing, and the time period corresponding to that amount? (§ 1026.38(k)(2)(x)      
78(j) County Taxes.  The prorated amount of any unpaid taxes due from the seller to the consumer at the real estate closing, and the time period corresponding to that amount? (§ 1026.38(k)(2)(xi))      
78(k) Assessments.  The prorated amount of any unpaid assessments due from the seller to reimburse the consumer at the real estate closing, and the time period corresponding to that amount? (§ 1026.38(k)(2)(xii))      
78(l) A description and the amount of any additional items which have not yet been paid and which the consumer is expected to pay after the real estate closing, but which are attributable in part to a period of time prior to the real estate closing? (§ 1026.38(k)(2)(xiii))      
79 Does the calculation of the seller’s transaction accurately disclose the following: (§ 1026.38(k)(3))      
79(a) Total Due to Seller Closing.  The amount disclosed in the Closing Disclosure, on the line captioned “Due from Seller at Closing”? (§ 1026.38(k)(3)(i))      
79(b) Total Due from Seller at Closing.  The amount disclosed in the Closing Disclosure on the line captioned “Due from Seller at Closing,” disclosed as a negative number? (§ 1026.38(k)(3)(ii))      
79(c) Cash.  A statement that the disclosed amount is due from or to the seller and the amount due, calculated by the sum of the amounts disclosed as the “Total Due to Seller at Closing” and “Total Due from Seller at Closing”? (§ 1026.38(k)(3)(iii))      
80 Does the credit union accurately disclose other costs that are not paid out of closing funds, but would otherwise be disclosed in the Summaries of Transactions: Seller’s Transaction table; describing the funds as “Paid Outside of Closing” or the abbreviation “P.O.C.,” and included the name of the party making the payment? (§ 1026.38(k)(4)(i))

NOTE: For purposes of § 1026.38(k), “closing funds” means funds collected and disbursed at real estate closing. (§ 1026.38(k)(4)(ii))

     

Additional Information About This Loan (Page 4 of the Closing Disclosure)

Additional Information About This Loan
Item Description Yes No N/A
81 Does the credit union accurately provide the following required loan disclosures: (§ 1026.38(l))      
81(a) Assumption. Whether the loan obligations may be assumed by a subsequent purchaser?  (§ 1026.38(l)(1))      
81(b) Demand Feature. Whether the legal obligation includes a demand feature, and, if it does, a reference to the note or other loan contract for details? (§ 1026.38(l)(2))      
81(c) Late Payment. The dollar amount or percentage charge of any fee designated as a late payment (information required on the Loan Estimate by § 1026.37(m)(4) and the number of days after which such a charge will be triggered? (§ 1026.38(l)(3))      
81(d) Negative Amortization (Increase in Loan Amount). Whether the regular period payments may cause the principal balance to increase?      
81(d)(i) If the regular periodic payments do not cover all of the interest due, does the credit union provide a statement that the borrower’s principal balance will increase, such balance will likely become larger than the original loan amount, and increases in such balance lower the consumer’s equity in the property?      
81(d)(iI) If the consumer may make regular periodic payments that do not cover all of the interest due, does the credit union provide a statement that, if the consumer chooses a monthly payment option that does not cover all of the interest due, the principal balance may become larger than the original loan amount and the increases in the principal balance lower the consumer’s equity in the property? (§ 1026.38(l)(4)(i)-(ii))      
81(e) Partial Payments. If the credit union accepts less than the full amount due has it provided a statement that the “lender,” (using that label) may accept partial payments and apply such payments to the consumer's loan?      
81(e)(i) If periodic payments that are less than the full amount due are accepted but not applied to a consumer's loan until the consumer pays the remainder of the full amount due, a statement that the lender, may hold partial payments in a separate account until the consumer pays the remainder of the payment and then apply the full periodic payment to the consumer's loan?      
81(e)(ii) If periodic payments that are less than the full amount due are not accepted, the lender, does not accept any partial payments?      
81(e)(iii) A statement that, if the loan is sold, the new lender, may have a different policy? (§ 1026.38(l)(5)(i)-(iv))      
81(f) Security Interest. Whether the credit union states that the consumer is granting a security interest in the property securing the transaction, and that the borrower may lose the property if required payments are not made or otherwise fails to satisfy the requirements of the legal obligation.       
81(g) Does the credit union included the property address and zip code? (§ 1026.38(l)(6))      
81(h) Escrow Account. Under the subheading “Escrow Account”: whether the credit union provides:       
81(h)(i) Under the reference “For now,”: (§ 1026.38(l)(7)(i)(A)(1)-(4))      
81(h)(i)(A) Whether the credit union provides a statement that an escrow account may also be called an impound or trust account, whether the credit union has established or will establish, at or before consummation, an escrow account in connection with the transaction;      
81(h)(i)(B) A statement that the creditor may be liable for penalties and interest if it fails to make a payment for any cost for which the escrow account is established;      
81(h)(i)(C) a statement that the consumer would have to pay such costs directly in the absence of the escrow account;      
81(h)(i)(D) A table, entitled “Escrow,” that contains: “Escrowed Property Costs over Year 1”, “Non-escrowed Property Costs over Year 1”, “Other Costs, Intial Escrow Paymet at Closting”, and “Monthly Escrow Payment”?      
81(h)(ii) No Escrow. If an escrow account will not be established for the consumer, does the credit union:      
81(h)(ii)(A) Provide a statement that the consumer will not have an escrow account?      
81(h)(ii)(B) Provide the reason why an escrow account will not be established?      
81(h)(ii)(C) Provide a statement that the consumer must pay all property costs, such as taxes and homeowner's insurance, directly?      
81(h)(ii)(D) Provide a statement that the consumer may contact the credit union to inquire about the availability of an escrow account; and      
81(h)(ii)(E) Provide a table, titled “No Escrow,” that itemizes the estimated total amount the consumer will pay directly for the mortgage related obligations described in § 1026.43(b)(8) during the first year after consummation that are known to the credit union and a statement that, without an escrow account, the consumer must pay the identified costs, possibly in one or two large payments, labeled “Property Costs over Year 1;” and the amount of any fee the credit union imposes on the consumer for not establishing an escrow account in connection with the transaction, labeled “Escrow Waiver Fee?” (1026.38(l)(7)(i)(B))      
81(h)(iii) Under the reference “In the future” does the credit union disclose under the reference “In the future”: (§ 1026.38(l)(7)(ii))      
81(h)(iii)(A) A statement that the consumer's property costs may change and that, as a result, the consumer's escrow payment may change? (§ 1026.38(l)(7)(ii)(A))      
81(h)(iii)(B) A statement that the consumer may be able to cancel any escrow account that has been established, but that the consumer is responsible for directly paying all property costs in the absence of an escrow account? (§ 1026.38(l)(7)(ii)(B))      
81(h)(iii)(C) A description of the consequences if the consumer fails to pay property costs, including the actions that a State or local government may take if property taxes are not paid and the actions the credit union may take if the consumer does not pay some or all property costs, such as adding amounts to the loan balance, adding an escrow account to the loan, or purchasing a property insurance policy on the consumer's behalf that may be more expensive and provide fewer benefits than what the consumer could obtain directly? (§ 1026.38(l)(7)(ii)(C))      
82 Does the credit union accurately provide the Adjustable Payment Table as required for the Loan Estimate under § 1026.37(i)? (§ 1026.38(m))      
83 Does the credit union accurately provide the Adjustable Interest Rate Table as required for the Loan Estimate by § 1026.37(j)? (§ 1026.38(n))      

Loan Calculations (Page 5 of the Closing Disclosure)

Loan Calculations
Item Description Yes No N/A
84 Does the credit union accurately discloses the following information in a separate table: (§ 1026.38(o))      
84(a) Total of Payments. Expressed as a dollar amount, and a statement that the disclosure is the total the consumer will have paid after making all payments of principal, interest, mortgage insurance, and loan costs, as scheduled? (§ 1026.38(o)(1))  The disclosed total of payments for each transaction shall be treated as accurate if the amount disclosed as the total of payments:      
84(a)(i) Is understated by no more than $100? or      
84(a)(ii) Is greater than the amount required to be disclosed? (§ 1026.38(o)(1))      
84(b) Finance Charge. Expressed as a dollar amount, and including the statement “The dollar amount the loan will cost you”?       
84(c) Is the finance charge and other disclosures affected by the disclosed finance charge (including the amount financed and the annual percentage rate) accurately calculated if the amount disclosed as the finance charge:      
84(c)(i) Is understated by no more than $100? or      
84(c)(ii) Is greater than the amount required to be disclosed? (§ 1026.38(o)(2))      
84(d) Amount Financed.  Expressed as a dollar amount, and the following statement: “The loan amount available after paying your upfront finance charge”? (§ 1026.38(o)(3))      
84(e) Annual Percentage Rate (APR). Expressed as a percentage, with the following statement: “Your costs over the loan term expressed as a rate.  This is not your interest rate”? (§ 1026.38(o)(4));      
84(f) Total Interest Percentage (TIP). Expressed as a percentage; with the following statement: “The total amount of interest that you will pay over the loan term as a percentage of your loan amount”? (§ 1026.38(o)(5))      

Other Disclosures (Page 5 of the Closing Disclosure)

Other Disclosures
Item Description Yes No N/A
85 Does the credit union accurately provides the following other disclosures:      
85(a) Appraisal. For transactions subject to 15 U.S.C. 1639h or 1691(e), as implemented in this part or Regulation B, Part 1002, respectively, under the subheading “Appraisal:”? (§ 1026.38(p)(1))      
85(a)(i) If there was an appraisal of the property in connection with the loan, does the credit union provide the consumer with a copy at no additional cost to the consumer at least three days prior to consummation? (§ 1026.38(p)(1)(i))      
85(a)(ii) If the consumer has not yet received a copy of the appraisal, a statement that the consumer should contact the credit union using the information disclosed in the Closing Disclosure? (§ 1026.38(p)(1)(ii))      
85(b) Contract Details. A statement that the consumer should refer to the appropriate loan document and security instrument for information about nonpayment, what constitutes a default under the legal obligation, circumstances under which the credit union may accelerate the maturity of the obligation, and prepayment rebates and penalties? (§ 1026.38(p)(2))      
85(c) Liability after Foreclosure. A brief statement of whether, and the conditions under which, the consumer may remain responsible for any deficiency after foreclosure under applicable State law, a brief statement that certain protections may be lost if the consumer refinances or incurs additional debt on the property, and a statement that the consumer should consult an attorney for additional information? (§ 1026.38(p)(3))      
85(d) Refinance. The statement required on the Loan Estimate by § 1026.37 (m)(5) that “Refinancing this loan will depend on your future financial situation, the property value, and market conditions. You may not be able to refinance this loan”? (§ 1026.38(p)(4))      
85(e) Tax Deductions.  A statement that, if the extension of credit exceeds the fair market value of the property, the interest on the portion of the credit extension that is greater than the fair market value of the property is not tax deductible for Federal income tax purposes and a statement that the consumer should consult a tax adviser for further information? (§ 1026.38(p)(5))      
85(f) Loan Acceptance.  If the credit union does not provide a line for the consumer's signature, does the credit union include with the other disclosures the same statement required in the Loan Estimate (pursuant to 1026.37(n)(2)) that “You do not have to accept this loan because you have received this form or signed a loan application”?    (§ 1026.38(s)(2))      

Questions notice (Page 5 of the Closing Disclosure)

Questions notice
Item Description Yes No N/A
86 Does the credit union provide a separate questions notice?       
87 If so, does the credit union include a prominent question mark, a statement directing the consumer to use the contact information for questions, and a reference to CFPB’s website for more information and to submit a complaint, and a link to www.consumerfinance.gov/mortgage-closing? (§ 1026.38(q)(1)-(3))      

Contact Information (Page 5 of the Closing Disclosure)

Contact Information
Item Description Yes No N/A
88 Does the credit union provide the required contact information for each lender, mortgage broker, consumer's real estate broker, seller's real estate broker, and settlement agent participating in the transaction, the name of the person, address, NMLSR ID number, or if none, State and “License ID,” the name of the natural person who is the primary contact for the consumer at each entity, identified as “Contact,” along with that person’s Contact NMLS ID or Contact License ID, email address, and phone number? (§§ 1026.38(r)(1)-(7))      

Confirm Receipt (Page 5 of the Closing Disclosure)

Confirm Receipt
Item Description Yes No N/A
89 If the credit union choses to provide a signature statement, does the credit union disclose above the signature line the statement: “By signing, you are only confirming that you have received this form. You do not have to accept this loan because you have signed or received this form.”? (§ 1026.38(s)(1))

NOTE: If the credit union does not provide a line for the consumer's signature, the credit union must include the following statement, labeled “Loan Acceptance:” “You do not have to accept this loan because you have received this form or signed a loan application.” (§ 1026.38(s)(2))

     

Form of Disclosures

Form of Disclosures
Item Description Yes No N/A
90 Does the credit union follow the format and content of form H-25, set forth in appendix H (1026.38(t)(1) and (3)), changes formatting only if there is an exception, including acceptable modifications in appendix H for transactions without a seller or for simultaneous subordinate financing (§ 1026.38(t)(5))?      
91 Does the credit union comply with the following rounding rules for dollar amounts and percentages:      
91(a) Rounding - nearest dollar. The following dollar amounts are rounded to the nearest whole dollar (§ 1026.38(t)(4)(i)):      
91(a)(i) The dollar amounts for Loan Terms (required to be disclosed by § 1026.38(b))that are required to be rounded by § 1026.37(o)(4)(i)(A) when disclosed under §§ 1026.37(b)(6) and (7) (i.e., adjustments after consummation and details about prepayment penalty and balloon payments)?      
91(a)(ii) The dollar amounts for projected payments or range of payments required by § 1026.38(c) that are required to be rounded by § 1026.37(o)(4)(i)(A) when disclosed under § 1026.37(c)(1)(iii) (i.e., minimum and maximum amounts of principal and interest for projected periodic payments or range of payments)?      
91(a)(iii) The dollar amounts required to be disclosed by § 1026.38(e)  (alternative calculating Cash to Close table for transactions without a seller or for simultaneous subordinate financing) and § 1026.38(i) (calculating Cash to Close table) under the subheading “Loan Estimate”?      
91(a)(iv) The dollar amounts required to be disclosed by § 1026.38(m) (adjustable payment table)?      
91(a)(v) The dollar amounts required to be disclosed by § 1026.38 (c)  (projected payments) that are required to be rounded by § 1026.37(o)(4)(i)(C) when disclosed under § 1026.37(c)(2)(iv) (i.e., total monthly payment)?      
91(b) Percentages. Are the percentage amounts required to be disclosed under §§ 1026.38(b), 1026.38 (f)(1), 1026.38 (n), and 1026.38 (o)(4) and (5) of this section disclosed by rounding the exact amounts to three decimal places and then dropping any trailing zeros to the right of the decimal point? (§ 1026.38(t)(4)(ii))      
91(c) Loan amount. The dollar amount required to be disclosed by § 1026.38(b) as required by § 1026.37(b)(1) is disclosed as an unrounded number, except that if the amount is a whole number then the amount disclosed is truncated at the decimal point?  (1026.38(t)(4)(iii))      

Construction or Construction-Permanent Loan Disclosures

Construction or Construction-Permanent Loan Disclosures
Item Description Yes No N/A
92 Does the credit union deliver or place in the mail the Loan Estimate not later than the third business day after receiving the consumer’s application and not later than the seventh business day before consummation of the transaction for construction loans?  (§ 1026.19(e)(1)(iii))      
93 Does the credit union allocate fees and charges in construction-permanent loan or multiple-advance construction-only loan disclosures for purposes of calculating disclosures as below: (§ 1026.17(c)(6))      
93(a) CP Loan-Separate. The finance charges and points and fees that would not be imposed but for the construction financing are allocated to the construction phase, and all other finance charges and points and fees are allocated to the permanent financing?      
93(b) CP Loan-Separate. If a credit union charges a greater origination fee for construction-permanent financing than for construction-only financing, the fee difference is allocated to the permanent phase?      
93(c) CP Loan-Separate. Fees and charges that are not used to compute the finance charge under § 1026.4 or points and fees under § 1026.32(b)(1) may be allocated between the transactions in any manner the credit union chooses?      
94 Is the sales price or property value disclosed as required on the following documents:
Loan Estimate
     
94(a) For transactions that involve a seller, is the contract sale price of the property is disclosed? (§ 1026.37(a)(7)(i))      
94(a)(i) For transactions that do not involve a seller, is the estimated value of the property is disclosed as “Prop. Value?” (§ 1026.37(a)(7)(ii))      
94(b) Closing Disclosure      
94(b)(i) If there is a seller, has the credit union disclosed the contract sale price of the property? (§ 1026.38(a)(3)(vii)(A))      
94(b)(ii) Where there is no seller, has the credit union disclosed the appraised value of the property used to determine approval of the credit transaction?  (§ 1026.38(a)(3)(vii)(B))      
95 Does the credit union disclose the term to maturity of the credit transaction? (§§ 1026.37(a)(8), 1026.38(a)(5)(i))      
96 Does the loan product description include:      
96(a) “Adjustable rate,” “Step rate,” or “Fixed rate,” as applicable, and the features that may change the periodic payment (Negative amortization, Interest only, Step payment, Balloon payment, Seasonal payment)? (§§ 1026.37(a)(10)1026.38(a)(5)(iii))      
96(b) “Interest Only” feature is disclosed if one or more regular periodic payments may be applied only to interest accrued and not to the loan principal? (§§ 1026.37(a)(10)(ii)(B), 1026.38(a)(5)(iii))      
96(c) “Adjustable Rate” if the interest rate may increase after consummation, but the rates that will apply or the periods for which they will apply are not known at consummation? (§ 1026.37(a)(10)(i)(A))      
97 Does the credit union disclose that the interest rate will be applicable to the transaction at consummation; and if the interest rate at consummation is not known for an adjustable rate transaction, is the fully-indexed rate (i.e., the interest rate calculated using the index value and margin at the time of consummation)? (§ 1026.37(b)(2))      
98 Does the credit union, in a separate table, itemize each separate periodic payment (or range), together with estimated taxes, insurance and assessments, and escrow account payments. (§§ 1026.37(c), 1026.38(c))      
99 Does the credit union disclose construction costs on the following disclosures:      
99(a) Loan Estimate. On the Loan Estimate, does the credit union factor construction costs into the “funds for borrower” calculation in the Calculating Cash to Close table or the “Payoffs and Payments” calculation in the optional alternative calculating cash to close table for transactions without a seller or for simultaneous subordinate financing? (§ 1026.37(h); Comment 1026 Appendix D-7.vi.B)      
99(b) Closing Disclosure. On the Closing Disclosure, does the credit union include construction costs in the “Itemization of amounts due from borrower” in the “Summary of Borrower’s Transaction” (§ 1026.38(j)(1)(v)), and factor them into the “Down payment/funds from borrower” and “Funds for borrower” calculations of the Calculating Cash to Close table or in the “Payoffs and Payments” section of the Closing Cost details in the optional alternative Calculating Cash to Close Table for transactions without a seller or for simultaneous subordinate financing?  (§ 1026.38(e) as modified under § 1026.38(t)(5)(vii)(B)). (Comment 1026 Appendix D-7.vi.C)      
100 Does the credit union include inspection and handling fees, which are Loan Costs (§§ 1026.37(f), 1026.38(f)), in the Loan Cost table (or an addendum) and certain disclosures, including “In 5 Years” ((§ 1026.37(l)(1)) and “Total of Payments”?(§ 1026.38(o)(1))?      

Closed-End Credit Forms Review

Closed-End Credit Forms Review
Item Description Yes No N/A
101 Are required disclosures clear, conspicuous, grouped together, segregated, limited to information directly related to the required disclosures under §§ 1026.18 and 1026.47, and in writing in a form the consumer can keep and as a separate document from all other written materials? (§ 1026.17(a)(1))      
102 Except for private education loan disclosures, are the terms “finance charge” and “APR” together with the corresponding amount or percentage rate more conspicuous than other terms, except for the credit union’s identity? (§ 1026.17(a)(2))      
103 For private education loan disclosures, is the term “APR” and the corresponding rate less conspicuous than the term “finance charge” and corresponding amount under § 1026.18(d), interest rate, and notice of right to cancel? (§ 1026.17(a)(2))      
104 Is the credit union identified (may be apart from other disclosures)? (§ 1026.18(a))      
105 Is the “amount financed” (using that term) included and briefly described? (§ 1026.18(b))      
106 Is there a separate itemization of the amount financed or a statement that the consumer may request and receive a written itemization? An itemization of the amount financed is required (except as provided in § 1026.18(c)(2) or (c)(3)), unless the loan is subject to § 1026.19(e) and (f) (i.e., most closed-end mortgage loans). (§ 1026.18(c))      
107 Is the “finance charge” (using that term) included and briefly described? (§ 1026.18(d))      
108 Is the “annual percentage rate” (using that term) included and briefly described, unless exempt? (§ 1026.18(e))      
109 Do the disclosures for variable rate loans that are not secured by the customer’s principal dwelling or, if secured by the consumer’s principal dwelling, that have a term of one year or less, include      
109(a) Circumstances that permit rate increases? (§ 1026.18(f)(1)(i))      
109(b) Limits on the increase? (§ 1026.18(f)(1)(ii))      
109(c) Effects of increase? (§ 1026.18(f)(1)(iii))      
109(d) Hypothetical example of new payment terms? (§ 1026.18(f)(1)(iv))      
110 Unless the loan is subject to § 1026.18(s), does the institution include the specified payment schedule? (§ 1026.18(g))      
111 Unless it is a single payment loan, does the institution include and describe the “total of payments” (using that term)? (§ 1026.18(h))      
112 Does the institution disclose a demand feature, if applicable? (§ 1026.18(i))      
113 If a credit sale, is the “total sales price” (using that term) included and described? (§ 1026.18(j))      
114 Does the disclosure include whether or not the institution will impose a penalty or rebate for prepayment? (§ 1026.18(k))      
115 Does the institution disclose a late payment charge (dollar amount or percent), if applicable? (§ 1026.18(l))      
116 Is there a security interest disclosure, if applicable? (§ 1026.18(m))      
117 If credit life insurance and debt cancellation premiums have been excluded from the finance charge, has the credit union:      
117(a) Disclosed that insurance coverage is not required?      
117(b) Disclosed the premium for the initial term?      
117(c) Obtained the customer’s signature or initials as an affirmative request for the insurance? (§§ 1026.18(n), 1026.4(d))      
118 If the property insurance premium has been excluded from the finance charge, has the credit union:      
118(a) Disclosed that the consumer may choose the insurance company?      
118(b) Disclosed the cost of the insurance for the initial term if obtained from or through the credit union? (§§ 1026.18(n), 1026.4(d))      
119 Does the institution provide the disclosures required under § 1026.4(e) to exclude certain fees required by law, such as a filing fee or certain insurance premiums from the finance charge? (§ 1026.18(o))      
120 Is there a statement referring to the contract document for specified information? (§ 1026.18(p))      
121 Is there an appropriate assumption disclosure for residential mortgage transactions? (§ 1026.18(q))      
122 If a deposit is required as a condition of the transaction, has the credit union disclosed that the APR does not reflect its effect? (§ 1026.18(r) )      
123 For a closed-end transaction, including home construction loans, secured by real property or a dwelling (other than a transaction secured by a consumer’s interest in a time-share plan), did the credit union disclose the following information about the interest rate(s) and payments, as applicable:      
123(a) For a fixed-rate mortgage, the interest rate at consummation? (§ 1026.18(s)(2)(i)(A))      
123(b) For an ARM or step-rate mortgage,      
123(b)(i) The interest rate at consummation and the period of time until the first interest rate adjustment may occur, labeled as the “introductory rate and monthly payment”? (§ 1026.18(s)(2)(i)(B)(1))      
123(b)(ii) The maximum interest rate that may apply during the first five years after the date on which the first regular periodic payment will be due and the earliest date that rate may apply, labeled as “maximum during first five years”? (§ 1026.18(s)(2)(i)(B)(2))      
123(b)(iii) The maximum interest rate that may apply during the life of the loan and the earliest date that rate may apply, labeled as “maximum ever”?  (§ 1026.18(s)(2)(i)(B)(3))      
123(c) For a loan that provides for payment increases occurring without regard to an interest rate adjustment (as described in § 1026.18(s)(3)(i)(B)), including interest-only loans as discussed in comment 1 to § 1026.18(s)(2)(i)(C), the interest rate in effect at the time the first such payment increase is scheduled to occur and the date on which the increase will occur, labeled as “first adjustment” if the loan is an ARM or, otherwise, labeled as “first increase”?  (§ 1026.18(s)(2)(i)(C))      
123(d) For a negative amortization loan,      
123(d)(i) The interest rate at consummation and, if it will adjust after consummation, the length of time until it will adjust, and the label “introductory” or “intro”?      
123(d)(ii) (§ 1026.18(s)(2)(ii)(A))      
123(d)(iii) The maximum interest rate that could apply when the consumer must begin making fully amortizing payments under the terms of the legal obligation? (§ 1026.18(s)(2)(ii)(B))      
123(d)(iv) If the minimum required payment will increase before the consumer must begin making fully amortizing payments, the maximum interest rate that could apply at the time of the first payment increase and the date the increase is scheduled to occur? (§ 1026.18(s)(2)(ii)(C))      
123(d)(v) If a second increase in the minimum required payment may occur before the consumer must begin making fully amortizing payments, the maximum interest rate that could apply at the time of the second payment increase and the date the increase is scheduled to occur? (§ 1026.18(s)(2)(ii)(D))      
123(e) For an amortizing ARM, if the interest rate at consummation is less than the fully indexed rate, the following (placed in a box directly beneath the table required by paragraph 18 (s)(1) of the regulation, in a format substantially similar to Model Clause H-4(I) in the regulation’s appendix H),      
123(e)(i) The interest rate that applies at consummation and the period of time for which it applies? (§ 1026.18(s)(2)(iii)(A))      
123(e)(ii) A statement that, even if market rates do not change, the interest rate will increase at the first adjustment and a designation of the place in sequence of the month or year, as applicable, of such rate adjustment (e.g., “in the third year”)? (§ 1026.18(s)(2)(iii)(B))      
123(e)(iii) The fully indexed rate? (§ 1026.18(s)(2)(iii)(C))      
123(f) If all periodic payments will be applied to accrued interest and principal, for each interest rate disclosed under § 1026.18(s)(2)(i), amortizing loans,      
123(f)(i) The corresponding periodic P + I payment, labeled as “principal and interest”? (§ 1026.18(s)(3)(i)(A))      
123(f)(ii) If the periodic payment may increase without regard to an interest rate adjustment, the payment that corresponds to the first such increase and the earliest date on which the increase could occur? (§ 1026.18(s)(3)(i)(B))      
123(f)(iii) If an escrow account is established, an estimate of the amount of taxes and insurance, including any mortgage insurance, payable with each periodic payment? (§ 1026.18(s)(3)(i)(C))      
123(f)(iv) The sum of the amounts disclosed under § 1026.18(s)(3)(i)(A) and (C) or (s)(3)(i)(B) and (C), as applicable, labeled as “total estimated monthly payment?” (§ 1026.18(s)(3)(i)(D))      
123(g) If the loan is an interest-only loan, for each interest rate disclosed under § 1026.18(s)(2)(i), amortizing loans, the corresponding periodic payment?      
123(h) If the payment will be applied to only accrued interest, the amount applied to interest, labeled as “interest payment,” and a statement that none of the payment is being applied to principal? (§ 1026.18(s)(3)(ii)(A))      
123(h)(i) If the payment will be applied to accrued interest and principal, an itemization of the amount of the first such payment applied to accrued interest and to principal, labeled as “interest payment” and “principal payment,” respectively? (§ 1026.18(s)(3)(ii)(B))      
123(h)(ii) The escrow information described in § 1026.18(s)(3)(i)(C)?      
123(h)(iii) The sum of all amounts required to be disclosed under §§ 1026.18(s)(3)(ii)(A) and (C) or (s)(3)(ii)(B) and (C), as applicable, labeled as “total estimated monthly payment”? (§ 1026.18(s)(3)(ii)(D))      
123(i) If the loan is a negative amortization loan,      
123(j) The minimum periodic payment required until the first payment increase or interest rate increase, corresponding to the interest rate disclosed per § 1026.18(s)(2)(ii)(A)? (§ 1026.18(s)(4)(i)(A))      
123(j)(i) The minimum periodic payment that would be due at the first payment increase and the second, if any, corresponding to the interest rates described in § 1026.18(s)(2)(ii)(C) and (D)? (§ 1026.18(s)(4)(i)(B))      
123(j)(ii) A statement that the minimum payment pays only some interest, does not repay any principal, and will cause the loan amount to increase? (§ 1026.18(s)(4)(i)(C))      
123(j)(iii) The fully amortizing periodic payment amount at the earliest time when such a payment must be made, corresponding to the interest rate disclosed under § 1026.18 (s)(2)(ii)(B)? (§ 1026.18(s)(4)(ii))      
123(j)(iv) If applicable, in addition to the payments in §§ 1026.18(s)(4)(i) and 1026.18(s)(4)(ii), for each interest rate disclosed under § 1026.18(s)(2)(ii), the amount of the fully amortizing periodic payment, labeled as the “full payment option,” and a statement that these payments pay all principal and all accrued interest? (§ 1026.18(s)(4)(iii))      
124 For a closed-end transaction secured by real property or a dwelling (other than a transaction secured by a consumer’s interest in a time-share plan described in 11 USC 101(53D)) that is a negative amortization loan, is the following information disclosed (in close proximity to the table required in § 1026.18(s)(1), with headings, content, and format similar to Model Clause H-4(G) in appendix H to this part):      
124(a) The maximum interest rate, the shortest period of time in which such interest rate could be reached, the amount of estimated taxes and insurance included in each payment disclosed, and a statement that the loan offers payment options, two of which are shown? (§ 1026.18(s)(6)(i))      
124(b) The dollar amount of the increase in the loan’s principal balance if the consumer makes only the minimum required payments for the maximum possible time and the earliest date on which the consumer must begin making fully amortizing payments, assuming that the maximum interest rate is reached at the earliest possible time? (§ 1026.18(s)(6)(ii))      
125 For a closed-end transaction secured by real property or a dwelling (other than a transaction secured by a consumer’s interest in a time-share plan described in 11 USC 101(53D)) with balloon payments (defined as a payment that is more than two times a regular periodic payment), is the balloon payment disclosed as follows:      
125(a) Unless the balloon payment is scheduled to occur at the same time as another payment (see “b” below), the balloon payment is disclosed separately from other periodic payments disclosed in the table (i.e., it is outside the table and in a manner substantially similar to Model Clause H-4(J) in appendix H to the regulation)? (§ 1026.18(s)(5)(i))      
125(b) If the balloon payment is scheduled to occur at the same time as another payment required to be disclosed in the table, the balloon payment must be disclosed in the table? (§ 1026.18(s)(5)(i))      
126 For a closed-end transaction secured by real property or a dwelling (other than a transaction secured by a consumer’s interest in a time-share plan described in 11 USC 101(53D)), did the credit union disclose a statement that there is no guarantee the consumer can refinance the transaction to lower the interest rate or periodic payments? (§ 1026.18(t)(1))      
127 Is the maximum interest rate disclosed (variable rate)? (§ 1026.30(a))      
128 Has the credit union kept evidence of compliance with TILA (other than the advertising requirements under §§ 1026.16 and 1026.24) for two years after the date the credit union was required to make disclosure or take action? (§ 1026.25(a))      

Closed-End Credit (ARM) Forms Review

Disclosure at Time of Application: Special Early Disclosures
(One for Each Program in Which the Consumer Expresses an Interest)

Disclosure at Time of Application: Special Early Disclosures
Item Description Yes No N/A
129 Does the credit union provide variable-rate program disclosures at the time of application or before the consumer pays any nonrefundable fee, whichever is earlier, or if the application is received from a mortgage broker or over the telephone, are they mailed within three business days following receipt of the application? (§ 1026.19(b))

Note: Examples of variable-rate transactions requiring special early disclosures include renewable balloon-payment loans (if the credit union is unconditionally obligated to renew and may increase the rate at renewal), preferred-rate loans, and “price-level-adjusted” mortgages. Graduated-payment and step-rate loans without a variable-rate feature are not variable-rate transactions. (Comment § 1026.19(b)-5)

     
130 Do variable rate program disclosures provide:      
130(a) The booklet titled “Consumer Handbook on ARMs” or a suitable substitute? (§ 1026.19(b)(1))      
130(b) A statement that interest rate, payment, or the term can change? (§ 1026.19(b)(2)(i))      
130(c) The index/formula with source of information disclosed? (§ 1026.19(b)(2)(ii))      
130(d) An explanation of the interest rate/payment determination and margin? (§ 1026.19(b)(2)(iii))      
130(e) A statement that consumers must ask for the current margin and interest rate? (§ 1026.19(b)(2)(iv))      
130(f) The fact that interest rate is discounted, if applicable, and a statement that the consumer must ask about the amount of discount? (§ 1026.19(b)(2)(v))      
130(g) The frequency of interest rate and payment changes? (§ 1026.19(b)(2)(vi))      
130(h)

The rules relating to changes in the index, outstanding balance, and limits on increases or decreases of the interest rate and payment amount? (§ 1026.19(b)(2)(vii))

Note: A credit union must disclose, where applicable, the possibility of negative amortization. (Comment § 1026.19(b)(2)(vii)-2)

     
130(i) A historical example or the maximum interest rate and payment? (§ 1026.19(b)(2)(viii))      
130(j) An explanation of how the loan payment can be calculated based on the (above) example? (§ 1026.19(b)(2)(ix))      
130(k) The fact that the loan program contains a demand feature? (§ 1026.19(b)(2)(x))      
130(l) Information on, and timing of, adjustment notices? (§ 1026.19(b)(2)(xi))      
130(m) A statement that disclosures for other variable rate loan programs are available? (§ 1026.19(b)(2)(xii))      

Disclosures Before Consummation

Disclosures Before Consummation
Item Description Yes No N/A
131 Is there a disclosure that the note contains a variable rate feature before consummation? (§ 1026.18(f)(2)(i))      
132 If the credit union provides the special early disclosures as required under § 1026.19(b)(2), is there a statement that the credit union provided variable rate disclosures earlier? (§ 1026.17(b), 1026.18(f)(2)(ii))      

Disclosures After Consummation:

Initial Rate Adjustment Disclosures and Disclosures for Rate Adjustments With Corresponding Changes in Payment
Item Description Yes No N/A
133 Does the credit union, assignee, or servicer provide the initial rate adjustment disclosures at least 210, but no more than 240, days before the first payment at the adjusted level is due; or if the first payment at the adjusted level is due within the first 210 days after consummation, does the credit union, assignee, or servicer provide the disclosures at consummation? (§ 1026.20(d))      
134 Does the credit union, assignee, or servicer provide the initial rate adjustment disclosures required above in the form of a table that is similar to forms H-4(D)(3) and (4) in Appendix H and as a separate document from all other written materials? (§§ 1026.20(d)(3), 1026.17(a)(1))      
135 Do the initial rate adjustment disclosures include the following:      
135(a) The date of the disclosure? (§ 1026.20(d)(2)(i))      
135(b) An explanation that, by the loan terms, the current rate is scheduled to expire, the new rate’s effective date and any resulting payment change, when future rate adjustments are scheduled to occur, and any other changes to loan terms, features, or options? (§ 1026.20(d)(2)(ii))      
135(c)

A table explaining the current interest rate and payment, the new interest rate and payment, and the date the first new payment is due? (§ 1026.20(d)(2)(iii))

Note: For interest-only and negative amortization ARMs, the table must include how the current and new rates and payment will be allocated to interest, principal, and escrow (if applicable). (§ 1026.20(d)(2)(iii)(C))

     
135(d) An explanation of how the interest rate is determined, including the specific index or formula and a source of information about that index or formula; and the type and amount of any adjustment, including a margin and an explanation that a margin is the addition of a certain number of percentage points to the index? (§ 1026.20(d)(2)(iv))      
135(e) Any limit on rate or payment increases for each of the loan’s rate adjustments, including the extent limits result in the credit union, assignee, or servicer forgoing any increase in the rate and the earliest date that such forgone interest rate increases may apply to future interest rate adjustments, subject to those limits? (§ 1026.20(d)(2)(v))      
135(f) An explanation of how the credit union, assignee, or servicer determined the new payment, including the index or formula used to determine the new interest rate? (§ 1026.20(d)(2)(vi)(A))      
135(g) Any adjustments to the index or formula the credit union, assignee, or servicer used to determine the new payment, such as the addition of a margin? (§ 1026.20(d)(2)(vi)(B))      
135(h) The expected loan balance on the date of the interest rate adjustment? (§ 1026.20(d)(2)(vi)(C))      
135(i) The remaining loan term expected on the date of the interest rate adjustment and any resulting changes to the term that may have occurred? (§ 1026.20(d)(2)(vi)(D))      
135(j) If the credit union, assignee, or servicer provided an estimated rate payment, a statement that the credit union is using an estimated rate and that it will provide a subsequent disclosure with the actual interest rate between two and four months before the first adjusted payment is due? (§ 1026.20(d)(2)(vi)(E))      
135(k) If applicable, a statement that the new payment will not be allocated to pay loan principal and will not reduce the balance? If the new payment will result in negative amortization, a statement that the new payment will not be allocated to principal and that only part of the interest will be paid, which will add to the loan balance? If the new payment will result in negative amortization because of the rate adjustment, a statement of the payment required to fully amortize the remaining balance over the remainder of the term? (§ 1026.20(d)(2)(vii))      
135(l) The circumstances under which the credit union, assignee, or servicer may impose a prepayment penalty, the time period during which it may impose the penalty, and a statement that the consumer may contact the servicer for additional information? (§ 1026.20(d)(2)(viii))      
135(m) A telephone number of the credit union, assignee, or servicer if the consumer is unable to make the new payment and alternatives to paying at the new rate? (§§ 1026.20(d)(2)(ix), (x))      
135(n) A Web address to the CFPB’s or HUD’s approved list of homeownership counselors and counseling organizations, the HUD toll-free number to access the HUD list of homeownership counselors and counseling organizations, CFPB Web site to access state housing finance authorities’ contact information? (§ 1026.20(d)(2)(xi))      
136

If the adjustment of interest rates under the loan contract results in a corresponding adjustment to the payment (including an ARM conversion to fixed-rate if payments change), does the credit union, assignee, or servicer provide the following disclosures, unless otherwise exempt: (§  1026.20(c))

Note: A credit union, assignee, or servicer is not required to comply with this disclosure requirement if (1) it received the consumer’s notification to cease communication under section 805(c) of the Fair Debt Collection Practices Act, or (2) for the first interest rate adjustment to an ARM, the first adjusted payment is due within 210 days after consummation and the new interest rate disclosed at consummation was not an estimate. (§ 1026.20(c)(1)(ii))

     
136(a) An explanation that, by the loan terms, the current rate is scheduled to expire, the new rate’s effective date and the resulting payment change, when future rate adjustments are scheduled to occur, and any other changes to loan terms, features or options? (§ 1026.20(c)(2)(i))      
136(b) A table explaining the current and new interest rates and payments, and the date the first new payment is due? (§ 1026.20(c)(2)(ii))

Note: For interest-only and negative amortization ARMs, the table must include how the current and new rates and payment will be allocated to interest, principal, and escrow (if applicable). (§ 1026.20(c)(2)(ii)(C))

     
136(c) An explanation of how the interest rate is determined, including the specific index or formula and a source of information about that index, and the type and amount of any adjustment, including a margin and an explanation that a margin is the addition of a certain number of percentage points to the index and application of previously forgone rate increases? (§ 1026.20(c)(2)(iii))      
136(d) Any limit on rate or payment increases for each of the loan’s rate adjustments, including the extent limits result in the credit union, assignee, or servicer forgoing any increase in the rate and the earliest date that such forgone interest rate increases may apply to future interest rate adjustments, subject to those limits?      
136(e) (§ 1026.20(c)(2)(iv))      
136(f) An explanation of how the new payment was determined, including the index or formula used to determine the new interest rate? (§ 1026.20(c)(2)(v)(A))      
136(g) Any adjustments to the index or formula, such as the addition of a margin? (§ 1026.20(c)(2)(v)(B))      
136(h) The expected loan balance on the date of the interest rate adjustment? (§ 1026.20(c)(2)(v)(C))      
136(i) The remaining loan term expected on the date of the interest rate adjustment and change to the term of the loan? (§ 1026.20(c)(2)(v)(D))      
136(j) If applicable, a statement that the new payment will not be allocated to pay loan principal and will not reduce the balance? If the new payment will result in negative amortization, a statement that the new payment will not be allocated to pay principal and will pay only part of the interest, thereby adding to the loan balance? If the new payment will result in negative amortization because of the rate adjustment, a statement of the payment required to fully amortize the remaining balance at the new rate over the remainder of the term? (§ 1026.20(c)(2)(vi))      
136(k) The circumstances under which the credit union, assignee, or servicer may impose a prepayment penalty, the time period during which it may impose the penalty, and a statement that the consumer may contact the servicer for additional information? (§ 1026.20(c)(2)(vii))      
137 Does the credit union, assignee, or servicer provide the rate adjustment disclosures required under § 1026.20(c) in the form of a table that is similar to forms H-4(D)(1) and (2) in appendix H to § 1026 and provided according to the following timing requirements? (§ 1026.20(c)(2), (3))      
137(a) If the payment changes with a rate change, the credit union, assignee, or servicer must provide disclosures to consumers between 60 and 120 days before the first payment at the new rate is due.      
137(b) If the payment change is caused by a rate change that is uniformly scheduled every 60 days (or more frequently), the credit union, assignee, or servicer must provide disclosures to consumers between 25 and 120 days before the first payment at the new rate.      
137(c) If the ARM was originated before January 10, 2015, where the interest rate and payment are calculated based on an index that is available less than 45 days before the change, the credit union, assignee, or servicer must provide disclosures between 25 and 120 days before the first payment at the new rate is due.      
137(d) If the payment adjustment occurs within 60 days of consummation and the new interest rate after adjustment provided at consummation was an estimate, disclosures are required as soon as practicable, but no later than 25 days before the first payment at the new rate is due.      
138 Has the credit union kept evidence of compliance with TILA for two years after it was requires to make disclosures or take action? (§ 1026.25(a))      

Closed-End Credit File Review

Closed-End Credit File Review
Item Description Yes No N/A
139 Except for private education loans and mail or telephone orders, does the credit union, assignee, or servicer provide disclosures before consummation? (§ 1026.17(b))

Note: There are special timing requirements for certain residential mortgage transactions and variable rate mortgage transactions. (§§ 1026.19(a), 1026.19(b), 1026.20(c), and 1026.20(d))

     
140 Is the amount financed disclosed and accurate? (§ 1026.18(b))      
141 Is there a separate itemization of the amount financed (RESPA-GFE, if applicable, may be substituted)? (§ 1026.18(c))      
142 Is the finance charge disclosed and accurate? (§§ 1026.4, 1026.18(c), and 1026.18(d))      
143 Is the APR disclosed and accurate? (§§ 1026.18(e) and 1026.22(a))      
144 Does the credit union, assignee, or servicer provide the following required disclosures on variable rate loans (other than those secured by the consumer’s principal dwelling with a term of more than one year):      
144(a) Circumstances that permit rate increase? (§ 1026.18(f)(1)(i))      
144(b) Limits on the increase:      
144(b)(i) Periodic? (§ 1026.18(f)(1)(ii))      
144(b)(ii) Lifetime? (§ 1026.18(f)(1)(ii))      
144(c) Effects of increase? (§ 1026.18(f)(1)(iii))      
144(d) Hypothetical example of new payment terms? (§ 1026.18(f)(1)(iv))      
145 Does the credit union, assignee, or servicer provide  the following required disclosures if the APR may increase after consummation on variable rate loan transaction secured by the consumer’s principal dwelling with a term greater than one year:      
145(a) The fact that the transaction contains a variable-rate feature?      
145(b) A statement that the credit union, assignee, or servicer provided the variable-rate disclosures earlier? (§ 1026.18(f)(2))      
146 Has the credit union, assignee, or servicer provided the appropriate payment schedule or payment summary, and is it accurate? (§§ 1026.18(g) and 1026.18(s))      
147 Unless the loan is a single payment loan, did the credit union, assignee, or servicer provide the total of payments and is it accurate? (§ 1026.18(h))      
148 If the obligation has a demand feature, is that fact disclosed, and, if the disclosures are based on an assumption of one year as provided in § 1026.17(c)(5), does the credit union, assignee, or servicer disclose that fact? (§ 1026.18(i))      
149 If a credit sale, is the total sale price accurate? (§ 1026.18(j))      
150 Does the credit union, assignee, or servicer disclose the prepayment penalty, if applicable? (§ 1026.18(k))      
151 Does the credit union, assignee, or servicer disclose the late payment charge (dollar amount or percent), if applicable? (§ 1026.18(l))      
152 Does the credit union, assignee, or servicer describe the security interest accurately, if applicable? (§ 1026.18(m))      
153 If fees listed at § 1026.4(e) are excluded from the finance charge, are these fees listed? (§ 1026.18(o))      
154 Is there a statement included that the consumer must refer to the appropriate contract document for information about nonpayment, default, the right to accelerate the maturity of the obligation, and prepayment rebates and penalties?(§ 1026.18(p))      
155 For a residential mortgage transaction, is there a statement whether or not a subsequent purchaser of the dwelling from the consumer may be permitted to assume the remaining obligation on its original terms? (§ 1026.18(q))      
156 Does the credit union, assignee, or servicer disclose the credit life insurance premium or debt cancellation fee for the initial term accurately, if applicable? (§§ 1026.18(n) and 1026.4(d))      
157 Does the credit union, assignee, or servicer accurately disclose the cost of property insurance for the initial term if from or through the credit union? (§§ 1026.18(n) and 1026.4(d))      
158 Does the credit union, assignee, or servicer accurately disclose deposits required for credit transactions? (§ 1026.18(r))      
159 Are residential mortgage transaction closing fees that are excluded from the disclosed finance charge bona fide and reasonable? (§ 1026.4(c)(7))      
160 For any consumer credit contract secured by a dwelling, is the maximum interest rate in the contract (variable rate mortgage) disclosed? (§ 1026.30(a))      
161 For mortgage transactions subject to RESPA secured by the consumer’s dwelling (other than a HELOC or time-share plan), does the credit union provide a GFE of the disclosures required by § 1026.18 within three business days after receiving the consumer’s written application? (§ 1026.19(a)(1)(i))      
162 In addition to the disclosures required by § 1026.18, did the credit union provide the notice indicating the consumer is not required to complete the agreement merely because the consumer has received disclosures or signed a loan application? (§ 1026.19(a)(4))      
163 Did the credit union refrain from imposing a fee on a consumer in connection with the mortgage application before the consumer has received the relevant disclosures required in § 1026.18, except for a bona fide and reasonable fee for obtaining the consumer’s credit history? (§ 1026.19(a)(1))      
164 Is the GFE in step 23 delivered or placed in the mail no later than the seventh business day before consummation of the transaction, unless the consumer modifies or waives the applicable waiting period due to a bona fide personal financial emergency? (§ 1026.19(a)(2))      
165 Did the credit union provide corrected disclosures of all changed terms, including the APR, if the APR stated in the GFE is not considered accurate under § 1026.22 when compared with the APR at consummation? (§ 1026.19(a)(2)(ii))      
165(a) If yes, did the consumer receive the corrected disclosures no later than the third business day before consummation unless he or she modified or waived the applicable waiting period due to a bona fide personal financial emergency?(§ 1026.19(a)(3))      
166 Unless subject to the exceptions at § 1026.39(c), for consumer credit transactions secured by the consumer’s principal dwelling that were acquired by, or otherwise sold, transferred, or assigned to the creditor who is the new legal owner of the debt (covered person), did the covered person provide a written disclosure notice to the borrower within 30 calendar days of the transaction that includes the following:      
166(a) An identification of the loan that was sold, assigned, or otherwise transferred? (§ 1026.39(d))      
166(b) Name, address, and telephone number of the covered person? (§ 1026.39(d)(1))      
166(c) If there are multiple covered persons, has each of them provided contact information, unless one of them has been authorized to receive the consumer’s notice of the right to rescind and resolve issues concerning the consumer’s payments on the loan? (§ 1026.39(d)(1)(ii))      
166(d) Date of transfer, which may, at the covered person’s option, be either the date of acquisition recognized in the books and records of the acquiring party, or the date of transfer recognized in the books and records of the transferring party? (§ 1026.39(d)(2))      
166(e) Name, address, and telephone number of an agent or party authorized to receive notice of the right to rescind and resolve issues concerning the consumer’s payments on the loan, unless the consumer can use the information provided under (b) for this purpose? (§ 1026.39(d)(3))      
166(f) The location where the transfer of ownership of the debt to the covered person is or may be recorded?

Note: If the transfer of ownership has not been recorded in public records at the time the disclosure is provided, the covered person complies with this paragraph by stating this fact. (§ 1026.39(d)(4))

     
166(g) At the option of the covered person, any other information regarding the transaction? (§ 1026.39(e))

Note: The notice is required even if the servicer did not change. In addition, if more than one consumer is liable on the obligation, the covered person may mail or deliver the disclosure notice to any consumer who is primarily liable. (§ 1026.39(b)(3))

     
167 Has the covered person provided the disclosure notice required by § 1026.39 clearly and conspicuously in writing, in a form that the consumer may keep? (§ 1026.39(b)(1))      
168 If a consumer credit transaction secured by the principal dwelling of a consumer is acquired by a covered person and subsequently sold, assigned, or otherwise transferred to another covered person and a single disclosure notice is provided on behalf of both covered persons, did the disclosure notice satisfy the timing (§ 1026.39(b)) and content (§ 1026.39(d)) requirements applicable to each covered person? (§ 1026.39(b)(4))      
169 If an acquisition involves multiple covered persons who jointly acquire the consumer credit transaction secured by the principal dwelling of a consumer, was a single disclosure notice provided on behalf of all covered persons? (§ 1026.39(b)(5))      
170 For private education loans, does the credit union, assignee, or servicer provide the application or solicitation disclosures (§ 1026.47(a)) clearly and conspicuously on or with any application or solicitation? (§ 1026.46(d))      
171 Do the application and solicitation disclosures for private education loans disclose the following:      
171(a) Accurate interest rate, including:      
171(a)(i) Rate or range, and if the rate depends in part on a determination of the borrower’s creditworthiness or other factors, a statement to that effect?      
171(a)(ii) Whether rate is fixed or variable?      
171(a)(iii) If rate may increase after consummation, any limitations, or lack thereof, and if the limitation is imposed by law, that fact. Also, does the credit union state that the consumer’s actual rate may be higher or lower than that disclosed, if applicable?      
171(a)(iv) Whether the rate will typically be higher if the loan is not co-signed or guaranteed? (§ 1026.47(a)(1))      
171(b) An itemization of the fees and default or late payment costs? (§ 1026.47(a)(2))      
171(c) Repayment terms, including:      
171(c)(i) Term of the loan, which is the period during which regularly scheduled payments of principal and interest will be due?      
171(c)(ii) Deferral options, or if consumer does not have the option to defer, that fact?      
171(c)(iii) For each available deferral option applicable, information as to:      
171(c)(iii)(A) Whether interest will accrue during deferral period?      
171(c)(iii)(B) If interest accrues, whether payment of interest may be deferred and added to the principal balance?      
171(c)(iii)(C) A statement that, if the consumer files bankruptcy, the consumer may still be required to repay the loan? (§ 1026.47(a)(3))      
171(d) Cost estimates, based on an example of the total cost of the loan, calculated      
171(d)(i) Using the highest disclosed interest rate and including all applicable finance charges?      
171(d)(ii) Using an amount financed of $10,000, or $5,000, if the credit union offers loans less than $10,000?      
171(d)(iii) For each payment option? (§ 1026.47(a)(4))      
171(e) Eligibility (e.g., any age or school enrollment eligibility requirements) for the consumer or cosigner? (§ 1026.47(a)(5))      
171(f) Alternatives to private education loans, including      
171(f)(i) A statement that the consumer may qualify for federal student loans?      
171(f)(ii) The interest rates available for each program available under title IV of the Higher Education Act of 1965, and whether the rate is variable or fixed?      
171(f)(iii) A statement that the consumer may obtain additional information regarding student federal financial assistance from the school or U.S. Department of Education, including an appropriate Web site?      
171(f)(iv) A statement that a covered educational institution may have school specific educational loan benefits and terms not detailed in the loan disclosure forms? (§ 1026.47(a)(6))      
171(g) A statement that if the loan is approved, that the loan will be available for 30 days and the terms will not change, except for changes to the interest rate in the case of a variable rate and other changes permitted by law? (§ 1026.47(a)(7))      
171(h) A statement that before consummation, the borrower must complete a self-certification form obtained from the student’s institution of higher education? (§ 1026.47(a)(8))      
172 For private education loans, are the approval disclosures provided before consummation on or with any notice of approval provided to the consumer? (§ 1026.46(d)(2))      
173 Do the approval disclosures for private education loans disclose the information required under § 1026.18 and the following:      
173(a) Interest rate information, including      
173(a)(i) Interest rate applicable to the loan?      
173(a)(ii) Whether the interest rate is variable or fixed?      
173(a)(iii) If the interest rate may increase after consummation, any limitations on the rate adjustments, or lack thereof? (§ 1026.47(b)(1))      
173(b) Fees and default or late payment costs, including      
173(b)(i) an itemization of the fees or range of fees required to obtain the loan?      
173(b)(ii) any fees, changes to the interest rate, and adjustments to principal based on the consumer’s defaults or late payments? (§ 1026.47(b)(2))      
173(c) Repayment terms, including:      
173(c)(i) Principal amount?      
173(c)(ii) Term of the loan?      
173(c)(iii) A description of the payment deferral option the consumer chooses, if applicable, and any other payment deferral options that the consumer may elect at a later time?      
173(c)(iv) Any payments required while the student is enrolled at the educational institution, based on the deferral option the consumer chooses?      
173(c)(v) Amount of any unpaid interest that will accrue while the student is enrolled in school, based on the deferral option the consumer chooses?      
173(c)(vi) A statement that if the consumer files for bankruptcy, the consumer may still be required to pay back the loan?      
173(c)(vii) An estimate of the total amount of payments calculated based on the interest rate applicable to the loan (compliance with section § 1026.18(h) constitutes compliance with this requirement)?      
173(c)(vii)(A) The maximum possible rate of interest for the loan, or, if a maximum rate cannot be determined, a rate of 25 percent?      
173(c)(vii)(B) If a maximum rate cannot be determined, does the estimate of the total amount for repayment include a statement that there is no maximum rate and that the total amount for repayment disclosed is an estimate?      
173(c)(viii) The maximum monthly payment based on the maximum rate of interest for the loan, or, if a maximum rate of interest cannot be determined, a rate of 25 percent? If a maximum cannot be determined, is there a statement that there is no maximum rate and that the monthly payment amount disclosed is an estimate and will be higher if the applicable interest rate increases? (§ 1026.47(b)(3))      
173(d) Alternatives to private education loans, including:      
173(d)(i) A statement that the consumer may qualify for federal student loans?      
173(d)(ii) The interest rates available for each program available under title IV of the Higher Education Act of 1965, and whether the rate is variable or fixed?      
173(d)(iii) A statement that the consumer may obtain additional information regarding student federal financial assistance from the school or the U.S. Department of Education, including an appropriate Web site? (§ 1026.47(b)(4))      
173(e) A statement that the consumer may accept the terms of the loan until the acceptance period under § 1026.48(c)(1) has expired. Does the statement include:      
173(e)(i) the specific date on which the acceptance period expires, based on the date on which the consumer receives the disclosures required under this subsection for the loan?      
173(e)(ii) the method or methods the consumer may use to communicate the acceptance (written, oral, or by electronic means?)      
173(e)(iii) a statement that except for changes to the interest rate and other changes permitted by law, the credit union may not change the rates and the terms of the loan during the 30-day acceptance period? (§ 1026.47(b)(5))      
174 For private education loans, does the credit union provide the  final approval disclosures after the consumer accepts the loan and at least three business days before disbursing the private education loan funds? (§ 1026.46(d)(3))      
175 In addition to the disclosures required under § 1026.18, do the final disclosures for private education loans disclose the following:      
175(a) Interest rate, including:      
175(a)(i) Interest rate applicable to the loan?      
175(a)(ii) Whether the interest rate is variable or fixed?      
175(a)(iii) If the interest rate may increase after consummation, any limitations on the rate adjustments, or lack thereof? (§ 1026.47(c)(1))      
175(b) Fees and default or late payment costs, including:      
175(b)(i) An itemization of the fees or range of fees required to obtain the loan?      
175(b)(ii) Any fees, changes to the interest rate, and adjustments to principal based on the consumer’s defaults or late payments? (§ 1026.47(c)(2))      
175(c) Repayment terms, including:      
175(c)(i) Principal amount?      
175(c)(ii) Term of the loan?      
175(c)(iii) A description of the payment deferral option the consumer chooses, if applicable, and any other payment deferral options that the consumer may elect at a later time?      
175(c)(iv) Any payments required while the student is enrolled at the educational institution, based on the deferral option the consumer chooses?      
175(c)(v) Amount of any unpaid interest that will accrue while the student is enrolled in school, based on the deferral option the consumer chooses?      
175(c)(vi) A statement that if the consumer files for bankruptcy, the consumer may still be required to pay back the loan?      
175(c)(vii) An estimate of the total amount of payments calculated based on:      
175(c)(vii)(A) The interest rate applicable to the loan (compliance with section § 1026.18(h) constitutes compliance with this requirement)?      
175(c)(vii)(B) The maximum possible rate of interest for the loan, or, if a maximum rate cannot be determined, a rate of 25 percent?      
175(c)(vii)(C) If a maximum rate cannot be determined, the estimate of the total amount for repayment must include a statement that there is no maximum rate and that the total amount for repayment disclosed is an estimate?      
175(c)(viii) The maximum monthly payment based on the maximum rate of interest for the loan, or, if a maximum rate of interest cannot be determined, a rate of 25 percent. If a maximum cannot be determined, is there a statement that there is no maximum rate and that the monthly payment amount disclosed is an estimate and will be higher if the applicable interest rate increases? (§ 1026.47(c)(3))      
175(d) In a text more conspicuous than any other required disclosure, except for the finance charge, the interest rate, and the credit union’s identity, the following disclosures:      
175(d)(i) A statement that the consumer has the right to cancel the loan, without penalty, at any time before the midnight of the third business day following the date on which the consumer receives the final loan disclosures. Does the statement include the specific date on which the cancellation period expires and that the consumer may cancel by that date?      
175(d)(ii) A statement that the loan proceeds will not be disbursed until the cancellation period expires?      
175(d)(iii) The method or methods the consumer may use to cancel?      
175(d)(iv) If the credit union permits cancellation by mail, the statement specifying that the consumer’s mailed request will be deemed timely if placed in the mail not later than the cancellation date specified on the disclosures? (§ 1026.47(c)(4))      
176 Has the credit union kept evidence of compliance with TILA for two years after the date it was required to make disclosures or take action? (§ 1026.25(a))      

Closed-End Credit—ARM File Review

Closed-End Credit—ARM File Review
Item Description Yes No N/A
177 Did the credit union provide timely early disclosures for residential mortgage transactions subject to RESPA? (§ 1026.19(a)(1))      
178 Unless subject to the exception at § 1026.19(d), did the credit union provide the booklet titled “Consumer Handbook on ARMs” or a substitute for an ARM transaction secured by the principal dwelling and for a term greater than one year? (§ 1026.19(b)(1))      
179 If interest rate changes are tied to a particular index, did the contract disclose this fact and include the source of information about the index, or in the alternative, disclose that interest rate changes are at the credit union's discretion or describe any internally defined index? (§ 1026.19(b)(2)(ii), Comments §§ 1026.19(b)(2)(ii)-1 and -2)      
180 For mortgage transactions subject to RESPA secured by the consumer’s dwelling, does the credit union provide a GFE of the disclosures required by § 1026.18 within three business days after receiving the consumer’s written application? (§ 1026.19(a)(1))      
181 In addition to the disclosures required by § 1026.18, did the credit union provide the notice indicating the consumer is not required to complete the agreement merely because the consumer has received disclosures or signed a loan application? (§ 1026.19(a)(4))      
182 Did the credit union refrain from imposing a fee on a consumer in connection with the mortgage application before the consumer has received the relevant disclosures required in step 4, except for a bona fide and reasonable fee for obtaining the consumer’s credit history, unless the consumer modifies or waives the applicable waiting period due to a bona fide personal financial emergency? (§ 1026.19(a)(1))      
183 Is the GFE in step 4 delivered or placed in the mail no later than the seventh business day before consummation of the transaction? (§ 1026.19(a)(2))      
184 Did the credit union provide corrected disclosures of all changed terms, including the APR, that the consumer received no later than the third business day before consummation, if the APR stated in the GFE is not considered accurate under § 1026.22 when compared with the APR at consummation? (§ 1026.19(a)(2)(ii))      
185 Unless subject to the exceptions at § 1026.39(c), for consumer credit transactions secured by the consumer’s principal dwelling that were acquired by, or otherwise sold, transferred, or assigned to, the credit union who is the new legal owner of the debt (covered person), did the covered person provide a written disclosure notice to the borrower within 30 calendar days of the transaction that includes the following:      
185(a) An identification of the loan that was sold, assigned, or otherwise transferred? (§ 1026.39(d))      
185(b) Name, address, and telephone number of the covered person? (§ 1026.39(d)(1))      
185(c) Contact information for each person, if there are multiple covered persons, unless one of them has been authorized to receive the consumer’s notice of the right to rescind and resolve issues concerning the consumer’s payments on the loan? (§§ 1026.39(d)(1)(i), (ii))      
185(d) Date of transfer, which may, at the covered person’s option, be either the date of acquisition recognized in the books and records of the acquiring party or the date of transfer recognized in the books and records of the transferring party? (§ 1026.39(d)(2))      
185(e) Name, address, and telephone number of an agent or party authorized to receive notice of the right to rescind and resolve issues concerning the consumer’s payments on the loan, unless the consumer can use the information provided under (b) for this purpose? (§ 1026.39(d)(3))      
185(f) The location where the transfer of ownership of the debt to the covered person is or may be recorded? (Note: If the transfer of ownership has not been recorded in public records at the time the covered person provides the disclosure, the covered person complies with this paragraph by stating this fact.) (§ 1026.39(d)(4))      
185(g) At the option of the covered person, any other information regarding the transaction? (§ 1026.39(e))      
186 Is the disclosure notice required by § 1026.39 provided clearly and conspicuously in writing, in a form that the consumer may keep? (§ 1026.39(b)(1))

Note: This disclosure notice may be combined with the RESPA servicing transfer notice (Comment § 1026.39(b)(1)-1).

     
187 If a consumer credit transaction secured by the principal dwelling of a consumer is acquired by a covered person and subsequently sold, assigned, or otherwise transferred to another covered person and a single disclosure notice is provided on behalf of both covered persons, did the disclosure notice satisfy the timing (§ 1026.39(b)) and content (§ 1026.39(d)) requirements applicable to each covered person? (§ 1026.39(b)(4))      
188 If an acquisition involves multiple covered persons who jointly acquire the consumer credit transaction secured by the principal dwelling of a consumer, was a single disclosure notice provided on behalf of all covered persons? (§ 1026.39(b)(5))      

Subsequent Disclosures

Subsequent Disclosures
Item Description Yes No N/A
189 Did the credit union, assignee, or servicer provide the initial rate adjustment disclosures at least 210, but no more than 240, days before the first payment at the adjusted level is due or if the first payment at the adjusted level is due within the first 210 days after consummation, does it provide the disclosures at consummation? (§ 1026.20(d))      
190 Did the initial rate adjustment disclosures include the following:      
190(a) Date of the disclosure? (§ 1026.20(d)(2)(i))      
190(b) An explanation that, by the loan terms, the current rate is scheduled to expire, the new rate’s effective date, and any resulting payment change, when future rate adjustments are scheduled to occur and any other changes to loan terms, features, or options? (§ 1026.20(d)(2)(ii))      
190(c) A table explaining the current interest rate and payment, the new interest rate and payment, and the date the first new payment is due? (§ 1026.20(d)(2)(iii))

Note: For interest-only and negative amortization ARMs, the table must include how the current and new rates and payment will be allocated to interest, principal, and escrow (if applicable). (§ 1026.20(d)(2)(iii)(C))

     
190(d) An explanation of how the interest rate is determined, including the specific index or formula and a source of information about that index or formula; and the type and amount of any adjustment, including a margin and an explanation that a margin is the addition of a certain number of percentage points to the index? (§ 1026.20(d)(2)(iv))      
190(e) Any limit on rate or payment increases for each of the loan’s rate adjustments, including the extent limits result in the credit union, assignee, or servicer forgoing any increase in the rate and the earliest date that such forgone interest rate increases may apply to future interest rate adjustments, subject to those limits? (§ 1026.20(d)(2)(v))      
190(f) An explanation of how the new payment was determined, including the index or formula used to determine the new interest rate? (§ 1026.20(d)(2)(vi)(A))      
190(g) Any adjustments to the index or formula used to determine the new payment, such as the addition of a margin? (§ 1026.20(d)(2)(vi)(B))      
190(h) The expected loan balance on the date of the interest rate adjustment? (§ 1026.20(d)(2)(vi)(C))      
190(i) The remaining loan term expected on the date of the interest rate adjustment and any resulting changes to the term that may have occurred? (§ 1026.20(d)(2)(vi)(D))      
190(j) If the credit union provides an estimated rate payment, a statement that the credit union is using an estimated rate and will provide a subsequent disclosure with the actual interest rate between two and four months before the first adjusted payment is due? (§ 1026.20(d)(2)(vi)(E))      
190(k) If applicable, a statement that the new payment will not be allocated to pay loan principal and will not reduce the balance? If the new payment will result in negative amortization, a statement that the new payment will not be allocated to principal and that only part of the interest will be paid, which will add to the loan balance? If the new payment will result in negative amortization because of the rate adjustment, a statement of the payment required to fully amortize the remaining balance over the remainder of the term? (§ 1026.20(d)(2)(vii))      
190(l) The circumstances in which a prepayment penalty may be imposed, the time period during which it may be imposed, and a statement that the consumer may contact the servicer for additional information? (§ 1026.20(d)(2)(viii))      
190(m) A telephone number of the credit union, assignee, or servicer if the consumer is unable to make the new payment and alternatives to paying at the new rate? (§§ 1026.20(d)(2)(ix), (x))      
190(n) A Web address to the CFPB’s or HUD’s approved list of homeownership counselors and counseling organizations, the HUD toll-free number to access the HUD list of homeownership counselors and counseling organizations, and CFPB Web site to access state housing finance authorities’ contact information? (§ 1026.20(d)(2)(xi))      
191 Did the credit union provide the initial rate adjustment disclosures required above the form of a table that is substantially similar to forms H-4(D)(3) and (4) in appendix H and provided as a separate document from all other written materials? (§§ 1026.20(d)(3), 1026.17(a)(1))      
192 If the adjustment of interest rates under the loan contract results in a corresponding adjustment to the payment (including an ARM conversion to fixed-rate if payments change), did the credit union, assignee, or servicer provide the following disclosures, unless otherwise exempt: (§ 1026.20(c))      
192(a) An explanation that, by the loan terms, the current rate is scheduled to expire, the new rate’s effective date, and the resulting payment change, when future rate adjustments are scheduled to occur and any other changes to loan terms, features, or options? (§ 1026.20(c)(2)(i))      
192(b) A table explaining the current and new interest rates and payments, and the date the first new payment is due? (§ 1026.20(c)(2)(ii))

Note: For interest-only and negative amortization ARMs, the table must include how the current and new rates and payment will be allocated to interest, principal, and escrow (if applicable). (§ 1026.20(c)(2)(ii)(C))

     
192(c) An explanation of how the interest rate is determined, including the specific index or formula and a source of information about that index; and the type and amount of any adjustment, including a margin and an explanation that a margin is the addition of a certain number of percentage points to the index and application of previously forgone rate increases? (§ 1026.20(c)(2)(iii))      
192(d) Any limit on rate or payment increases for each of the loan’s rate adjustments, including the extent limits result in the credit union, assignee, or servicer forgoing any increase in the rate and the earliest date that such forgone interest rate increases may apply to future interest rate adjustments, subject to those limits?      
192(e) (§ 1026.20(c)(2)(iv))      
192(f) An explanation of how the new payment was determined, including the index or formula used to determine the new interest rate? (§ 1026.20(c)(2)(v)(A))      
192(g) Any adjustments to the index or formula, such as the addition of a margin? (§ 1026.20(c)(2)(v)(B))      
192(h) The expected loan balance on the date of the interest rate adjustment? (§ 1026.20(c)(2)(v)(C))      
192(i) The remaining loan term expected on the date of the interest rate adjustment and change to the term of the loan? (§ 1026.20(c)(2)(v)(D))      
192(j) If applicable, a statement that the new payment will not be allocated to pay loan principal and will not reduce the balance? If the new payment will result in negative amortization, a statement that the new payment will not be allocated to principal and that only part of the interest will be paid, which will add to the loan balance? If the new payment will result in negative amortization because of the rate adjustment, a statement of the payment required to fully amortize the remaining balance over the remainder of the term? (§ 1026.20(c)(2)(vi))      
192(k) The circumstances in which the credit union may impose a prepayment penalty, the time period during which it may impose the penalty, and a statement that the consumer may contact the servicer for additional information? (§ 1026.20(c)(2)(vii))

Note: A creditor, assignee, or servicer is not required to comply with this disclosure requirement if (1) it received the consumer’s notification to cease communication under section 805(c) of the Fair Debt Collection Practices Act, or (2) for, the first interest rate adjustment to an ARM, the first adjusted payment is due within 210 days after consummation and the new interest rate disclosed at consummation was not an estimate. (§ 1026.20(c)(1)(ii))

     
193 Did the credit union provide the rate adjustment disclosures required under § 1026.20(c) in the form of a table that is substantially similar to forms H-4(D)(1) and (2) in Appendix H  and provided according to the following timing requirements? (§§ 1026.20(c)(2), (3))      
193(a) If the payment changes with a rate change, the credit union must provide the disclosures to consumers between 60 and 120 days before the first payment at the new rate is due?      
193(b) If the payment change is caused by a rate change that is uniformly scheduled every 60 days (or more frequently), the credit union must provide the disclosures to consumers between 25 and 120 days before the first payment at the new rate?      
193(c) If the ARM was originated before January 10, 2015, where the interest rate and payment are calculated based on an index that is available less than 45 days before the change, the credit union must provide the disclosures between 25 and 120 days before the first payment at the new rate is due?      
193(d) If the payment adjustment occurs within 60 days of consummation and the new interest rate after adjustment provided at consummation was an estimate, disclosures are required as soon as practicable, but no later than 25 days before the first payment at the new rate is due?      
194 Has the credit union kept evidence of compliance with TILA for two years after the date it was required to make disclosures or take action? (§ 1026.25(a))      

Right of Rescission File Review

Right of Rescission File Review
Item Description Yes No N/A
195 Did the credit union provide the appropriate number of copies to each person entitled to rescind, i.e., one copy to each consumer entitled to rescind if the notice is delivered in electronic form according to the consumer consent and other applicable provisions of the E-Sign Act or two copies otherwise? (§§ 1026.23(b)(1) or 1026.15(b))      
196 Is the rescission notice on a separate document that identifies the transaction? (§§ 1026.23(b)(1) or 1026.15(b))      
197 Does the rescission notice clearly and conspicuously disclose:      
197(a) The retention or acquisition of a security interest in the consumer’s principal dwelling? (§§ 1026.23(b)(1)(i) or 1026.15(b)(1))      
197(b) The consumer’s right to rescind? (§§ 1026.23(b)(1)(ii) or 1026.15(b)(2))      
197(c) How to exercise the right to rescind, with a form for that purpose, designating the address of the credit union’s place of business? (§§ 1026.15(b)(3) or1026.23(b)(1)(iii))      
197(d) The effects of rescission? (§§ 1026.23(b)(1)(iv) or 1026.15(b)(4))      
197(e) The date the rescission period expires? (§§ 1026.23(b)(1)(v) or 1026.15(b)(5))      
198 Was funding delayed (except into escrow) until the rescission period expired? (§§ 1026.23(c) or 1026.15(c))      
199 If the consumer elected to modify or waive the right to rescind because of a bona fide personal financial emergency, did the credit union have a dated written modification or waiver describing that emergency and did all consumers entitled to rescind sign the document? (§§ 1026.23(e) or 1026.15(e))      
200 Does the consumer sign and date the notice to acknowledge receipt?

Note: A “no” answer is not a violation of law.

     
201 Has the credit union kept evidence of compliance with TILA for two years after the date it was required to make disclosures or take action? (§ 1026.25(a)) And, if a transaction in which the application was received on or after January 10, 2014, and that required compliance with the prepayment limitations of § 1026.43(g), has the credit union retained evidence of these material disclosures for three years after consummation? (§§ 1026.23(a)(3)(ii) and 1026.25(c)(3))      

Open-End Not Home-Secured Credit Forms Review

General Disclosures

General Disclosures
Item Description Yes No N/A
202 Did the credit union make the disclosures clearly and conspicuously and, unless subject to an exception listed at §§ 1026.5(a)(1)(ii)(A) or (B), in a form that the consumer may keep? (§ 1026.5(a)(1))      
203 Is the terminology used in providing the disclosures required by the open-end credit provisions of TILA (§ 1026.5) consistent? (§ 1026.5(a)(2)(i))      
204 If disclosures are required to be presented in a tabular format under § 1026.5(a)(3), is the term penalty APR used as applicable; and does the credit union refrain from using the term “fixed,” or a similar term, to describe such rate unless the credit union also specifies a time period that the rate will be fixed and the rate will not increase during that period, or if no such time period is provided, the rate will not increase while the plan is open? (§ 1026.5(a)(2)(iii)      

Account-Opening Disclosures

Account-Opening Disclosures
Item Description Yes No N/A
205 Are the disclosures required in steps 5––9, steps 12–17, and steps 19–26 in the form of a table with headings, content, and format substantially similar to any of the applicable tables in G-17 in appendix G, including proper font and bolded text, where applicable? (§ 1026.6(b)(1)(i))

Note: Refer to the model forms for examples. Bold text is not used for (1) the amount of any periodic fee disclosed per § 1026.6(b)(2) that is not an annualized amount and (2) other APRs or fee amounts disclosed in the table. (§ 1026.6(b)(1)(i))

     
206 Is each periodic rate that may be used to compute the finance charge on an outstanding balance for purchases, a cash advance, or a balance transfer expressed as an APR, disclosed; when more than one rate applies for a category of transactions, did the credit union disclose the range of balances to which each rate is applicable; and is the APR for purchases disclosed according to this paragraph in at least 16-point type, except for a penalty rate that may apply upon the occurrence of one or more specific events? (§ 1026.6(b)(2)(i))      
207 If the rate is a variable rate, did the credit union also disclose the fact that the rate may vary and how the rate is determined (i.e., identify the type of index or formula used in setting the rate)? (§ 1026.6(b)(2)(i)(A))      
208 If the initial rate is an introductory rate, did the credit union disclose the rate that would otherwise apply to the account; where the rate is not tied to an index or formula, did the credit union disclose the rate that applies after the introductory rate expires; and for a variable rate account, did the credit union disclose a rate based on the applicable index or formula according to the accuracy requirements? (§ 1026.6(b)(2)(i)(B))      
209 If the initial rate is temporary and is higher than the rate that will apply after the temporary rate expires, did the credit union disclose the premium initial rate; and is the premium rate for purchases in at least 16-point type? (§ 1026.6(b)(2)(i)(C))      
210 Except for introductory rates and employee preferential rates, if the rate is a penalty rate, did the credit union disclose, as part of the APR disclosure, the increased rate that may apply, a brief description of the event or events that may result in the increased rate, and a brief description of how long the increased rate will remain in effect? (§ 1026.6(b)(2)(i)(D)(1))      
211 If the credit union discloses in the table an introductory rate, as that term is defined in§ 1026.16(g)(2)(ii), did the credit union briefly disclose directly beneath the table the circumstances under which the introductory rate may be revoked and the rate that will apply after the introductory rate is revoked? (§ 1026.6(b)(2)(i)(D)(2))      
212 If the credit union discloses in the table a preferential APR for which employees of the credit union, employees of a third party, or other individuals with similar affiliations with the credit union or third party, such as executive officers, directors, or principal shareholders, are eligible, did the credit union briefly disclose directly beneath the table the circumstances under which this preferential rate may be revoked and the rate that will apply after the preferential rate is revoked? (§ 1026.6(b)(2)(i)(D)(3))      
213 If the credit union imposes an APR that varies by state or based on the consumer’s creditworthiness and provides required disclosures in person at the time the open-end plan is established for financing the purchase of goods or services, did the credit union either:      
213(a) Disclose the specific APR applicable to the consumer’s account or the range of the APRs? or      
213(b) Refrain from listing APRs for multiple states in the account opening table? (12 CFR 1026.6(b)(2)(i)(E))      
214 Did the credit union disclose:      
214(a) Any introductory rate?      
214(b) Any rate that would apply upon expiration of a premium initial rate? (§ 1026.6(b)(2)(i)(F))      
215 Did the credit union disclose any annual or periodic fee that may be imposed for the issuance or availability of an open-end plan (including any fee based on account activity or inactivity), how frequently the fee will be imposed, the annualized amount of the fee, any non-periodic fee for opening a plan, and that the fee is a one-time fee? (§ 1026.6(b)(2)(ii))

Note: If the amount of any fee required to be disclosed under § 1026.6(b)(2) is determined on the basis of a percentage of another amount, the percentage used and the identification of the amount against which the percentage is applied may be disclosed instead of the amount of the fee. (§ 1026.6(b)(1)(iv))

     
216 Did the credit union disclose any fixed finance charge and a brief description of that charge? (§ 1026.6(b)(2)(iii))      
217 Did the credit union disclose any transaction charge imposed by the credit union for use of the open-end plan for purchases? (§ 1026.6(b)(2)(iv))      
218 Did the credit union disclose the grace period and any conditions on the availability of the grace period, or if no grace period is provided did the credit union disclose that fact; if the grace period varies did the credit union disclose the range of days, minimum number of days, or average number of days in the grace period; in disclosing in the tabular format a grace period that applies to all features on the account, did the credit union include the phrase “How to Avoid Paying Interest” as the heading for the row describing the grace period; and if a grace period is not offered on all features of the account, did the credit union include the phrase “Paying Interest” as the heading for the row describing this fact? (§ 1026.6(b)(2)(v))      
219 Did the credit union disclose the name of the balance computation method that is used to determine the balance on which the finance charge is computed for each feature, or an explanation of the method used if it is not listed, along with a statement that an explanation of the methods required by § 1026.6(b)(4)(i)(D) is provided with the account-opening disclosures? And is this information placed directly below the table? (§ 1026.6(b)(2)(vi))      
220 Did the credit union disclose any fee imposed for an extension of credit in the form of cash or its equivalent? (§ 1026.6(b)(2)(vii))      
221 Did the credit union disclose any fee imposed for a late payment? (§ 1026.6(b)(2)(viii))      
222 Did the credit union disclose any fee imposed for exceeding the credit limit? (§ 1026.6(b)(2)(ix))      
223 Did the credit union disclose any fee imposed to transfer a balance? (§ 1026.6(b)(2)(x))      
224 Did the credit union disclose any fee imposed for a returned payment? (§ 1026.6(b)(2)(xi))      
225 Did the credit union disclose fees for required insurance, debt cancellation, or debt suspension coverage and a cross reference to any additional information provided about the insurance or coverage, as applicable? (§ 1026.6(b)(2)(xii))      
226 Did the credit union disclose, as applicable, the available credit remaining after fees or security deposit is debited to the account? (§ 1026.6(b)(2)(xiii))      
227 For issuers of credit cards that are not charge cards, did the credit union disclose a reference to the CFPB’s Web site and a statement that consumers may obtain information about shopping for and using credit cards on the Web site? (§ 1026.6(b)(2)(xiv))      
228 Did the credit union disclose a statement that information about the consumers’ right to dispute transactions is included in the account-opening disclosures, and is this statement placed directly below the table? (§ 1026.6(b)(2)(xv))      
229 To the extent applicable, did the credit union disclose, for charges imposed, the circumstances under which the charge may be imposed, including the amount of the charge or explanation of how the charge is determined; and did the credit union include a statement of when finance charges begin to accrue, including an explanation of whether or not any time period exists within which any credit extended may be repaid without incurring a finance charge? (§ 1026.6(b)(3)(i))      
230 Did the credit union disclose, as applicable, for each periodic rate that may be used to calculate interest:
The rate (expressed as a periodic rate and a corresponding APR)?
     
230(a) The range of balances to which the rate is applicable?      
230(b) The type of transaction to which the periodic rate applies?      
230(c) An explanation of the method used to determine the balance to which the rate is applied? (§ 1026.6(b)(4)(i))      
231 Did the credit union disclose, as applicable, for interest rate changes that are tied to increases in an index or formula specifically set forth in the account agreement,      
231(a) the fact that the APR may increase?      
231(b) how the rate is determined, including the margin?      
231(c) the circumstances under which the rate may increase?      
231(d) the frequency with which the rate may increase?      
231(e) any limitation on the amount the rate may change?      
231(f) the effect(s) of an increase? (§ 1026.6(b)(4)(ii))      
232 Did the credit union disclose, as applicable, for interest rate changes that are specifically set forth in the account agreement and not tied to increases in an index or formula:      
232(a) The initial rate (expressed as a periodic rate and a corresponding APR)?      
232(b) How long the initial rate will remain in effect and the specific events that cause the initial rate to change?      
232(c) The rate (expressed as a periodic rate and a corresponding APR) that will apply when the initial rate is no longer in effect and any limitation on the time period the new rate will remain in effect?      
232(d) The balances to which the new rate will apply?      
232(e) The balances to which the current rate at the time of the change will apply? (§ 1026.6(b)(4)(iii))      
233 Did the credit union provide the applicable disclosures if the credit union offers optional credit insurance, or debt cancellation or debt suspension coverage? (§ 1026.6(b)(5)(i))      
234 Did the credit union disclose the fact it has or will acquire a security interest in the property purchased under the plan, or in other property identified by item or type? (§ 1026.6(b)(5)(ii))      
235 Did the credit union disclose a statement that outlines the consumer’s rights and the credit union’s responsibilities, similar to Model Form G-3(A) in appendix G? (§ 1026.6(b)(5)(iii))

Note: Disclosures required by § 1026.6( b)(3) through (b)(5) that are not otherwise required to be in the table and other information may be presented with the account agreement or account-opening disclosure statement, provided such information appears outside the required table. (§ 1026.6(b)(1)(i))

     
236 If applicable, did the credit union that provided the account-opening disclosures in person at the time the plan was established, in connection with financing the purchase of goods or services, and that imposed fees (see §§ 1026.6(b)(2)(vii) through (b)(2)(xi)) that vary by state in the account-opening table disclose either (a) the specific fee applicable to the consumer's account, or (b) the range of the fees and a statement that the amount of the fee varies by state and refer the consumer to the account agreement or other disclosure provided with the account-opening table, where the amount of the fee applicable to the consumer's account is disclosed? And did the credit union refrain from listing fees for multiple states in the account-opening summary table? (§ 1026.6(b)(1)(iii))      
237 Are the § 1026.6(a) disclosures for an added feature or credit device with different finance charge terms provided before the consumer uses the feature or device? (§ 1026.9(b)(2))      
238 Has the credit union retained evidence of compliance with TILA for two years after the date disclosures were required to be made or action was required to be taken? (§ 1026.25(a))      

Open-End Home-Secured Credit Forms Review

Open-End Home-Secured Credit Forms Review
Item Description Yes No N/A
239 Did the credit union make the disclosures clearly and conspicuously and, unless subject to an exception listed at §§ 1026.5(a)(1)(ii)(A) or (B), in writing, in a form that the consumer may keep? (§ 1026.5(a)(1))      
240 Is the terminology used in providing the disclosures required by the open-end provisions of TILA (§ 1026.5) consistent? (§ 1026.5(a)(2)(i))      
241 For home-equity plans subject to § 1026.40, are the terms “finance charge” and “annual percentage rate,” when required to be disclosed with a corresponding amount or percentage rate, more conspicuous than any other required disclosure? (§ 1026.5(a)(2)(ii))

Note: The terms need not be more conspicuous when used for periodic statement disclosures under § 1026.7(a)(4) and for advertisements under § 1026.16.

     
242 If disclosures are required to be presented in a tabular format under to § 1026.5(a)(3), is the term “penalty APR” used, as applicable; and is the term “fixed,” or a similar term, not used to describe such rate unless the credit union also specifies a time period that the rate will be fixed and the rate will not increase during that period, or if no such time period is provided, the rate will not increase while the plan is open? If credit insurance or debt cancellation or debt suspension coverage is required as part of the plan, is the term “required” used and is the program identified by its name? (§ 1026.5(a)(2)(iii))      
243 Are disclosures grouped together and segregated from other disclosures and are they clear and conspicuous? (§ 1026.40(a)(1))      
244 Do the required disclosures of paragraph §§ 1026.40(d)(1) through (4)(ii) precede the other disclosures? (§ 1026.40(a)(2))      
245 Is a home-equity brochure provided? (§ 1026.40(e))      
246 Does the disclosure state:      
246(a) The consumer must keep a copy of the disclosures? (§ 1026.40(d)(1))      
246(b) When the consumer must submit an application to obtain the specific terms disclosed? (§ 1026.40(d)(2)(i))      
246(c) The terms that are subject to change before the plan opens, if applicable? (§ 1026.40(d)(2)(i))      
246(d) The consumer may receive a refund of all application fees if disclosed terms change before opening (other than a change due to fluctuations in the index in a variable rate plan)? (§ 1026.40(d)(2)(ii))      
246(e) The consumer’s dwelling secures the HELOC and that the loss of the dwelling may occur in the event of a default? (§ 1026.40(d)(3))      
246(f) The credit union’s right to change, freeze, or terminate the account (and require payment of the balance in full) under certain conditions? (§ 1026.40(d)(4)(i))      
246(g) Information about the conditions under which the adverse actions (in § 1026.40(d)(4)(i)) may occur is available on request, or, alternatively, such conditions are disclosed? (§ 1026.40(d)(4)(ii))      
246(h) The payment terms? (§ 1026.40(d)(5))      
246(i) A recent APR and that the APR does not include costs other than interest for fixed-rate plans? (§ 1026.40(d)(6))      
246(j) An itemization of fees to open, use, or maintain the plan and when such fees are payable? (§ 1026.40(d)(7))      
246(k) A GFE of total fees imposed by third parties to open the account? (§ 1026.40(d)(8))      
246(l) The consumer may receive a good faith itemization of third-party fees? (§ 1026.40(d)(8))      
246(m) Negative amortization may occur and could increase the principal balance and reduce the consumer’s equity? (§ 1026.40(d)(9))      
246(n) Transaction requirements under the plan (e.g., limits on number of extensions and minimum draw requirements)? (§ 1026.40(d)(10))      
246(o) A tax adviser must be consulted? (§ 1026.40(d)(11))      

Variable Rate HELOC Disclosure Requirements
§ 1026.40(d)(12)(i)-(xii))

Variable Rate HELOC Disclosure Requirements
Item Description Yes No N/A
247 Does the disclosure state, as applicable:      
247(a) The APR, payment, or term may change? (§ 1026.40(d)(12)(i))      
247(b) The APR excludes costs other than interest? (§ 1026.40(d)(12)(ii))      
247(c) The index used to make rate adjustments and its source? (§ 1026.40(d)(12)(iii))      
247(d) How the APR will be determined? (§ 1026.40(d)(12)(iv))      
247(e) The consumer must request information on the current index value, margin, discount or premium, and APR? (§ 1026.40(d)(12)(v))      
247(f) The initial APR is discounted and the duration of the discount, if applicable? (§ 1026.40(d)(12)(vi))      
247(g) The frequency of APR changes? (§ 1026.40(d)(12)(vii))      
247(h) The rules relating to changes in the index, APR, and payment amount? (§ 1026.40(d)(12)(viii))      
247(i) The lifetime rate cap and any annual (or more frequent) caps, or a statement that there is no annual limitation and a statement of the maximum APR that may be imposed under each payment option? (§ 1026.40(d)(12)(ix))      
247(j) The minimum payment requirement, using the maximum APR in effect for a $10,000 balance, and the earliest date the maximum APR may be imposed? (§ 1026.40(d)(12)(x))      
247(k) The historical example, based on a $10,000 balance, reflecting all significant plan terms? (§ 1026.40(d)(12)(xi))      
247(l) Rate information will be provided on or with each periodic statement? (§ 1026.40(d)(12)(xii))      

Limitations on Home Equity Plans

Limitations on Home Equity Plans
Item Description Yes No N/A
248 Is the APR based on an independent index for variable rate accounts? (§ 1026.40(f)(1)(i))      
249 Is the index available to the public? (§ 1026.40(f)(1)(ii))      
250

Are accounts terminated and repayment of the entire balance due before the end of the original term (other than reverse mortgages) only under the following conditions:

Note: Regulation O (12 CFR 215.5) requires, and TILA permits, a demand feature in executive officer plans. (§ 1026.40(f)(2)(iv))

     
250(a) When there is fraud or material misrepresentation by the consumer in connection with the plan at any time, including during the application process, the draw period, or any repayment period?      
250(b) When the consumer fails to meet the plan’s repayment terms?      
250(c) When the consumer takes action or fails to act in a manner that adversely affects the credit union’s security for the plan or any right in the security? (§ 1026.40(f)(2)(iii))      
251 Are the terms of an account only changed under the following circumstances:      
251(a) When a specified change occurs when a specific event takes place, as provided for in the initial agreement?      
251(b) When the index or margin is changed because the original index is no longer available?      
251(c) When the consumer specifically agrees to a specified change in writing at the time of the change?      
251(d) When any change unequivocally will benefit the consumer?      
251(e) When changes made to the terms are insignificant? (12 CFR 1026.40(f)(3)(i)-(v))      
252 Is the credit limit reduced, or are additional extensions of credit prohibited, only under the following circumstances:      
252(a) When the value of the dwelling securing the plan declines significantly below the appraised value?      
252(b) When the consumer’s financial circumstances change materially and the credit union reasonably believes the consumer will be unable to meet the repayment obligations?      
252(c) When the consumer defaults on any material obligation under the agreement?      
252(d) When government action restricts an APR increase?      
252(e) When the credit union’s security interest is adversely affected because of government action to the extent that the security value is less than 120 percent of the credit line?      
252(f) When the credit union is notified by its regulatory agency that continued advances constitute an unsafe and unsound practice? (§ 1026.40(f)(3)(vi))      

Account-Opening Disclosures for HELOCs

Account-Opening Disclosures for HELOCs
Item Description Yes No N/A
253 Does the credit union disclose, as applicable, the circumstances under which a finance charge will be imposed and an explanation of how it will be determined, including a statement of when finance charges begin to accrue and an explanation of whether or not any grace period exists? (§ 1026.6(a)(1)(i))      
254 Does the credit union disclose each periodic rate that may be used to         compute the finance charge, the range of balances to which it is applicable, and the corresponding APR? (§ 1026.6(a)(1)(ii))      
254(a) If a variable rate applies, does the credit union also disclose the circumstances under which the rate may increase, any limitations on the increase, and the effects of an increase? (§ 1026.6(a)(1)(ii))      
254(b) When different periodic rates apply to different types of transactions, does the credit union disclose the types of transactions to which the periodic rates apply? (§ 1026.6(a)(1)(ii))      
255 Does the credit union disclose an explanation of the method used to determine the balance on which the finance charge may be computed? (§ 1026.6(a)(1)(iii))      
256 Does the credit union disclose an explanation of how the amount of any finance charge will be determined, including a description of how any finance charge other than the periodic rate will be determined? (§ 1026.6(a)(1)(iv))      
257 Is there a statement of the amount of charges other than a finance charge that may be imposed, or an explanation of how the charge will be determined? (§ 1026.6(a)(2))      
258 Are conditions for terminating the HELOC plan, for prohibiting additional credit, for reducing the credit limit, and for implementing changes provided? (§ 1026.6(a)(3)(i))      
259 Are the payment terms for the HELOC plan provided per § 1026.40(d) (if terms for draw and repayment period are different, the terms for each must be disclosed, as applicable), including:      
259(a) The length of the draw period and any repayment period?      
259(b) An explanation of how the minimum periodic payment will be computed?      
259(c) The timing of periodic payments?      
259(d) If the periodic payment repays less than the balance or does not reduce principal (e.g., interest-only payments), a statement of that fact and that a balloon payment may or will result, as applicable? (§ 1026.6(a)(3)(ii))      
260 For the HELOC, is there a statement, if applicable, that negative amortization might occur, and that it increases the principal balance and reduces the consumer’s equity in the dwelling? (§ 1026.6(a)(3)(iii))      
261 Is there a statement of transaction requirements for the HELOC? (§ 1026.6(a)(3)(iv))      
262 Is there a statement about tax implication and consulting a tax adviser for the HELOC? (§ 1026.6(a)(3)(v))      
263 Is there a statement that the APR does not include costs other than interest for the HELOC? (§ 1026.6(a)(3)(vi))      
264 Unless the disclosures provided with the application were in a form the consumer could keep and included a representative payment example for the category of payment option chosen by the consumer, are the following disclosures provided for variable rate HELOCs? (§ 1026.6(a)(3)(vii))      
264(a) The rules relating to changes to the index, APR, changes in the payment amount, including information on payment limitations and carryover?      
264(b) The minimum payment required (for both the draw and repayment periods) when the maximum APR is in effect for a $10,000 balance and the earliest date the maximum APR may be imposed?      
264(c) An example based on a $10,000 balance, reflecting all significant plan terms and showing how the APR and the minimum periodic payment amount would have been affected during the most recent 15 years by changes in the index?      
264(d) A statement that rate information will be provided on or with each periodic statement?      
264(e) An example based on a $10,000 balance and a recent APR showing the minimum periodic payment, any balloon payment, and the time it would take to repay the      
264(f) $10,000 balance making only the minimum payment while obtaining no additional credit? (§ 1026.6(a)(3)(vii))      
265 Does the credit union disclose that it has or will acquire a security interest in the property purchased, or in other property identified by item or type? (§ 1026.6(a)(4))      
266 Is there a statement detailing consumer-billing rights and credit union’s responsibilities under §§ 1026.12(c) and 1026.13 included, and is it similar to the statement in Model Form G-3, or at the credit union’s option, G-3A in appendix G? (§ 1026.6(a)(5))      
267 Is the maximum interest rate disclosed when (a) in the case of closed-end credit, the APR may increase after consummation; or (b) in the case of open-end credit, the APR may increase during the plan. (§ 1026.30(b))      

Subsequent Disclosure Requirements

Subsequent Disclosure Requirements
Item Description Yes No N/A
268 Does the credit union mail or deliver the annual statement of billing rights at least once a year? (§ 1026.9(a)(1)) Or is an alternative summary statement provided with each periodic statement? (§ 1026.9(a)(2))      
269 Has the credit union kept evidence of compliance with TILA for two years after the date disclosures were required to be made or action was required to be taken? (§ 1026.25(a))      

Credit and Charge Card Forms Review

Application and Solicitation Disclosures

Application and Solicitation Disclosures
Item Description Yes No N/A
270 Were the solicitation or application disclosures made clearly and conspicuously on or with a solicitation or an application? (§ 1026.60(a)(1))      
271 For the disclosures in §§ 1026.60(b)(1) through (5) (except for (b)(1)(iv)(B) and (b)(1)(iv)(C)) and (b)(7) through (15), did the credit union make the disclosures required for §§ 1026.60(c), (d)(2), (e)(1), and (f) in the form of a table with headings, content, and format similar to the applicable tables found in G-10 in appendix G? (§ 1026.60(a)(2)(i))

Note: For an application or a solicitation that is accessed by the consumer in electronic form, the disclosures required under this section may be provided to the consumer in electronic form on or with the application or solicitation. (§ 1026.60(a)(2)(v))

     
272 Does the table required by § 1026.60(a)(2)(i) contain only the information required or permitted by that section? If the credit union provides other information, does such information appear outside the table? (§ 1026.60(a)(2)(ii))      
273 Are the disclosures required by §§ 1026.60(b)(1)(iv)(B), (b)(1)(iv)(C), and (b)(6) placed directly beneath the table required by § 1026.60(a)(2)(i)? (§ 1026.60(a)(2)(iii))      
274 When a tabular format is required, are the following disclosures in bold text?      
274(a) APR required to be disclosed under § 1026.60(b)(1)?      
274(b) Introductory rate required to be disclosed under § 1026.60(b)(1)(ii)?      
274(c) Rate that will apply after a premium initial rate expires required to be disclosed under § 1026.60(b)(1)(iii)?      
274(d) Fee or percentage amounts or maximum limits on fee amounts required to be disclosed under §§ 1026.60(b)(2), (b)(4), and (b)(8) through (b)(13)? (§ 1026.60(a)(2)(iv))

Note: Bold text must not be used for the amount of any periodic fee disclosed under § 1026.60(b)(2) that is not an annualized amount; and other APRs or fee amounts disclosed in the table. (§ 1026.60(a)(2)(iv))

     
275 Does the card issuer disclose each periodic rate that may be used to compute the finance charge on an outstanding balance for purchases, a cash advance, or a balance transfer, expressed as an APR; when more than one rate applies for a category of transactions, is the range of balances to which each rate is applicable also disclosed; and except for oral disclosures of the APR for purchases or a penalty rate that may apply upon the occurrence of one or more specific events, is the APR for purchases disclosed under § 1026.60(b)(1) in at least 16-point type? (§ 1026.60(b)(1))      
276 If a rate is a variable rate, does the card issuer disclose the fact that the rate may vary and how the rate is determined; does the card issuer identify the type of index or formula that is used in setting the rate; are the value of the index and the amount of the margin that are used to calculate the variable rate not disclosed in the table; and are any applicable limitations on rate increases not included in the table? (§ 1026.60(b)(1)(i))      
277 If the initial rate is an introductory rate, does the card issuer disclose in the table the introductory rate, the time period during which the introductory rate will remain in effect, and the term “introductory” or “intro” in immediate proximity to the introductory rate; and does the card issuer disclose, as applicable, either the variable or fixed rate that would otherwise apply to the account? (§ 1026.60(b)(1)(ii))      
278 If the initial rate is temporary and is higher than the rate that will apply after the temporary rate expires, does the card issuer disclose the premium initial rate and the time period during which the premium initial rate will remain in effect; is the premium initial rate for purchases in at least 16-point type; and does the issuer disclose in the table the rate that will apply after the premium initial rate expires, in at least 16-point type? (§ 1026.60(b)(1)(iii))      
279 Except as provided for introductory rate (§ 1026.60(b)(1)(iv)(B)) or employee preferential rate (§ 1026.60(b)(1)(iv)(C)) requirements, if a rate may increase as a penalty for one or more events specified in the account agreement, such as a late payment or an extension of credit that exceeds the credit limit, does the card issuer disclose the increased rate that may apply, a brief description of the event or events that may result in the increased rate, and a brief description of how long the increased rate will remain in effect? (§ 1026.60(b)(1)(iv)(A))      
280 If the issuer discloses an introductory rate in the table or in any written or electronic promotional materials accompanying applications or solicitations (and subject to paragraph (c) or (e) of § 1026.60), does the issuer briefly disclose, directly beneath the table, the circumstances, if any, under which the introductory rate may be revoked, and the type of rate that will apply after the introductory rate is revoked? (§ 1026.60(b)(1)(iv)(B))      
281 If the issuer discloses in the table a preferential APR for which only employees of the card issuer, employees of a third party, or other individuals with similar affiliations with the card issuer or third party are eligible, does the issuer briefly disclose—directly beneath the table—the circumstances under which such preferential rate may be revoked, and the rate that will apply after such preferential rate is revoked? (§ 1026.60(b)(1)(iv)(C))      
282 If a rate cannot be determined at the time disclosures are given because the rate depends, at least in part, on a later determination of the consumer's creditworthiness, does the card issuer disclose the specific rates or the range of rates that could apply and a statement that the rate for which the consumer may qualify at account opening will depend on the consumer's creditworthiness, and other factors, if applicable? (§ 1026.60(b)(1)(v))

Note: If the rate that depends, at least in part, on a later determination of the consumer's creditworthiness is a penalty rate, as described in § 1026.60(b)(1)(iv), the card issuer at its option may disclose the highest rate that could apply, instead of disclosing the specific rates or the range of rates that could apply. (§ 1026.60(b)(1)(v))

     
283 Does the card issuer refrain from listing APR rates for multiple states in the table?

Note: Issuers imposing APRs that vary by state may, at the issuer’s option, disclose in the table the specific APR applicable to the consumer's account; or the range of the APRs, if the disclosure includes a statement that the APR varies by state and refers the consumer to a disclosure provided with the table where the APR applicable to the consumer's account is disclosed. (§ 1026.60(b)(1)(vi))

     
284 Does the card issuer disclose any annual or other periodic fee, expressed as an annualized amount, or any other fee that may be imposed for the issuance or availability of a credit or charge card, including any fee based on account activity or inactivity, and how frequently the fee is imposed? If the card issuer imposes a non-periodic fee that relates to account opening, does the issuer disclose that the fee is a one-time fee? (§ 1026.60(b)(2))      
285 Does the card issuer disclose any fixed finance charge that could be imposed during a billing cycle, as well as a brief description of that charge; any minimum interest charge if it exceeds $1.00 that could be imposed during a billing cycle; and a brief description of the charge? (§ 1026.60(b)(3))      
286 Does the credit union disclose any transaction charge imposed by the issuer for the use of the card for purchases? (§ 1026.60(b)(4))      
287 Does the issuer disclose the grace period and any conditions on the availability of the grace period; if no grace period is provided, is this fact disclosed; if the grace period varies, does the issuer disclose the range of days, the minimum number of days, or the average number of days in the grace period; in disclosing in the tabular format a grace period that applies to all types of purchases, is the phrase “How to Avoid Paying Interest on Purchases” used as the heading for the row describing the grace period; and if a grace period is not offered on all types of purchases, in disclosing this fact in the tabular format, is the phrase “Paying Interest” used as the heading for the row describing this fact? (§ 1026.60(b)(5))      
288 Does the credit union disclose the name of the balance computation method that is used to determine the balance on which the finance charge is computed, or an explanation of the method used if it is not listed? (§ 1026.60(b)(6))      
289 Note: Disclosures required by § 1026.60(b)(6) must be placed directly beneath the table.      
290 Does the credit union disclose a statement that charges incurred by use of the charge card are due when the periodic statement is received? (§ 1026.60(b)(7))      
291 Does the credit union disclose any fee imposed for an extension of credit in the form of cash or its equivalent? (§ 1026.60(b)(8))      
292 Does the credit union disclose any fee imposed for a late payment? (§ 1026.60(b)(9))      
293 Does the credit union disclose any fee imposed for exceeding the credit limit? (§ 1026.60(b)(10))      
294 Does the credit union disclose any fee imposed to transfer a balance? (§ 1026.60(b)(11))      
295 Does the credit union disclose any fee imposed for a returned payment? (§ 1026.60(b)(12))      
296 Does the credit union disclose any fee for insurance, debt cancellation, or suspension coverage if these are required as part of the plan and include a reference to any accompanying information provided about the insurance or coverage? (§ 1026.60(b)(13))      
297 If the total of required fees for the issuance or availability of credit and/or security deposit debited to the account at account opening equals or exceeds 15 percent of the minimum credit limit for the account, does the credit union disclose the available credit remaining after the fees and/or security deposit are debited to the account? (§ 1026.60(b)(14))      
298 For issuers of credit cards and charge cards, does the credit union disclose a reference to the CFPB’s Web ite and a statement that the consumers may obtain on the Web site information about shopping for and using credit cards? (§ 1026.60(b)(15))      
299 Has the credit union retained evidence of compliance with TILA for two years after the date disclosures were required to be made or action was required to be taken? (§ 1026.25(a))      

Open-End Credit File Review

General and Subsequent Disclosures, Payments, Balances, Terminations, Renewals, Unauthorized Charges, and Billing Errors General and Subsequent Disclosures, Payments, Balances, Terminations, Renewals, Unauthorized Charges, and Billing Errors

General and Subsequent Disclosures, Payments, Balances, Terminations, Renewals, Unauthorized Charges, and Billing Errors General and Subsequent Disclosures, Payments, Balances, Terminations, Renewals, Unauthorized Charges, and Billing Errors
Item Description Yes No N/A
300 Is the timing of disclosures provided in accordance with all sections of § 1026.5(b)(1)?      
301 If the credit union collected an application fee excludable from the finance charge before providing account-opening disclosures and the consumer rejected the plan after receiving account-opening disclosures, was the consumer under no obligation to pay such an application fee, or if the fee was paid, was it refunded? (§ 1026.5(b)(1)(v))      
302 Are periodic statements provided for each billing cycle in which the account has a debit or credit balance of more than $1 or a finance charge was imposed? (§ 1026.5(b)(2)(i))      
303 Does the disclosure reflect the terms of the legal obligation between the parties, and if any necessary information for accurate disclosure is unknown, is the disclosure based on the best information reasonably available and states clearly that the disclosure is an estimate? (§ 1026.5(c))      
304 Except for checks that access a credit card account, if the credit union adds a credit feature or furnishes a credit access device 30 days after providing account opening disclosures, does the credit union indicate that the feature or device is for use in obtaining credit under the terms previously disclosed? (§ 1026.9(b)(1))      
305 Except for checks that access a credit card account, are the §§  1026.6(a)(1) or 1026.6(b)(3)(ii)(A) disclosures for an added feature or credit device with different finance charge terms provided before the consumer uses the feature or device for the first time? (§ 1026.9(b)(2))      
306 If checks that can be used to access a credit card account are provided more than 30 days after   account-opening disclosures under § 1026.6(b) are mailed or delivered, or are provided within 30 days of the account-opening disclosures and the finance charge terms for the checks differ from the finance charge terms previously disclosed, did the credit union disclose on the front of the page containing the checks the following terms in the form of a table with the headings, content, and form substantially similar to Sample G-19 in appendix G to this part:      
306(a) If a promotional rate applies to the checks; the promotional rate and the time period during which the promotional rate will remain in effect; the type of rate that will apply after the promotional rate expires; the APR that will apply after the promotional rate expires; if a variable-rate account, an APR based on the applicable index or formula in accordance with the accuracy requirements set forth in § 1026.9(b)(3)(ii); the date, if any, by which the consumer must use the checks in order to qualify for the promotional rate; if the credit union will honor checks used after such date but will apply an APR other than the promotional rate, a disclosure of this fact and the type of APR that will apply if the consumer uses the checks after such date? (§ 1026.9(b)(3)(i)(A))      
306(b) If no promotional rate applies to checks that can be used to access a credit card account, the type of rate that will apply to the checks and the applicable APR; and, if a variable-rate account, an APR based on the applicable index or formula in accordance with the accuracy requirements in § 1026.9(b)(3)(ii)? (§ 1026.9(b)(3)(i)(B))      
306(c) Transaction fees applicable to checks disclosed under § 1026.6(b)(2)(iv)? (§ 1026.9(b)(3)(i)(C))      
306(d) When disclosing whether there is a grace period (whether or not a grace period is given) did the credit union use the phrase “How to Avoid Paying Interest on Check Transactions” as the row heading when a grace period applies to credit extended by the use of checks? When disclosing the fact that no grace period exists, did the credit union use the phrase “Paying Interest” as the row heading?) (§ 1026.9(b)(3)(i)(D))      
306(e) If any APR required to be disclosed under § 1026.9(b)(3)(i) is a variable rate, does the credit union disclose the fact that the rate may vary and how the rate is determined; does the credit union identify the type of index or formula used in setting the rate; does the credit union refrain from disclosing the value of the index and the amount of the margin that are used to calculate the variable rate in the table; and did the credit union refrain from disclosing any applicable limitations on rate increases in the table? (§ 1026.9(b)(3)(iii))      
307 Are written advance notices of any significant changes in account terms or increase in the required minimum payment provided at least 45 days before the effective date of the change, unless an exception (including that the consumer has agreed to the change per § 1026.9(c)(2)(i)(B)) applies? (§ 1026.9(c)(2)(i))

Note: The 45-day timing requirement does not apply if the consumer has agreed to a particular change. (§ 1026.9(c)(2)(i)(B)).  For these instances, however, the credit union must provide a notice according to the timing requirements of § 1026.9(c)(2)(i)(B), i.e., mailed or delivered as late as the effective date of the change.

     
308 If the credit union increases any component of a charge on a credit card account or introduces a new charge required to be disclosed under § 1026.6(b)(3) that is not a significant charge, did the credit union either comply with the 45-day notice requirement or provide notice of the amount of the charge before the consumer agrees to or becomes obligated to pay the charge, at a time and in a manner that a consumer would be likely to notice the disclosure of the charge, either in writing or orally? (§ 1026.9(c)(2)(iii))      
309 Does the written change-in-terms notice include, in the proper format, the following:      
309(a) A summary of the changes, any increase in the required minimum payment, and the security interest being acquired? (§ 1026.9(c)(2)(iv)(A)(1))      
309(b) A statement that changes are being made to the account? (§ 1026.9(c)(2)(iv)(A)(2))      
309(c) For accounts other than credit card accounts under an open-end (not home- secured) consumer credit plan subject to § 1026.9(c)(2)(iv)(B), a statement indicating that the consumer has the right to opt out of the changes, if applicable, and a reference to the opt-out right provided in the notice?      
309(d) (§ 1026.9(c)(2)(iv)(A)(3))      
309(e) The date the changes will become effective? (§ 1026.9(c)(2)(iv)(A)(4))      
309(f) If applicable, a statement that the consumer may find additional information about the summarized changes, and other changes, in the notice?      
309(g) (§ 1026.9(c)(2)(iv)(A)(5))      
309(h) In the case of a rate change, other than a penalty rate, a statement that if a penalty rate currently applies to the consumer’s account, the new rate described in the notice will not apply to the consumer’s account until the consumer’s account balances are no longer subject to the penalty rate?      
309(i) (§ 1026.9(c)(2)(iv)(A)(6))      
309(j) If the change in terms being disclosed is an increase in the APR, the balances to which the increased rate will apply; and if applicable, a statement identifying the balances to which the current rate will apply as of the effective date of the change? (§ 1026.9(c)(2)(iv)(A)(7))      
309(k) If the change in terms being disclosed is an increase in an APR for a credit card account under an open-end (not home-secured) consumer credit plan, a statement of no more than four principal reasons for the rate increase, listed in their order of importance? (§ 1026.9(c)(2)(iv)(A)(8))

Note: The disclosed reasons must accurately describe the principal factors actually considered by the card issuer in increasing the rate. (Comments § 1026.9(c)(2)(iv)–11)

     
310 Except in the case of an increase in the required minimum periodic payment, a change in the APR, a change in the balance computation method necessary to comply with § 1026.54, an increase in a fee resulting from reevaluation of a determination made under § 1026.52(b)(1)(i), or a regulatory adjustment to the safe harbor provision at § 1026.52(b)(1)(ii), when the change results from the credit union not receiving the required minimum periodic payment within 60 days after the due date for that payment, or an increase in a fee previously reduced consistent with the SCRA or similar federal or state statute or regulation if the amount of the increased fee does not exceed the amount of that fee before the reduction, did the card issuer provide:      
310(a) A statement that the consumer has the right to reject the change or changes before the effective date of the changes, unless the consumer fails to make a required minimum periodic payment within 60 days after the due date for payment?      
310(b) Instructions for rejecting the change or changes, and a toll-free telephone number that the consumer may use to notify the credit union of the rejection?      
310(c) If applicable, a statement that if the consumer rejects the change or changes, the consumer’s ability to use the account for further advances will be terminated or suspended? (§ 1026.9(c)(2)(iv)(B))      
311 For credit card accounts, if the significant change required to be disclosed is an increase in an APR or fee or charge required to be disclosed under §§ 1026.6(b)(2)(ii), (b)(2)(iii), or (b)(2)(xii) based on the consumer’s failure to make a minimum periodic payment within 60 days from the due date for that payment, does the 45-day notice include the following information:      
311(a) A statement of the reason for the increase?      
311(b) That the increase will cease to apply to transactions that occurred before or within 14 days of provision of the notice, if the credit union receives six consecutive required minimum periodic payments on or before the payment due date beginning with the first payment due following the effective date of the increase? (§ 1026.9(c)(2)(iv)(C))      
312 Is the summary of changes described in § 1026.9(c)(2)(iv)(A)(1) in a tabular format (except for a summary of any increase in the required minimum periodic payment, a summary of a term required to be disclosed under § 1026.6(b)(4) that is not required to be disclosed under §§ 1026.6(b)(1) and (b)(2), or a description of any security interest being acquired by the credit union), with headings and format substantially similar to any of the account-opening tables found in G-17 in Appendix G; does the table disclose the changed term and information relevant to the change, if that relevant information is required by §§ 1026.6(b)(1) and(b)(2); and are the new terms described in the same level of detail as required when disclosing the terms under § 1026.6(b)(2) (account opening)? (§ 1026.9(c)(2)(iv)(D)(1))      
313 If a notice required by § 1026.9(c)(2)(i) (change in terms) is included on or with a periodic statement, is the information described in § 1026.9(c)(2)(iv)(A)(1) disclosed on the front of any page of the statement, and does it immediately follow the information described in §§ 1026.9(c)(2)(iv)(A)(2)-(8) and, if applicable, §§ 1026.9(c)(2)(iv)(B)-(C), and is it substantially similar to the format shown in Sample G-20 or G-21 in Appendix G? (§ 1026.9(c)(2)(iv)(D)(2))      
314 If a notice required by § 1026.9(c)(2)(i) (change in terms) is not included on or with a periodic statement, is the information described in § 1026.9(c)(2)(iv)(A)(1), at the credit union's option, disclosed on the front of the first page of the notice or segregated on a separate page from other information given with the notice? The summary of changes may be on more than one page, and may use both the front and reverse sides, but if so, does the table begin on the front of the first page of the notice and is there a reference on the first page indicating that the table continues on the following page? (§ 1026.9(c)(2)(iv)(D)(3))      
315 For a notice required by § 1026.9(c)(2)(i) that is provided separately from the periodic statement, is the summary of changes described in § 1026.9(c)(2)(iv)(A)(1) immediately following the information described in §§ 1026.9(c)(2)(iv)(A)(2) - (7) and, if applicable, §§ 1026.9(c)(2)(iv)(A)(8), (c)(2)(iv)(B) - (C), similar to the format shown in Sample G-20 or G-21 in Appendix G? (§ 1026.9(c)(2)(iv)(D)(3))      
316 Was a notice of a decrease in the credit limit provided in writing or orally at least 45 days before an over-the-limit fee or penalty rate is imposed as a result of a consumer exceeding the newly decreased credit limit; and does the notice state that the credit limit on the account has been or will be decreased? (§ 1026.9(c)(2)(vi))      
317 If the card issuer imposes any annual or other periodic fee to renew a credit or charge card account, does the card issuer provide required disclosures at least 30 days or one billing cycle, whichever is less, before the mailing or delivery of the periodic statement on which the renewal fee is initially charged to the account; and if the card issuer has changed or amended any term of the account required to be disclosed under §§ 1026.6(b)(1)-(2) that has not previously been disclosed to the consumer, has the notice been provided at least 30 days before the scheduled renewal date of the consumer’s credit or charge card? (§ 1026.9(e)(1))      
318 Does the renewal disclosure contain the disclosures required by §§ 1026.60(b)(1)-(7)? (§ 1026.9(e)(1)(i))      
319 Does the renewal disclosure include how and when the cardholder may terminate the credit to avoid paying the renewal fee? (§ 1026.9(e)(1)(ii))      
320 If the renewal disclosure is provided on the back of a periodic statement, has the card issuer included a reference to those disclosures on the front of the statement? (§ 1026.9(e)(2))      
321 When the insurance provider is changed, are credit insurance disclosures provided at least 30 days before the change in provider occurs; and does the insurance notice include any resulting increase in the rate, any resulting substantial decrease in coverage, and a statement that the cardholder may discontinue the insurance? (§ 1026.9(f)(1))      
322 If the provider of insurance changes, did the issuer provide the cardholder with a written notice no later than 30 days after the change that includes the following: name and address of the new insurance provider; copy of the new policy or group certificate containing the basic terms of the insurance, including the rate to be charged; and a statement that the cardholder may discontinue the insurance? (§ 1026.9(f)(2))      
323 For plans other than home-equity plans subject to the requirements of § 1026.40, unless the exception at § 1026.9(g)(4) applies, did the credit union provide a written notice:      
323(a) To each consumer who may be affected when a rate is increased because of the consumer's delinquency or default? (§ 1026.9(g)(1)(i))      
323(b) To each consumer who may be affected when a rate is increased as a penalty for one or more events specified in the account agreement, such as making a late payment or obtaining an extension of credit that exceeds the credit limit? (§ 1026.9(g)(1)(ii))      
323(c) At least 45 days before the effective date of an increase in the rate because of delinquency, default, or as a penalty for a specified event, like late payment or an extension of credit in excess of the credit limit, and was the notice provided after the occurrence of the triggering event? (§ 1026.9(g)(2))      
324 If a notice required by § 1026.9(g)(1) (increase in rates due to delinquency or default or as a penalty) is included on or with a periodic statement, was the disclosure provided in the form of a table and provided on the front of any page of the periodic statement? (§ 1026.9(g)(3)(ii)(A))      
325 If the notice described in § 1026.9(c)(2)(iv) (significant changes in account terms) is provided on the same statement, is the increase in rates disclosure above that notice? (§ 1026.9(g)(3)(ii)(A))      
326 If a notice required by § 1026.9(g)(1) is not included on or with a periodic statement, is the information described in paragraph § 1026.9(g)(3)(i) disclosed on the front of the first page of the notice, and is only information related to the increase in the rate to a penalty rate included with the notice? (§ 1026.9(g)(3)(ii)(B)).      
327 Does the written notice include the following:      
327(a) Statement that the delinquency or default rate or penalty rate, as applicable, has been triggered?      
327(b) Date on which the delinquency or default rate will apply?      
327(c) Circumstances under which the delinquency or default rate, as applicable, will cease to apply, or if it will remain in effect indefinitely?      
327(d) Statement indicating to which balances the delinquency or default rate or penalty rate will be applied?      
327(e) If applicable, a description of any balances to which the current rate will continue to apply as of the effective date of the rate increase, unless a consumer fails to make a minimum periodic payment within 60 days from the due date for that payment?      
327(f) For a credit card account under an open-end (not home-secured) consumer credit plan, a statement of no more than four principal reasons for the rate increase, listed in their order of importance? (§ 1026.9(g)(3)(i)(A))

Note: The disclosed reasons must accurately describe the principal factors actually considered by the card issuer in increasing the rate. (Official Interpretations § 1026.9(g)–7)

     
328 If the rate increase required to be disclosed is an increase under to § 1026.55(b)(4) based on the consumer’s failure to make a minimum periodic payment within 60 days from the due date for that payment, does the notice also contain a statement that the increase will cease to apply to transactions that occurred before or within 14 days of provision of the delinquency or penalty notice, if the credit union receives six consecutive required minimum periodic payments on or before the payment due date, beginning with the first payment due following the effective date of the increase? (§ 1026.9(g)(3)(i)(B))      
329 If applicable, is a written notice provided 45 days in advance of imposing a penalty rate as a result of a consumer obtaining an extension of credit that exceeds the credit limit that includes:      
329(a) A statement that the credit limit on the account has been or will be decreased?      
329(b) A statement indicating the date on which the penalty rate will apply, if the outstanding balance exceeds the credit limit as of that date?      
329(c) A statement that the penalty rate will not be imposed on the date, if the outstanding balance does not exceed the credit limit as of that date?      
329(d) The circumstances under which the penalty rate, if applied, will cease to apply to the account, or that the penalty rate, if applied, will remain in effect for a potentially indefinite time period?      
329(e) a statement indicating to which balances the penalty rate may be applied?      
329(f) If applicable, a description of any balances to which the current rate will continue to apply as of the effective date of the rate increase, unless the consumer fails to make a minimum periodic payment within 60 days from the due date for that payment? (§ 1026.9(g)(4)(i)(A))      
330 Did the credit union refrain from increasing the rate applicable to the consumer’s account to the penalty rate if the outstanding balance did not exceed the credit limit on the date set forth in the notice? (§ 1026.9(g)(4)(ii))      
331 Is the information provided pursuant to § 1026.9(g)(4)(i) in the form of a table and provided on the front of any page of the periodic statement; or on the front of the first page of the notice? (§ 1026.9(g)(4)(iii))      
332 When the consumer is given the right to reject a significant change to an account term, was the consumer given the option to reject the change by notifying the credit union of the rejection before the effective date of the change? (§ 1026.9(h)(1))      
333 If the credit union was notified of the rejection of a significant change to an account term, did the credit union:      
333(a) Not apply the change or increase to the account?      
333(b) Not impose a fee or charge or treat the account as in default solely as a result of the rejection?      
333(c)

Not require repayment of the balance of the account using a method that is less beneficial to the consumer than one of the following methods:

Note: § 1026.9(h) does not apply if the credit union has not received the consumer’s required minimum periodic payment within 60 days after the due date for that payment and the credit union has provided timely change in terms disclosures. (§ 1026.9(h)(3))

     
333(c)(i) The method of repayment for the account on the date on which the credit union was notified of the rejection?      
333(c)(ii) An amortization period of not less than five years, beginning no earlier than the date on which the credit union was notified of the rejection?      
333(c)(iii) A required minimum periodic payment that includes a percentage of the balance that is equal to no more than twice the percentage required on the date on which the credit union was notified of the rejection? (§ 1026.9(h)(2))      
334 Are payments credited to a consumer’s account as of the date of receipt, except when a delay in crediting does not result in a finance charge or other charge or where there is an exception as provided in § 1026.10(b)? (§ 1026.10(a))      
335 If a credit union specifies requirements for payments, are they reasonable and do they allow most consumers to make conforming payments? (§ 1026.10(b)(1))      
336 If the credit union sets a cut-off time for payments to be received by mail, by electronic means, by telephone, or in person, is the cut-off time 5 p.m. or later on the payment due date at the location specified by the credit union for the receipt of such payments? (§ 1026.10(b)(2)(ii))      
337 For in-person payments at a credit union branch or office that accepts such payments, does the card issuer not impose a cut-off time earlier than the close of business for any such in-person payments (unless the close of business of the branch or office is earlier than 5 p.m.)? (§ 1026.10(b)(3)(i))      
338 Except as provided by § 1026.10(b)(4)(ii), if a credit union specifies, on or with the periodic statement, requirements for the consumer to follow in making payments as permitted under § 1026.10, but accepts a payment that does not conform to the requirements, is the payment credited within five days of receipt? (§ 1026.10(b)(4)(i))      
339 If the credit union promotes a method for making payments, does the credit union consider such payments conforming payments according to § 1026.10(b), and are they are credited to the consumer’s account as of the date of receipt, except when a delay in crediting does not result in a finance charge or other charge? (§ 1026.10(b)(4)(ii))      
340 If a credit union fails to credit a payment as required and imposes a finance or other charge, does the credit union credit the charge(s) to the consumer’s account during the next billing cycle? (§ 1026.10(c))      
341 If (due to a weekend or holiday, for example) a credit union does not receive or accept payments by mail on the due date for payments, does the credit union treat as timely a payment received on the next business day? (§ 1026.10(d)(1))      
342 For credit card accounts under an open-end (not home-secured) consumer credit plan, does the credit union not impose a separate fee to allow consumers to make a payment by any method, such as mail, electronic, or telephone payments, unless such payment method involves an expedited service by a customer service representative of the credit union? (§ 1026.10(e))      
343 If a card issuer makes a material change in the address for receiving payments or procedures for handling payments, and such change causes a material delay in the crediting of a payment to a consumer’s account during the 60-day period following the date on which such change took effect, does the card issuer not impose any late fee or finance charge for a late payment on the credit card account during the 60- day period following the date on which the change took effect? (§ 1026.10(f))      
344 If the account’s credit balance is in excess of $1, does the credit union credit the amount to the consumer’s account and either refund any part of the remaining credit balance within seven business days from receiving a written request from the consumer; or if no written request is received and the credit remains for more than six months, make a good faith effort to refund the amount of the credit to the consumer by cash, check, money order, or credit to a deposit account of the consumer? (§ 1026.11(a))      
345 Did the credit union refrain from terminating an account before its expiration date solely because the consumer did not incur a finance charge? (§ 1026.11(b)(1))      
346 Except for the account of a deceased consumer if a joint accountholder remains on the account, has the card issuer adopted reasonable written policies and procedures designed to ensure that an administrator of an estate of a deceased accountholder can determine the amount of and pay any balance on the account in a timely manner? (§ 1026.11(c)(1)(i))      
347 Upon request by the administrator of an estate, does the card issuer provide the administrator with the amount of the balance on a deceased consumer’s account in a timely manner, i.e., within 30 days of receiving the request? (§ 1026.11(c)(2)(i))      
348 After receiving a request from the administrator of an estate for the amount of the balance on a deceased consumer’s account, does the card issuer not impose any fees on the account (such as a late fee, annual fee, or over the-limit fee) or increase any APR, except as provided by § 1026.55(b)(2) (i.e., due to the operation of an index)? (§ 1026.11(c)(3)(i))      
349 If payment in full of the disclosed balance, under § 1026.11(c)(2), is received within 30 days after disclosure, does the card issuer waive or rebate any additional finance charge due to a periodic interest rate? (§ 1026.11(c)(3)(ii))      
350 Are credit cards issued only upon request or application or as a renewal of or substitute for an accepted credit card? (§ 1026.12(a))      
351 Is liability for unauthorized credit card use limited to a maximum of $50? (§ 1026.12(b)(1))      
352 Are disputes handled properly? Also, determine if the card issuer reports the disputed amount withheld by the consumer as delinquent only if the disputed amount remains unpaid after the dispute has been settled or judgment has been rendered against the consumer. (§ 1026.12(c))      
353 Is offsetting credit card indebtedness prohibited? (§ 1026.12(d)(1))      
354 Are billing errors resolved within two complete billing cycles (in no event more than 90 days)? (§ 1026.13(c)(2))      
355 Has the credit union kept evidence of compliance with TILA for two years after the date disclosures were required to be made or action was required to be taken? (§ 1026.25(a))      

Home Equity Line of Credit File Review

If the HELOC is a high-cost mortgage under §  1026.32(a) begin here, but if the loan does not meet the high-cost triggers, proceed to question 363.

Home Equity Line of Credit File Review
Item Description Yes No N/A
356 Are high-cost disclosures provided at least three business days before account opening? (§§ 1026.31(c)(1) and 1026.34(c))

Note: For purposes of § 1026.31(c), the term “business day” means all calendar days except Sundays and legal holidays. (§ 1026.2(a)(6))

     
357 If the terms change before account opening so that the disclosures are inaccurate, are new disclosures provided at least three business days before account opening? (§ 1026.31(c)(1)(i))      
358 Does any waiver of the three business day waiting period comply with § 1026.31(c)(1)(iii) and bear the signature of all consumers entitled to the waiting period? (§ 1026.31(c)(1)(iii))      
359 Does the credit union disclose the following in a conspicuous type size:      
359(a) The required notice? (§ 1026.32(c)(1))      
359(b) APR? (§ 1026.32(c)(2))      
359(c) Examples of first minimum periodic payments for the draw period, first minimum periodic payment for any repayment period, balance outstanding at the beginning of any repayment period, any balloon payment and required statements? (§ 1026.32(c)(3)(ii))      
359(d) Required information regarding the variable rate, if applicable? (§ 1026.32(c)(4))      
359(e) The credit limit? (§ 1026.32(c)(5))      
360 Are the following terms absent from the mortgage transaction:      
359(a) Balloon payment, unless the payment adjustment results from a distinct repayment period that does not permit draws? (§§ 1026.32(d)(1), (d)(1)(iii))      
359(b) Negative amortization? (§ 1026.32(d)(2))      
359(c) Advance payments of more than two periodic payments? (§ 1026.32(d)(3))      
359(d) Increased interest rate after default? (§ 1026.32(d)(4))      
359(e) Refund calculation by method less favorable than the actuarial method for rebates of interest arising from loan acceleration due to default? (§ 1026.32(d)(5))      
359(f) Prepayment penalties as defined in § 1026.32(b)(6)? (§ 1026.32(d)(6))      
359(g) Due-on-demand clause (unless an exception applies)? (§ 1026.32(d)(8))      
361 Does the credit union:      
361(a) Pay a contractor under a home improvement contract from mortgage proceeds only as allowed in § 1026.34(a)(1)?      
361(b) Sell or assign a mortgage only when furnishing the required notice to assignee? (§ 1026.34(a)(2))      
361(c) Refinance a high-cost mortgage into another high-cost mortgage only after one year, unless in the consumer’s interest? (§ 1026.34(a)(3))      
361(d) Only make an open-end high-cost mortgage (except a temporary or bridge loan with a term of less than 12 months) if the consumer has the ability to repay based on the consumer’s current income, reasonably expected income, employment, assets other than the collateral, or current obligations, including any mortgage-related obligations secured by the same dwelling that secures the loan? (§ 1026.34(a)(4))      
361(e) Determine the consumer’s repayment ability for loans described in step 6.d above by verifying income or assets relied upon and current obligations? (§ 1026.34(a)(4)(ii))      
361(f) Receive written certification that the consumer received counseling from a HUD-approved counselor (or a state housing finance authority, if permitted by HUD) in compliance with § 1026.34(a)(5) before extending credit? (§ 1026.34(a)(5))      
361(g) Refrain from recommending or encouraging a consumer to default on existing debt in order to refinance any portion into a high-cost mortgage? (§ 1026.34(a)(6))      
361(h) Refrain from charging a fee to modify, renew, extend, or defer payment due on a high-cost mortgage? (§ 1026.34(a)(7))      
361(i) Charge a late payment fee, only if permitted under the loan agreement, when a payment is not received by the end of the 15-day period beginning on payment due date (or, in the case when interest on each installment is to be paid in advance, the end of the 30-day period beginning on the payment due date), and only if the amount of the fee does not exceed 4 percent of the amount past due? (§§ 1026.34(a)(8)(i)-(iii))      
361(j) Apply a separate late payment fee to payments outstanding until the default is cured, only if the agreement permits the credit union to apply payments to any past due balance first? (§ 1026.34(a)(8)(iv))      
361(k) Provide payoff statements within five business days without charge (unless charging for at least the fifth payoff statement provided in a calendar year) and, if charging a fee for delivering the statement by fax or courier, charge the fee only after disclosing free delivery methods and at a cost comparable to similar services provided for non-high-cost mortgages? (§ 1026.34(a)(9))      
361(l) Extend a high-cost mortgage without financing charges that are points and fees as defined in § 1026.32(b)(2)? (§ 1026.34(a)(10))

Note: Credit insurance premiums or debt cancellation/suspension fees that are points and fees under § 1026.32(b)(2)(iv) are not considered financed when they are calculated and paid in full on a monthly basis.

     
362 Has the credit union avoided structuring a loan that is otherwise a high-cost mortgage to evade the TILA requirements? (§ 1026.34(b))      
363 Are the disclosures and brochure, which are required to be given at application, provided to the consumer or within three business days of receipt of an application in the case of applications contained in magazines or other publications or if the application is received through a broker or by telephone? (§ 1026.40(b))      
364 If a credit feature or credit device is added within 30 days after mailing or delivering the account-opening disclosures (including checks) or after 30 days (excluding checks) under the terms previously disclosed, does the credit union indicate that the feature or device is for use in obtaining credit under the terms previously disclosed? (§ 1026.9(b)(1))      
365 If a credit feature or credit device, except for checks that access a credit card account, is added and the finance charge terms differ from those previously disclosed, are the § 1026.6(a) disclosures for an added feature or credit device with different finance charge terms provided before the consumer uses the feature or device? (§ 1026.9(b)(2))      
366 If the HELOC is secured by the consumer’s principal dwelling (except a time-share plan), is the agreement devoid of any terms that would require arbitration or any other nonjudicial procedure to resolve a controversy or settle claims arising from the loan, or bar the consumer from bringing a claim in court for any federal statutory cause of action? (§ 1026.36(h))      
367 If there are premiums or fees for credit insurance for a HELOC secured by the consumer’s principal dwelling (except a time-share plan), are the fees not financed, either directly or indirectly, by the credit union? (§ 1026.36(i))

Note: The prohibition does not apply if the credit insurance premiums or fees are calculated and paid in full on a monthly basis. (§ 1026.36(i))

     
368 Did the credit union mail or deliver written notice of a change in any term required to be disclosed under § 1026.6(a) or an increase in the required minimum periodic payment at least 15 days before the effective date of the change? (§ 1026.9(c)(1)(i))      
369 If the credit union prohibits additional extensions of credit or reduces the credit limit, did the credit union mail or deliver notice of the action to each consumer who will be affected not later than three business days after such action is taken, and does the notice contain the specific reasons for the action and notice that the consumer must request reinstatement, if applicable? (§ 1026.9(c)(1)(iii))      
370 Are all fees refunded when the consumer rejects the plan because a term required to be disclosed (other than due to fluctuations in the index for a variable rate plan) changes before the plan is opened? (§ 1026.40(g))      
371 Does the credit union collect only refundable fees, if any, from the consumer before the end of three business days from delivering the disclosures (six days from the date of mailing, if mailed)? (§ 1026.40(h))      
372 Has the credit union refunded any fees that it collected from the consumer before it delivered the required disclosures if the consumer rejected the plan within three business days after receiving the disclosures (even if there is no change in the disclosed terms)? (§ 1026.40(h))      
373 Are payments credited to a consumer’s account as of the date of receipt, except when a delay in crediting does not result in a finance charge or other charge or as otherwise provided? (§ 1026.10(a))      
374 If a credit union specifies requirements for payments, are they reasonable and do they allow most consumers to make conforming payments? (§ 1026.10(b)(1))      
375 If the credit union sets a cutoff time for payments to be received by mail, by electronic means, by telephone, or in person, is the cutoff time 5 p.m. or later on the payment due date at the location specified by the credit union for the receipt of such payments? (§ 1026.10(b)(2)(ii))      
376 If a credit union specifies, on or with the periodic statement, requirements for the consumer to follow in making payments, but accepts a payment that does not conform to the requirements, is the payment credited within five days of receipt? (§ 1026.10(b)(4))      
377 If a credit union fails to credit a payment as required and imposes a finance or other charge, does the credit union credit the charge(s) to the consumer’s account during the next billing cycle? (§ 1026.10(c))