Contact Information
Direct: (800) 864-3560
Email: Send Email

Turn Times

Initial submission: 3 Business Days

Resubmission: 1-2 Business Days

 

PHM ID's

FHA 2402100003

VA ID 7852160000

NMLS # 162291

Mortgagee Clause

Premier Home Mortgage, Inc.

Its Successors and or assigns

3024 Tower Road

Rapid City, SD 57701

Compliance Guides

 

Correspondent Compliance Review

Premier Home Mortgage will do a quick RESPA and TILA review on your file once it is submitted. We will only hold the file for TILA and RESPA related items.  If the loan is not compliant we will let you know ways to get it compliant

Application date is defined once you have collected these 6 pieces of information.

  • The Customers Name
  • The Customers Income
  • The Customers Social Security Number
  • The property address
  • An estimate of the property value
  • The mortgage loan amount 
  • Purchase typically will be the date you receive a purchase agreement
  • Refinance will typically be the date you receive a written application request 

Below are the list of disclosers that must be sent to the borrower within 3 days of the application date and must be hard dated within 3 days of the application date.  The date on these should all match.

  • 1003-application-LO signature date must match the application date or the LE date.
  • LE
  • Itemization (Fee worksheet) 
  • Acknowledgement of Receipt of LE
  • Acknowledgement of Intent to Proceed                      
  • Credit  score Disclosure or Notice to the home loan applicant Credit Score info discl
  • Notice of Right of Receive copy of Written Appraisal/Valuation
  • Home Counseling Agency Information
  • State Disclosures (If Applicable)

Note: with the new rules coming 8/1/2015, the borrower MUST sign the intent to proceed within 10 days from the disclosed date.  If the borrower does not, the original is voided and a new one must be provided.

Change of circumstance (COC).  Below is what the CFPB considers for a change of circumstance.

(1)(i) Acts of God, war, disaster, or other emergency;

(ii)  Information particular to the borrower or transaction that was relied on in providing the GFE and that changes or is found to be inaccurate after the GFE has been provided. This may include information about the credit quality of the borrower, the amount of the loan, the estimated value of the property, or any other information that was used in providing the GFE;

(iii)  New information particular to the borrower or transaction that was not relied on in providing the GFE; or

(iv)  Other circumstances that are particular to the borrower or transaction, including boundary disputes, the need for flood insurance, or environmental problems.

(2)  Changed circumstances do not include:

(i)  The borrower's name, the borrower's monthly income, the property address, an estimate of the value of the property, the mortgage loan amount sought, and any information contained in any credit report obtained by the loan originator prior to providing the GFE, unless the information changes or is found to be inaccurate after the GFE has been provided; or

(ii)  Market price fluctuations by themselves

When should you issue a COC:

  • Loan is locked
  • Loan amount changes
  • Loan program changes
  • Interest rate changes

When doing a COC, you must indicate what changed.  For example.

Loan amount changed from $120,000 to $125,000

Loan program changed from conventional to FHA

Loan term changed from 15 year to 30 year

Premier is compliance heavy for you, we have had many customers go through audits with zero issues.   If there is any questions or concerns, please let us know.

 

 

 

TRID Compliance guide    PDF  694.29k    
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