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Truth in Lending Act Checklist

Closed-End Credit Advertising

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

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))
Yes
 
No
 
N/A
 
Item
2
Description
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))
Yes
 
No
 
N/A
 
Item
3
Description
If the advertisement states a rate of finance charge, is it stated as an “annual percentage rate”? (§ 1026.24(c))
Yes
 
No
 
N/A
 
Item
4
Description
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))
Yes
 
No
 
N/A
 
Item
5
Description
If the APR is stated and may increase after consummation, does the advertisement state that fact? (§ 1026.24(c))
Yes
 
No
 
N/A
 
Item
6
Description
If the institutions used triggering terms (see § 1026.24(d)(1)), did the advertisement include, as applicable,
Yes
 
No
 
N/A
 
Item
6(a)
Description
Amount or percentage of down payment? (§ 1026.24(d)(2)(i))
Yes
 
No
 
N/A
 
Item
6(b)
Description
Repayment terms over the full term of the loan, including any balloon payment? (§ 1026.24(d)(2)(ii))
Yes
 
No
 
N/A
 
Item
6(c)
Description
APR? (§ 1026.24(d)(2)(iii))
Yes
 
No
 
N/A
 
Item
6(d)
Description
The fact that the APR may be increased after consummation, if applicable? (§ 1026.24(d)(2)(iii))
Yes
 
No
 
N/A
 
Item
7
Description
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:
Yes
 
No
 
N/A
 
Item
7(a)
Description
Each simple annual rate of interest that applies; for variable-rate transactions, are rates disclosed based on reasonably current index and margin?
Yes
 
No
 
N/A
 
Item
7(b)
Description
Time period during which each simple annual rate of interest applies?
Yes
 
No
 
N/A
 
Item
7(c)
Description
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))
Yes
 
No
 
N/A
 
Item
8
Description

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))
Yes
 
No
 
N/A
 
Item
8(a)
Description
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?
Yes
 
No
 
N/A
 
Item
8(b)
Description
Period of time during which each payment applies?
Yes
 
No
 
N/A
 
Item
8(c)
Description
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))
Yes
 
No
 
N/A
 
Item
9
Description
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:
Yes
 
No
 
N/A
 
Item
9(a)
Description
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))
Yes
 
No
 
N/A
 
Item
9(b)
Description
The consumer must consult a tax adviser for further information regarding the deductibility of interest and charges? (§ 1026.24(h)(2))
Yes
 
No
 
N/A
 
Item
10
Description
Are advertisements for credit secured by a dwelling void of misleading statements, including:
Yes
 
No
 
N/A
 
Item
10(a)
Description
Misleading advertising of “fixed” rates and payments? (§ 1026.24(i)(1))
Yes
 
No
 
N/A
 
Item
10(b)
Description
Misleading comparisons in advertisements? (§ 1026.24(i)(2))
Yes
 
No
 
N/A
 
Item
10(c)
Description
Misrepresentations about government endorsements? (§ 1026.24(i)(3))
Yes
 
No
 
N/A
 
Item
10(d)
Description
Misleading use of the current lender’s name? (§ 1026.24(i)(4))
Yes
 
No
 
N/A
 
Item
10(e)
Description
Misleading claims of debt elimination? (§ 1026.24(i)(5))
Yes
 
No
 
N/A
 
Item
10(f)
Description
Misleading use of the term “counselor”? (§ 1026.24(i)(6))
Yes
 
No
 
N/A
 
Item
10(g)
Description
Misleading foreign-language advertisements? (§ 1026.24(i)(7))
Yes
 
No
 
N/A
 

Open-End/Home Equity Line of Credit Advertising

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

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))
Yes
 
No
 
N/A
 
Item
12(a)
Description
Any minimum, fixed, transaction, activity, or similar fee that is a finance charge that could be imposed? (§ 1026.16(b)(1)(i))
Yes
 
No
 
N/A
 
Item
12(b)
Description
Any periodic rates stated as an APR? (§ 1026.16(b)(1)(ii))
Yes
 
No
 
N/A
 
Item
12(c)
Description
The fact that the plan provides for a variable periodic rate, if applicable? (§ 1026.16(b)(1)(ii))
Yes
 
No
 
N/A
 
Item
12(d)
Description
Any membership or participation fee that could be imposed? (§ 1026.16(b)(1)(iii))
Yes
 
No
 
N/A
 
Item
13
Description
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))
Yes
 
No
 
N/A
 
Item
14
Description
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))
Yes
 
No
 
N/A
 
Item
15
Description
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))
Yes
 
No
 
N/A
 
Item
16
Description
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))
Yes
 
No
 
N/A
 
Item
17
Description
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))
Yes
 
No
 
N/A
 
Item
18
Description
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))
Yes
 
No
 
N/A
 
Item
19
Description
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))
Yes
 
No
 
N/A
 

Additional Requirements for Home Equity Lines of Credit

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

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))
Yes
 
No
 
N/A
 
Item
20(a)
Description
Any loan fee that is a percentage of the credit limit? (§ 1026.16(d)(1)(i))
Yes
 
No
 
N/A
 
Item
20(b)
Description
An estimate of any other fees for opening the plan stated as a single dollar amount or reasonable range? (§ 1026.16(d)(1)(i))
Yes
 
No
 
N/A
 
Item
20(c)
Description
Any periodic rate stated as an APR? (§ 1026.16(d)(1)(ii))
Yes
 
No
 
N/A
 
Item
20(d)
Description
The highest APR that may be imposed for a variable-rate plan? (§ 1026.16(d)(1)(iii))
Yes
 
No
 
N/A
 

Open-End/Home Equity Line of Credit Advertising

Open-End/Home Equity Line of Credit Advertising
Item Description Yes No N/A
Item
21
Description
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))
Yes
 
No
 
N/A
 
Item
22
Description
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))
Yes
 
No
 
N/A
 
Item
23
Description
For HELOCs, if there is a reference to tax deductibility, does the reference refrain from misleading language? (§ 1026.16(d)(4))
Yes
 
No
 
N/A
 
Item
24
Description
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:
Yes
 
No
 
N/A
 
Item
24(a)
Description
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))
Yes
 
No
 
N/A
 
Item
24(b)
Description
The consumer must consult a tax adviser for further information regarding the deductibility of interest and charges? (§ 1026.16(d)(4)(ii))
Yes
 
No
 
N/A
 
Item
25
Description
Does the advertisement refrain from misleading terms, such as referring to the HELOC as “free money”? (§ 1026.16(d)(5))
Yes
 
No
 
N/A
 
Item
26
Description
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))
Yes
 
No
 
N/A
 
Item
27
Description
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))
Yes
 
No
 
N/A
 
Item
28
Description
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))
Yes
 
No
 
N/A
 
Item
29
Description
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))
Yes
 
No
 
N/A
 
Item
30
Description
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))
Yes
 
No
 
N/A
 

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

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

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.
Yes
 
No
 
N/A
 
Item
31(a)
Description
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))
Yes
 
No
 
N/A
 
Item
31(b)
Description
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))
Yes
 
No
 
N/A
 

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

Loan Estimate
Item Description Yes No N/A
Item
32
Description
Do the disclosures required for the Loan Estimate include the following: (§ 1026.37(a)(2)):
Yes
 
No
 
N/A
 
Item
32(a)
Description
The statement, “Save this Loan Estimate to compare with your Closing Disclosure”? (§ 1026.37(a)(2))
Yes
 
No
 
N/A
 
Item
32(b)
Description
Name and address of credit union? (§ 1026.37(a)(3))
Yes
 
No
 
N/A
 
Item
32(c)
Description
Date Issued? (§ 1026.37(a)(4))
Yes
 
No
 
N/A
 
Item
32(d)
Description
Applicants? (§ 1026.37(a)(5))
Yes
 
No
 
N/A
 
Item
32(e)
Description
Property - The property address, including zip code? (§ 1026.37(a)(6));
Yes
 
No
 
N/A
 
Item
32(f)
Description
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))
Yes
 
No
 
N/A
 
Item
32(g)
Description
Loan Term - Stated in years, months, or both, as applicable? (§ 1026.37(a)(8))
Yes
 
No
 
N/A
 
Item
32(h)
Description
Purpose - Loan purpose, categorized as “Purchase,” “Refinance,” or “Construction.” All other loan purposes must be categorized as “Home Equity Loan”? (§ 1026.37(a)(9))
Yes
 
No
 
N/A
 
Item
32(i)
Description
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))
Yes
 
No
 
N/A
 
Item
32(j)
Description
Loan Type - Categorized as “Conventional,” “FHA,” “VA,” or “Other”? (§ 1026.37(a)(11))
Yes
 
No
 
N/A
 
Item
32(k)
Description
Loan ID #?  (§ 1026.37(a)(12)) and
Yes
 
No
 
N/A
 
Item
32(l)
Description
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)).
Yes
 
No
 
N/A
 

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

Loan Terms
Item Description Yes No N/A
Item
33
Description
Determine whether, a separate table under the heading “Loan Terms,”, contains the following required disclosures : (§ 1026.37(b)):
Yes
 
No
 
N/A
 
Item
33(a)
Description
Loan Amount? (§ 1026.37(b)(1))
Yes
 
No
 
N/A
 
Item
33(b)
Description
Interest Rate? (§ 1026.37(b)(2))
Yes
 
No
 
N/A
 
Item
33(c)
Description
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))
Yes
 
No
 
N/A
 
Item
33(d)
Description
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)
Yes
 
No
 
N/A
 
Item
33(e)
Description
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
Yes
 
No
 
N/A
 
Item
33(f)
Description
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)? 
Yes
 
No
 
N/A
 

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

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

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)
Yes
 
No
 
N/A
 
Item
34(b)
Description
Each separate periodic payment or range of payments itemized as follows (§ 1026.37(c)(2)):
Yes
 
No
 
N/A
 
Item
34(b)(i)
Description
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))
Yes
 
No
 
N/A
 
Item
34(b)(i)(A)
Description
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))
Yes
 
No
 
N/A
 
Item
34(b)(i)(B)
Description
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))
Yes
 
No
 
N/A
 
Item
34(b)(ii)
Description
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))
Yes
 
No
 
N/A
 
Item
34(b)(iii)
Description
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),?
Yes
 
No
 
N/A
 
Item
34(b)(iv)
Description
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))
Yes
 
No
 
N/A
 
Item
34(c)
Description
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:
Yes
 
No
 
N/A
 
Item
34(c)(i)
Description
The change of the periodic principal and interest payment or range of such payments,
Yes
 
No
 
N/A
 
Item
34(c)(ii)
Description
A scheduled balloon payment,
Yes
 
No
 
N/A
 
Item
34(c)(iii)
Description
The automatic termination of mortgage insurance, or
Yes
 
No
 
N/A
 
Item
34(c)(iv)
Description
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
Yes
 
No
 
N/A
 
Item
34(d)
Description

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 1026.37(c)(1)(iii)(B)-1);
Yes
 
No
 
N/A
 
Item
34(d)(i)
Description
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))
Yes
 
No
 
N/A
 
Item
34(d)(ii)
Description
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))
Yes
 
No
 
N/A
 
Item
34(d)(iiI)
Description
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))
Yes
 
No
 
N/A
 
Item
34(d)(iv)
Description
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))
Yes
 
No
 
N/A
 
Item
34(e)
Description
Has the credit union not disclosed more than four separate periodic payments or ranges of payments? (§ 1026.37(c)(1)( ii))
Yes
 
No
 
N/A
 
Item
34(e)(i)
Description
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))
Yes
 
No
 
N/A
 
Item
34(e)(ii)
Description
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
Yes
 
No
 
N/A
 
Item
34(e)(iii)
Description
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))
Yes
 
No
 
N/A
 
Item
34(e)(iv)
Description
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))
Yes
 
No
 
N/A
 
Item
34(f)
Description

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);
Yes
 
No
 
N/A
 
Item
34(f)(i)
Description
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))
Yes
 
No
 
N/A
 
Item
34(f)(ii)
Description
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)):
Yes
 
No
 
N/A
 
Item
34(f)(ii)(A)
Description
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
Yes
 
No
 
N/A
 
Item
34(f)(ii)(B)
Description
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))
Yes
 
No
 
N/A
 
Item
34(f)(iii)
Description
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))
Yes
 
No
 
N/A
 
Item
34(f)(iv)
Description
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))
Yes
 
No
 
N/A
 
Item
34(f)(v)
Description
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))
Yes
 
No
 
N/A
 

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

Costs at Closing
Item Description Yes No N/A
Item
35
Description
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))
Yes
 
No
 
N/A
 
Item
36
Description
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)
Yes
 
No
 
N/A
 

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

Website Disclosure
Item Description Yes No N/A
Item
37
Description
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))?
Yes
 
No
 
N/A
 

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
Item
38
Description
Loan Costs.  On page 2 under the heading “Loan Costs,” does the credit union have the following disclosures:(§ 1026.37(f)):
Yes
 
No
 
N/A
 
Item
38(a)
Description
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))
Yes
 
No
 
N/A
 
Item
38(b)
Description
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))
Yes
 
No
 
N/A
 
Item
38(c)
Description
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)))
Yes
 
No
 
N/A
 
Item
38(d)
Description
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
Yes
 
No
 
N/A
 
Item
38(e)
Description
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))
Yes
 
No
 
N/A
 

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
Item
39
Description
Other Costs.  Does the credit union makes the following disclosures (§ 1026.37(g)):
Yes
 
No
 
N/A
 
Item
39(a)
Description
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))
Yes
 
No
 
N/A
 
Item
39(b)
Description
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))
Yes
 
No
 
N/A
 
Item
39(c)
Description
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))
Yes
 
No
 
N/A
 
Item
39(d)
Description
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))
Yes
 
No
 
N/A
 
Item
39(e)
Description
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))
Yes
 
No
 
N/A
 
Item
39(f)
Description
Total Closing Costs? Accurate component amounts and sum of the following (§ 1026.37(g)(6)):
Yes
 
No
 
N/A
 
Item
39(f)(i)
Description
D+I.  A sum of the Total Loan Costs and Total Other Costs  (§ 1026.37(g)(6)(i)); and
Yes
 
No
 
N/A
 
Item
39(f)(ii)
Description
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
Yes
 
No
 
N/A
 
Item
39(g)
Description
Do the items follow the alphabetical ordering and addenda restrictions of §§ 1026.37(g)(7) and (g)(8)?
Yes
 
No
 
N/A
 

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
Item
40
Description
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))
Yes
 
No
 
N/A
 
Item
40(a)
Description
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))
Yes
 
No
 
N/A
 
Item
40(b)
Description
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)
Yes
 
No
 
N/A
 
Item
40(c)
Description
Downpayment/Funds from Borrower? Labeled “Down Payment/Funds from Borrower:”
Yes
 
No
 
N/A
 
Item
40(c)(i)
Description
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))
Yes
 
No
 
N/A
 
Item
40(c)(ii)
Description
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))
Yes
 
No
 
N/A
 
Item
40(c)(iii)
Description
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))?
Yes
 
No
 
N/A
 
Item
40(d)
Description
Deposit – Are deposits:
Yes
 
No
 
N/A
 
Item
40(d)(i)
Description
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”?
Yes
 
No
 
N/A
 
Item
40(d)(ii)
Description
for all other transactions, disclosed as $0? (§ 1026.37(h)(1)(iv))
Yes
 
No
 
N/A
 
Item
40(e)
Description
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:
Yes
 
No
 
N/A
 
Item
40(e)(i)
Description
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))
Yes
 
No
 
N/A
 
Item
40(e)(ii)
Description
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))
Yes
 
No
 
N/A
 
Item
40(e)(iii)
Description
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))
Yes
 
No
 
N/A
 
Item
40(f)
Description
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))
Yes
 
No
 
N/A
 
Item
40(g)
Description
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))
Yes
 
No
 
N/A
 
Item
40(h)
Description
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)).
Yes
 
No
 
N/A
 

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
Item
41
Description

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.
Yes
 
No
 
N/A
 
Item
41(a)
Description
Loan Amount? (§ 1026.37(h)(2)(i))
Yes
 
No
 
N/A
 
Item
41(b)
Description
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))
Yes
 
No
 
N/A
 
Item
41(c)
Description
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))
Yes
 
No
 
N/A
 
Item
41(d)
Description
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))
Yes
 
No
 
N/A
 
Item
41(e)
Description
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))
Yes
 
No
 
N/A
 

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
Item
42
Description
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:
Yes
 
No
 
N/A
 
Item
42(a)
Description
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))
Yes
 
No
 
N/A
 
Item
42(b)
Description
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))
Yes
 
No
 
N/A
 
Item
42(c)
Description
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))
Yes
 
No
 
N/A
 
Item
42(d)
Description
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))
Yes
 
No
 
N/A
 
Item
42(e)
Description
Principal and Interest Payments - This label is immediately preceded by the applicable unit period? The disclosures must also contain the following information:
Yes
 
No
 
N/A
 
Item
42(e)(i)
Description
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))
Yes
 
No
 
N/A
 
Item
42(e)(ii)
Description
The frequency of subsequent changes to the periodic principal and interest payment, labeled “Subsequent Changes;” (§ 1026.37(i)(5)(ii)) and
Yes
 
No
 
N/A
 
Item
42(e)(iii)
Description
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))
Yes
 
No
 
N/A
 

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
Item
43
Description
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))
Yes
 
No
 
N/A
 
Item
43(a)
Description
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))
Yes
 
No
 
N/A
 
Item
43(b)
Description
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))
Yes
 
No
 
N/A
 
Item
43(c)
Description
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))
Yes
 
No
 
N/A
 
Item
43(d)
Description
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)
Yes
 
No
 
N/A
 
Item
43(e)
Description
Frequency of Adjustments? The following information, under the subheading “Change Frequency” is disclosed:
Yes
 
No
 
N/A
 
Item
43(e)(i)
Description
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
Yes
 
No
 
N/A
 
Item
43(e)(ii)
Description
The frequency of interest rate adjustments after the initial adjustment to the interest rate, labeled, “Subsequent Changes” (§ 1026.37(j)(5)
Yes
 
No
 
N/A
 
Item
43(f)
Description
Limits on Interest Rate Changes? The following information, under the subheading “Limits on Interest Rate Changes,” is disclosed:
Yes
 
No
 
N/A
 
Item
43(f)(i)
Description
The maximum possible change for the first adjustment of the interest rate after consummation, labeled “First Change”; and
Yes
 
No
 
N/A
 
Item
43(f)(ii)
Description
The maximum possible change for subsequent adjustments of the interest rate after consummation, labeled “Subsequent Changes.” (§ 1026.37(j) (6)
Yes
 
No
 
N/A
 

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
Item
44
Description
Does the credit union accurately disclose, under the master heading, “Additional Information About This Loan,” the following information:
Yes
 
No
 
N/A
 
Item
44(a)
Description
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))
Yes
 
No
 
N/A
 
Item
44(b)
Description
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
Yes
 
No
 
N/A
 
Item
44(c)
Description
Email/Phone (respectively) - The email address and telephone number of the loan officer? (§ 1026.37(k)(3))
Yes
 
No
 
N/A
 

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
Item
45
Description
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)
Yes
 
No
 
N/A
 
Item
45(a)
Description
In 5 years - (§ 1026.37(l)(l))
Yes
 
No
 
N/A
 
Item
45(a)(i)
Description
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
Yes
 
No
 
N/A
 
Item
45(a)(ii)
Description
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”?;
Yes
 
No
 
N/A
 
Item
45(b)
Description
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
Yes
 
No
 
N/A
 
Item
45(c)
Description
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)
Yes
 
No
 
N/A
 

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
Item
46
Description
Other Considerations.  Does the credit union accurately disclose the following (§ 1026.37(m):
Yes
N/A
No
 
N/A
 
Item
46(a)
Description
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)):
Yes
N/A
No
 
N/A
 
Item
46(a)(i)
Description
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?
Yes
 
No
 
N/A
 
Item
46(a)(ii)
Description
The credit union will promptly provide the consumer a copy of any appraisal, even if the transaction is not consummated? and
Yes
 
No
 
N/A
 
Item
46(a)(iii)
Description
The consumer may choose to pay for an additional appraisal of the property for the consumer's use?
Yes
 
No
 
N/A
 
Item
46(b)
Description
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);
Yes
 
No
 
N/A
 
Item
46(c)
Description
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)
Yes
 
No
 
N/A
 
Item
46(d)
Description
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)
Yes
 
No
 
N/A
 
Item
46(e)
Description
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))
Yes
 
No
 
N/A
 
Item
46(f)
Description
Servicing - A statement of whether the credit union intends to service the loan or transfer the loan to another servicer? (§ 1026.37(m)(6))
Yes
 
No
 
N/A
 
Item
46(g)
Description
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
Yes
 
No
 
N/A
 
Item
46(h)
Description
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))
Yes
 
No
 
N/A
 

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
Item
47
Description
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))
Yes
 
No
 
N/A
 

Form of Disclosures -  § 1026.37(o)

Form of Disclosures
Item Description Yes No N/A
Item
48
Description

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))
Yes
 
No
 
N/A
 
Item
48(a)
Description
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))
Yes
 
No
 
N/A
 
Item
48(b)
Description
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))
Yes
 
No
 
N/A
 
Item
48(c)
Description
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))
Yes
 
No
 
N/A
 
Item
48(c)(i)
Description
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)?
Yes
 
No
 
N/A
 
Item
48(c)(ii)
Description
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)?
Yes
 
No
 
N/A
 
Item
48(c)(iii)
Description
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)?
Yes
 
No
 
N/A
 
Item
48(c)(iv)
Description
The dollar amounts for Escrow required to be disclosed by § 1026.37(c)(2)(iii)?
Yes
 
No
 
N/A
 
Item
48(c)(v)
Description
The dollar amounts for Taxes, Insurance & Assessments required to be disclosed by § 1026.37(c)(4)(ii)?
Yes
 
No
 
N/A
 
Item
48(c)(vi)
Description
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)?
Yes
 
No
 
N/A
 
Item
48(c)(vii)
Description
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?
Yes
 
No
 
N/A
 
Item
48(c)(viii)
Description
The dollar amounts for Calculating Cash to Close required to be disclosed by § 1026.37(h)? and
Yes
 
No
 
N/A
 
Item
48(c)(ix)
Description
The dollar amounts for the Adjustable Payment (AP) Table required to be disclosed by § 1026.37(i)?
Yes
 
No
 
N/A
 
Item
48(c)(x)
Description
The dollar amounts for Comparisons required to be disclosed by § 1026.37(l)?
Yes
 
No
 
N/A
 
Item
48(d)
Description
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)
Yes
 
No
 
N/A
 
Item
48(d)(i)
Description
The per diem amount required by § 1026.37(g)(2)(iii) (prepaid interest paid per day)? and
Yes
 
No
 
N/A
 
Item
48(d)(ii)
Description
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)?
Yes
 
No
 
N/A
 
Item
48(e)
Description
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))
Yes
 
No
 
N/A
 
Item
48(f)
Description
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))
Yes
 
No
 
N/A
 
Item
48(g)
Description
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:
Yes
 
No
 
N/A
 
Item
48(g)(i)
Description
Interest rate and adjustments after consummation - disclosed pursuant to §§ 1026.37(b)(2) and (6)?
Yes
 
No
 
N/A
 
Item
48(g)(ii)
Description
Points as a percentage of the loan amount – disclosed pursuant to § 1026.37(f)(1)(i)?
Yes
 
No
 
N/A
 
Item
48(g)(iii)
Description
Percentage of prepaid interest to be paid per day – disclosed pursuant to § 1026.37(g)(2)(iii)?
Yes
 
No
 
N/A
 
Item
48(g)(iv)
Description
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)?;
Yes
 
No
 
N/A
 
Item
48(g)(v)
Description
Annual percentage rate – disclosed pursuant to § 1026.37(l)(2)? and
Yes
 
No
 
N/A
 
Item
48(g)(vi)
Description
Total interest percentage – disclosed pursuant to § 1026.37(l)(3)? (§ 1026.37(o)(4)(ii))
Yes
 
No
 
N/A
 

Closing Disclosure – § 1026.38(a)

Closing Disclosure
Item Description Yes No N/A
Item
49
Description
Does the credit union accurately complete the Closing Disclosure? (§ 1026.38(a))
Yes
 
No
 
N/A
 
Item
50
Description
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))
Yes
 
No
 
N/A
 

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

Closing Information
Item Description Yes No N/A
Item
51
Description

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)
Yes
 
No
 
N/A
 
Item
51(a)
Description
Date Issued. Indicating the date disclosures are delivered? (§ 1026.38(a)(3)(i))
Yes
 
No
 
N/A
 
Item
51(b)
Description
Closing Date? (§ 1026.38(a)(3)(ii))
Yes
 
No
 
N/A
 
Item
51(c)
Description
Disbursement Date? (§ 1026.38(a)(3)(iii))
Yes
 
No
 
N/A
 
Item
51(d)
Description
Settlement Agent? (§ 1026.38(a)(3)(iv))
Yes
 
No
 
N/A
 
Item
51(e)
Description
 File #. – Disclosing the identification number assigned to the transaction by the settlement agent? (§ 1026.38(a)(3)(v))
Yes
 
No
 
N/A
 
Item
51(f)
Description
Property. The address or location of the property as disclosed in the Loan Estimate? (§ 1026.38(a)(3)(vi))
Yes
 
No
 
N/A
 
Item
51(g)
Description
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))
Yes
 
No
 
N/A
 

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

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

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

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

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

Loan Terms
Item Description Yes No N/A
Item
54
Description
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))
Yes
 
No
 
N/A
 

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

Projected Payments
Item Description Yes No N/A
Item
55
Description
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? 
Yes
 
No
 
N/A
 
Item
56
Description
Does the credit union refer to the Escrow Account disclosure required by § 1026.38(l)(7)? 
Yes
 
No
 
N/A
 
Item
57
Description
Does the credit union calculate escrow payments: (1026.38(c)(1)-(2))
Yes
 
No
 
N/A
 
Item
57(a)
Description
For transactions subject to RESPA, under the escrow account analysis described in Regulation X, § 1024.17? (§ 1026.38(c)(1)(i))
Yes
 
No
 
N/A
 
Item
57(b)
Description
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))
Yes
 
No
 
N/A
 

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

Costs at Closing
Item Description Yes No N/A
Item
58
Description
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))
Yes
 
No
 
N/A
 
Item
59
Description
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))
Yes
 
No
 
N/A
 
Item
60
Description
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))
Yes
 
No
 
N/A
 

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
Item
61
Description
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:
Yes
 
No
 
N/A
 
Item
61(a)
Description
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:
Yes
 
No
 
N/A
 
Item
61(a)(a)
Description
The compensation paid by the credit union to a third-party loan originator?
Yes
 
No
 
N/A
 
Item
61(a)(b)
Description
The name of the third-party loan originator receiving payment?  (§ 1026.38(f)(1))
Yes
 
No
 
N/A
 
Item
61(b)
Description
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))
Yes
 
No
 
N/A
 
Item
61(c)
Description
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))
Yes
 
No
 
N/A
 
Item
61(d)
Description
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))
Yes
 
No
 
N/A
 
Item
61(e)
Description
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))
Yes
 
No
 
N/A
 

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
Item
62
Description
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:
Yes
 
No
 
N/A
 
Item
62(a)
Description
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))
Yes
 
No
 
N/A
 
Item
62(b)
Description
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))
Yes
 
No
 
N/A
 
Item
62(c)
Description
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))
Yes
 
No
 
N/A
 
Item
62(d)
Description
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))
Yes
 
No
 
N/A
 
Item
62(e)
Description
Total Other Costs (Borrower-Paid) - Accurately totaled and disclosed sum of all amounts disclosed as borrower-paid? (§ 1026.38(g)(5))
Yes
 
No
 
N/A
 
Item
62(f)
Description
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))
Yes
 
No
 
N/A
 

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
Item
63
Description
Are Total Closing Costs, paid by the borrower, disclosed in a table showing description, labeling, and ordering requirements? (§ 1026.38(h)(4))
Yes
 
No
 
N/A
 
Item
64
Description
Does the credit union accurately disclose the following closing cost totals:
Yes
 
No
 
N/A
 
Item
64(a)
Description
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))
Yes
 
No
 
N/A
 
Item
64(b)
Description
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))
Yes
 
No
 
N/A
 
Item
64(c)
Description
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))
Yes
 
No
 
N/A
 

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

Calculating Cash to Close
Item Description Yes No N/A
Item
65
Description
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))
Yes
 
No
 
N/A
 
Item
65(a)
Description
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)?
Yes
 
No
 
N/A
 
Item
65(a)(i)
Description
If the amounts are different (unless due to rounding), has the credit union provided: (§§ 1026.38(i)(1)(i)-(ii))
Yes
 
No
 
N/A
 
Item
65(a)(i)(a)
Description
A statement of that fact? (§ 1026.38(i)(1)(iii)(A)(1))
Yes
 
No
 
N/A
 
Item
65(a)(i)(b)
Description
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))
Yes
 
No
 
N/A
 
Item
65(a)(i)(c)
Description
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? 
Yes
 
No
 
N/A
 
Item
65(a)(i)(c)(1)
Description
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)?
Yes
 
No
 
N/A
 
Item
65(a)(i)(c)(2)
Description
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)?
Yes
 
No
 
N/A
 
Item
65(a)(i)(c)(3)
Description
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))
Yes
 
No
 
N/A
 
Item
65(a)(i)(3)
Description
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))
Yes
 
No
 
N/A
 
Item
65(b)
Description
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)):
Yes
 
No
 
N/A
 
Item
65(a)(a)
Description
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))
Yes
 
No
 
N/A
 
Item
65(a)(b)
Description
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))
Yes
 
No
 
N/A
 
Item
65(c)
Description
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))
Yes
 
No
 
N/A
 
Item
65(c)(a)
Description
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))
Yes
 
No
 
N/A
 
Item
65(c)(b)
Description
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))
Yes
 
No
 
N/A
 
Item
65(d)
Description
Down Payment/Funds from Borrower
Yes
 
No
 
N/A
 
Item
65(d)(a)
Description
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))?
Yes
 
No
 
N/A
 
Item
65(d)(b)
Description
Under the subheading “Final,”
Yes
 
No
 
N/A
 
Item
65(d)(b)(a)
Description
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)?;
Yes
 
No
 
N/A
 
Item
65(d)(b)(b)
Description
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
Yes
 
No
 
N/A
 
Item
65(d)(b)(c)
Description
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.”?
Yes
 
No
 
N/A
 
Item
65(d)(c)
Description
Under the subheading, “Did this change?,” disclosed more prominently than the other disclosures under 1026.38(i)(4):
Yes
 
No
 
N/A
 
Item
65(d)(c)(a)
Description
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))
Yes
 
No
 
N/A
 
Item
65(d)(c)(b)
Description
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))
Yes
 
No
 
N/A
 
Item
65(e)
Description
Deposit –
Yes
 
No
 
N/A
 
Item
65(e)(a)
Description
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”
Yes
 
No
 
N/A
 
Item
65(e)(b)
Description
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))
Yes
 
No
 
N/A
 
Item
65(e)(c)
Description
Under the subheading “Did this Change?” disclosed more prominently than the other disclosures under § 1026.38(i)(5):
Yes
 
No
 
N/A
 
Item
65(e)(c)(a)
Description
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)?
Yes
 
No
 
N/A
 
Item
65(e)(c)(b)
Description
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))
Yes
 
No
 
N/A
 
Item
65(f)
Description
Funds for Borrower § 1026.38(i)(6)
Yes
 
No
 
N/A
 
Item
65(f)(a)
Description
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))
Yes
 
No
 
N/A
 
Item
65(f)(a)(iii)
Description
Under the subheading “Final,” the “Funds for Borrower,” labeled using that term, as determined in accordance with § 1026.38(i)(6)(iv)  
Yes
 
No
 
N/A
 
Item
65(f)(a)(iv)
Description
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):
Yes
 
No
 
N/A
 
Item
65(f)(a)(iv)(A)
Description
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))
Yes
 
No
 
N/A
 
Item
65(f)(a)(iv)(B)
Description
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))
Yes
 
No
 
N/A
 
Item
65(g)
Description
Seller Credits § 1026.38(i)(7)
Yes
 
No
 
N/A
 
Item
65(g)(a)
Description
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”
Yes
 
No
 
N/A
 
Item
65(g)(b)
Description
Under the subheading “Final,” the amount disclosed pursuant to § 1026.38(j)(2)(v), stated as a negative number?
Yes
 
No
 
N/A
 
Item
65(g)(c)
Description
Under the subheading, “Did this Change?” disclosed more prominently than the other disclosures under § 1026.38(i)(7):
Yes
 
No
 
N/A
 
Item
65(g)(c)(a)
Description
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
Yes
 
No
 
N/A
 
Item
65(g)(c)(b)
Description
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))
Yes
 
No
 
N/A
 
Item
65(h)
Description

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 1026.38(i)(8)(ii)-1)
Yes
 
No
 
N/A
 
Item
65(h)(a)
Description
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))
Yes
 
No
 
N/A
 
Item
65(h)(b)
Description
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))
Yes
 
No
 
N/A
 
Item
65(i)
Description
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))
Yes
 
No
 
N/A
 

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
Item
66
Description

Does the credit union properly uses the optional Alternative Cash to Close table? (§ 1026.38(e))
Yes
 
No
 
N/A
 
Item
67
Description

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)) 
Yes
 
No
 
N/A
 
Item
68
Description
Does the table include:
Yes
 
No
 
N/A
 
Item
68(a)
Description
Loan Amount?  Labeled “Loan Amount:”
Yes
 
No
 
N/A
 
Item
68(a)(i)
Description
Under the subheading “Loan Estimate,” the loan amount disclosed on the most recent Loan Estimate under § 1026.37(b)(1)
Yes
 
No
 
N/A
 
Item
68(a)(ii)
Description
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?”
Yes
 
No
 
N/A
 
Item
68(a)(ii)(A)
Description
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.
Yes
 
No
 
N/A
 
Item
68(a)(ii)(B)
Description
If there is no change, a statement of that fact. (§§ 1026.38(e)(1)(i) – (iii))
Yes
 
No
 
N/A
 
Item
68(b)
Description
Total Closing Costs?  Labeled “Total Closing Costs”: (§ 1026.38(e)(2))
Yes
 
No
 
N/A
 
Item
68(b)(i)
Description
Under the subheading “Loan Estimate,” the amount disclosed on the most recent Loan Estimate under § 1026.37(h)(2)(ii);
Yes
 
No
 
N/A
 
Item
68(b)(ii)
Description
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
Yes
 
No
 
N/A
 
Item
68(b)(iii)
Description
Disclosed more prominently than other disclosures, with the question “Did this change?”:
Yes
 
No
 
N/A
 
Item
68(b)(iii)(A)
Description
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
Yes
 
No
 
N/A
 
Item
68(b)(iii)(B)
Description
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))
Yes
 
No
 
N/A
 
Item
68(c)
Description
Closing Costs Paid before Closing?  Labeled “Closing Costs Paid Before Closing:” (§ 1026.38(e)(3))
Yes
 
No
 
N/A
 
Item
68(c)(i)
Description
Under the subheading “Loan Estimate,” the amount of $0;
Yes
 
No
 
N/A
 
Item
68(c)(ii)
Description
Under the subheading “Final,” any amount designated as Borrower-Paid before closing under § 1026.38(h)(2), disclosed as a positive number;
Yes
 
No
 
N/A
 
Item
68(c)(iii)
Description
Disclosed more prominently than other disclosures, under the subheading “Did This Change?” (§ 1026.38(e)(3))
Yes
 
No
 
N/A
 
Item
68(c)(iii)(A)
Description
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
Yes
 
No
 
N/A
 
Item
68(c)(iii)(B)
Description
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))
Yes
 
No
 
N/A
 
Item
68(d)
Description
Total Payoffs and Payments?  Labeled “Total Payoffs and Payments.” (§ 1026.38(e)(4))
Yes
 
No
 
N/A
 
Item
68(d)(i)
Description
Under the subheading “Loan Estimate,” the amount disclosed on the most recent Loan Estimate under § 1026.37(h)(2)(iii)
Yes
 
No
 
N/A
 
Item
68(d)(ii)
Description
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.
Yes
 
No
 
N/A
 
Item
68(d)(iii)
Description
Are these disclosures more prominent than other disclosures under this paragraph under the subheading “Did This Change?”
Yes
 
No
 
N/A
 
Item
68(d)(i)(A)
Description
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
Yes
 
No
 
N/A
 
Item
68(d)(i)(B)
Description
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))
Yes
 
No
 
N/A
 
Item
68(e)
Description
Cash to or from consumer.  Labeled “Cash to Close”: (§ 1026.38(e)(5)).
Yes
 
No
 
N/A
 
Item
68(e)(i)
Description
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
Yes
 
No
 
N/A
 
Item
68(e)(ii)
Description
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))
Yes
 
No
 
N/A
 
Item
68(f)
Description
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))
Yes
 
No
 
N/A
 

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

Borrower’s Transaction
Item Description Yes No N/A
Item
69
Description
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)?
Yes
 
No
 
N/A
 
Item
70
Description
Does the summary of the borrower’s transaction include the following: (§ 1026.38(j)(1))
Yes
 
No
 
N/A
 
Item
70(a)
Description
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)
Yes
 
No
 
N/A
 
Item
70(b)
Description
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))
Yes
 
No
 
N/A
 
Item
70(c)
Description
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))
Yes
 
No
 
N/A
 
Item
70(d)
Description
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))
Yes
 
No
 
N/A
 
Item
70(e)
Description
The description “Adjustments for Items Paid by Seller in Advance”? (§ 1026.38(j)(1)(vi))
Yes
 
No
 
N/A
 
Item
70(f)
Description
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))
Yes
 
No
 
N/A
 
Item
70(g)
Description
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))
Yes
 
No
 
N/A
 
Item
70(h)
Description
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))
Yes
 
No
 
N/A
 
Item
70(i)
Description
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))
Yes
 
No
 
N/A
 
Item
71
Description
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)?
Yes
 
No
 
N/A
 
Item
72
Description
Does the summary of borrower’s transaction accurately disclose the following: (§ 1026.38(j)(2)(i))
Yes
 
No
 
N/A
 
Item
72(a)
Description
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))
Yes
 
No
 
N/A
 
Item
72(b)
Description
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))
Yes
 
No
 
N/A
 
Item
72(c)
Description
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))
Yes
 
No
 
N/A
 
Item
72(d)
Description
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))
Yes
 
No
 
N/A
 
Item
72(e)
Description
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))
Yes
 
No
 
N/A
 
Item
72(f)
Description
The description “Adjustments for Items Unpaid by Seller”? (§ 1026.38(j)(2)(vii))
Yes
 
No
 
N/A
 
Item
72(g)
Description
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))
Yes
 
No
 
N/A
 
Item
72(h)
Description
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)
Yes
 
No
 
N/A
 
Item
72(i)
Description
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))
Yes
 
No
 
N/A
 
Item
72(j)
Description
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))
Yes
 
No
 
N/A
 
Item
73
Description
Does the calculation of borrower’s transaction accurately disclose the following calculations: (§ 1026.38(j)(3)) 
Yes
 
No
 
N/A
 
Item
73(a)
Description
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))
Yes
 
No
 
N/A
 
Item
73(b)
Description
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))
Yes
 
No
 
N/A
 
Item
73(c)
Description
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))
Yes
 
No
 
N/A
 
Item
74
Description
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))
Yes
 
No
 
N/A
 

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

Seller’s Transaction Summary
Item Description Yes No N/A
Item
75
Description
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)?
Yes
 
No
 
N/A
 
Item
76
Description
Does the summary of seller’s transaction accurately disclose the following: (§ 1026.38(k)(1)(i)):
Yes
 
No
 
N/A
 
Item
76(a)
Description
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))
Yes
 
No
 
N/A
 
Item
76(b)
Description
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))
Yes
 
No
 
N/A
 
Item
76(c)
Description
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))
Yes
 
No
 
N/A
 
Item
76(d)
Description
The description “Adjustments for Items Paid by Seller in Advance”? (§ 1026.38(k)(1)(v))
Yes
 
No
 
N/A
 
Item
76(e)
Description
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)
Yes
 
No
 
N/A
 
Item
76(f)
Description
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))
Yes
 
No
 
N/A
 
Item
76(g)
Description
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))
Yes
 
No
 
N/A
 
Item
76(h)
Description
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))
Yes
 
No
 
N/A
 
Item
77
Description
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)?
Yes
 
No
 
N/A
 
Item
78
Description
Does the summary of the seller’s transaction accurately disclose the following:  (§ 1026.38(k)(2)(i))
Yes
 
No
 
N/A
 
Item
78(a)
Description
Excess Deposit.  The amount of any excess deposit disbursed prior to closing? (§ 1026.38(k)(2)(ii))
Yes
 
No
 
N/A
 
Item
78(b)
Description
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))
Yes
 
No
 
N/A
 
Item
78(c)
Description
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))
Yes
 
No
 
N/A
 
Item
78(d)
Description
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))
Yes
 
No
 
N/A
 
Item
78(e)
Description
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))
Yes
 
No
 
N/A
 
Item
78(f)
Description
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)
Yes
 
No
 
N/A
 
Item
78(g)
Description
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))
Yes
 
No
 
N/A
 
Item
78(h)
Description
The description “Adjustments for Items Unpaid by Seller”? (§ 1026.38(k)(2)(ix))
Yes
 
No
 
N/A
 
Item
78(i)
Description
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)
Yes
 
No
 
N/A
 
Item
78(j)
Description
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))
Yes
 
No
 
N/A
 
Item
78(k)
Description
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))
Yes
 
No
 
N/A
 
Item
78(l)
Description
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))
Yes
 
No
 
N/A
 
Item
79
Description
Does the calculation of the seller’s transaction accurately disclose the following: (§ 1026.38(k)(3))
Yes
 
No
 
N/A
 
Item
79(a)
Description
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))
Yes
 
No
 
N/A
 
Item
79(b)
Description
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))
Yes
 
No
 
N/A
 
Item
79(c)
Description
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))
Yes
 
No
 
N/A
 
Item
80
Description
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))
Yes
 
No
 
N/A
 

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

Additional Information About This Loan
Item Description Yes No N/A
Item
81
Description
Does the credit union accurately provide the following required loan disclosures: (§ 1026.38(l))
Yes
 
No
 
N/A
 
Item
81(a)
Description
Assumption. Whether the loan obligations may be assumed by a subsequent purchaser?  (§ 1026.38(l)(1))
Yes
 
No
 
N/A
 
Item
81(b)
Description
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))
Yes
 
No
 
N/A
 
Item
81(c)
Description
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))
Yes
 
No
 
N/A
 
Item
81(d)
Description
Negative Amortization (Increase in Loan Amount). Whether the regular period payments may cause the principal balance to increase?
Yes
 
No
 
N/A
 
Item
81(d)(i)
Description
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?
Yes
 
No
 
N/A
 
Item
81(d)(iI)
Description
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))
Yes
 
No
 
N/A
 
Item
81(e)
Description
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?
Yes
 
No
 
N/A
 
Item
81(e)(i)
Description
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?
Yes
 
No
 
N/A
 
Item
81(e)(ii)
Description
If periodic payments that are less than the full amount due are not accepted, the lender, does not accept any partial payments?
Yes
 
No
 
N/A
 
Item
81(e)(iii)
Description
A statement that, if the loan is sold, the new lender, may have a different policy? (§ 1026.38(l)(5)(i)-(iv))
Yes
 
No
 
N/A
 
Item
81(f)
Description
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. 
Yes
 
No
 
N/A
 
Item
81(g)
Description
Does the credit union included the property address and zip code? (§ 1026.38(l)(6))
Yes
 
No
 
N/A
 
Item
81(h)
Description
Escrow Account. Under the subheading “Escrow Account”: whether the credit union provides: 
Yes
 
No
 
N/A
 
Item
81(h)(i)
Description
Under the reference “For now,”: (§ 1026.38(l)(7)(i)(A)(1)-(4))
Yes
 
No
 
N/A
 
Item
81(h)(i)(A)
Description
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;
Yes
 
No
 
N/A
 
Item
81(h)(i)(B)
Description
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;
Yes
 
No
 
N/A
 
Item
81(h)(i)(C)
Description
a statement that the consumer would have to pay such costs directly in the absence of the escrow account;
Yes
 
No
 
N/A
 
Item
81(h)(i)(D)
Description
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”?
Yes
 
No
 
N/A
 
Item
81(h)(ii)
Description
No Escrow. If an escrow account will not be established for the consumer, does the credit union:
Yes
 
No
 
N/A
 
Item
81(h)(ii)(A)
Description
Provide a statement that the consumer will not have an escrow account?
Yes
 
No
 
N/A
 
Item
81(h)(ii)(B)
Description
Provide the reason why an escrow account will not be established?
Yes
 
No
 
N/A
 
Item
81(h)(ii)(C)
Description
Provide a statement that the consumer must pay all property costs, such as taxes and homeowner's insurance, directly?
Yes
 
No
 
N/A
 
Item
81(h)(ii)(D)
Description
Provide a statement that the consumer may contact the credit union to inquire about the availability of an escrow account; and
Yes
 
No
 
N/A
 
Item
81(h)(ii)(E)
Description
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))
Yes
 
No
 
N/A
 
Item
81(h)(iii)
Description
Under the reference “In the future” does the credit union disclose under the reference “In the future”: (§ 1026.38(l)(7)(ii))
Yes
 
No
 
N/A
 
Item
81(h)(iii)(A)
Description
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))
Yes
 
No
 
N/A
 
Item
81(h)(iii)(B)
Description
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))
Yes
 
No
 
N/A
 
Item
81(h)(iii)(C)
Description
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))
Yes
 
No
 
N/A
 
Item
82
Description
Does the credit union accurately provide the Adjustable Payment Table as required for the Loan Estimate under § 1026.37(i)? (§ 1026.38(m))
Yes
 
No
 
N/A
 
Item
83
Description
Does the credit union accurately provide the Adjustable Interest Rate Table as required for the Loan Estimate by § 1026.37(j)? (§ 1026.38(n))
Yes
 
No
 
N/A
 

Loan Calculations (Page 5 of the Closing Disclosure)

Loan Calculations
Item Description Yes No N/A
Item
84
Description
Does the credit union accurately discloses the following information in a separate table: (§ 1026.38(o))
Yes
 
No
 
N/A
 
Item
84(a)
Description
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:
Yes
 
No
 
N/A
 
Item
84(a)(i)
Description
Is understated by no more than $100? or
Yes
 
No
 
N/A
 
Item
84(a)(ii)
Description
Is greater than the amount required to be disclosed? (§ 1026.38(o)(1))
Yes
 
No
 
N/A
 
Item
84(b)
Description
Finance Charge. Expressed as a dollar amount, and including the statement “The dollar amount the loan will cost you”? 
Yes
 
No
 
N/A
 
Item
84(c)
Description
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:
Yes
 
No
 
N/A
 
Item
84(c)(i)
Description
Is understated by no more than $100? or
Yes
 
No
 
N/A
 
Item
84(c)(ii)
Description
Is greater than the amount required to be disclosed? (§ 1026.38(o)(2))
Yes
 
No
 
N/A
 
Item
84(d)
Description
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))
Yes
 
No
 
N/A
 
Item
84(e)
Description
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));
Yes
 
No
 
N/A
 
Item
84(f)
Description
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))
Yes
 
No
 
N/A
 

Other Disclosures (Page 5 of the Closing Disclosure)

Other Disclosures
Item Description Yes No N/A
Item
85
Description
Does the credit union accurately provides the following other disclosures:
Yes
 
No
 
N/A
 
Item
85(a)
Description
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))
Yes
 
No
 
N/A
 
Item
85(a)(i)
Description
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))
Yes
 
No
 
N/A
 
Item
85(a)(ii)
Description
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))
Yes
 
No
 
N/A
 
Item
85(b)
Description
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))
Yes
 
No
 
N/A
 
Item
85(c)
Description
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))
Yes
 
No
 
N/A
 
Item
85(d)
Description
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))
Yes
 
No
 
N/A
 
Item
85(e)
Description
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))
Yes
 
No
 
N/A
 
Item
85(f)
Description
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))
Yes
 
No
 
N/A
 

Questions notice (Page 5 of the Closing Disclosure)

Questions notice
Item Description Yes No N/A
Item
86
Description
Does the credit union provide a separate questions notice? 
Yes
 
No
 
N/A
 
Item
87
Description
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))
Yes
 
No
 
N/A
 

Contact Information (Page 5 of the Closing Disclosure)

Contact Information
Item Description Yes No N/A
Item
88
Description
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))
Yes
 
No
 
N/A
 

Confirm Receipt (Page 5 of the Closing Disclosure)

Confirm Receipt
Item Description Yes No N/A
Item
89
Description
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))
Yes
 
No
 
N/A
 

Form of Disclosures

Form of Disclosures
Item Description Yes No N/A
Item
90
Description
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))?
Yes
 
No
 
N/A
 
Item
91
Description
Does the credit union comply with the following rounding rules for dollar amounts and percentages:
Yes
 
No
 
N/A
 
Item
91(a)
Description
Rounding - nearest dollar. The following dollar amounts are rounded to the nearest whole dollar (§ 1026.38(t)(4)(i)):
Yes
 
No
 
N/A
 
Item
91(a)(i)
Description
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)?
Yes
 
No
 
N/A
 
Item
91(a)(ii)
Description
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)?
Yes
 
No
 
N/A
 
Item
91(a)(iii)
Description
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”?
Yes
 
No
 
N/A
 
Item
91(a)(iv)
Description
The dollar amounts required to be disclosed by § 1026.38(m) (adjustable payment table)?
Yes
 
No
 
N/A
 
Item
91(a)(v)
Description
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)?
Yes
 
No
 
N/A
 
Item
91(b)
Description
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))
Yes
 
No
 
N/A
 
Item
91(c)
Description
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))
Yes
 
No
 
N/A
 

Construction or Construction-Permanent Loan Disclosures

Construction or Construction-Permanent Loan Disclosures
Item Description Yes No N/A
Item
92
Description
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))
Yes
 
No
 
N/A
 
Item
93
Description
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))
Yes
 
No
 
N/A
 
Item
93(a)
Description
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?
Yes
 
No
 
N/A
 
Item
93(b)
Description
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?
Yes
 
No
 
N/A
 
Item
93(c)
Description
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?
Yes
 
No
 
N/A
 
Item
94
Description
Is the sales price or property value disclosed as required on the following documents:
Loan Estimate
Yes
 
No
 
N/A
 
Item
94(a)
Description
For transactions that involve a seller, is the contract sale price of the property is disclosed? (§ 1026.37(a)(7)(i))
Yes
 
No
 
N/A
 
Item
94(a)(i)
Description
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))
Yes
 
No
 
N/A
 
Item
94(b)
Description
Closing Disclosure
Yes
 
No
 
N/A
 
Item
94(b)(i)
Description
If there is a seller, has the credit union disclosed the contract sale price of the property? (§ 1026.38(a)(3)(vii)(A))
Yes
 
No
 
N/A
 
Item
94(b)(ii)
Description
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))
Yes
 
No
 
N/A
 
Item
95
Description
Does the credit union disclose the term to maturity of the credit transaction? (§§ 1026.37(a)(8), 1026.38(a)(5)(i))
Yes
 
No
 
N/A
 
Item
96
Description
Does the loan product description include:
Yes
 
No
 
N/A
 
Item
96(a)
Description
“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))
Yes
 
No
 
N/A
 
Item
96(b)
Description
“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))
Yes
 
No
 
N/A
 
Item
96(c)
Description
“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))
Yes
 
No
 
N/A
 
Item
97
Description
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))
Yes
 
No
 
N/A
 
Item
98
Description
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))
Yes
 
No
 
N/A
 
Item
99
Description
Does the credit union disclose construction costs on the following disclosures:
Yes
 
No
 
N/A
 
Item
99(a)
Description
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)
Yes
 
No
 
N/A
 
Item
99(b)
Description
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)
Yes
 
No
 
N/A
 
Item
100
Description
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))?
Yes
 
No
 
N/A
 

Closed-End Credit Forms Review

Closed-End Credit Forms Review
Item Description Yes No N/A
Item
101
Description
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))
Yes
 
No
 
N/A
 
Item
102
Description
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))
Yes
 
No
 
N/A
 
Item
103
Description
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))
Yes
 
No
 
N/A
 
Item
104
Description
Is the credit union identified (may be apart from other disclosures)? (§ 1026.18(a))
Yes
 
No
 
N/A
 
Item
105
Description
Is the “amount financed” (using that term) included and briefly described? (§ 1026.18(b))
Yes
 
No
 
N/A
 
Item
106
Description
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))
Yes
 
No
 
N/A
 
Item
107
Description
Is the “finance charge” (using that term) included and briefly described? (§ 1026.18(d))
Yes
 
No
 
N/A
 
Item
108
Description
Is the “annual percentage rate” (using that term) included and briefly described, unless exempt? (§ 1026.18(e))
Yes
 
No
 
N/A
 
Item
109
Description
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
Yes
 
No
 
N/A
 
Item
109(a)
Description
Circumstances that permit rate increases? (§ 1026.18(f)(1)(i))
Yes
 
No
 
N/A
 
Item
109(b)
Description
Limits on the increase? (§ 1026.18(f)(1)(ii))
Yes
 
No
 
N/A
 
Item
109(c)
Description
Effects of increase? (§ 1026.18(f)(1)(iii))
Yes
 
No
 
N/A
 
Item
109(d)
Description
Hypothetical example of new payment terms? (§ 1026.18(f)(1)(iv))
Yes
 
No
 
N/A
 
Item
110
Description
Unless the loan is subject to § 1026.18(s), does the institution include the specified payment schedule? (§ 1026.18(g))
Yes
 
No
 
N/A
 
Item
111
Description
Unless it is a single payment loan, does the institution include and describe the “total of payments” (using that term)? (§ 1026.18(h))
Yes
 
No
 
N/A
 
Item
112
Description
Does the institution disclose a demand feature, if applicable? (§ 1026.18(i))
Yes
 
No
 
N/A
 
Item
113
Description
If a credit sale, is the “total sales price” (using that term) included and described? (§ 1026.18(j))
Yes
 
No
 
N/A
 
Item
114
Description
Does the disclosure include whether or not the institution will impose a penalty or rebate for prepayment? (§ 1026.18(k))
Yes
 
No
 
N/A
 
Item
115
Description
Does the institution disclose a late payment charge (dollar amount or percent), if applicable? (§ 1026.18(l))
Yes
 
No
 
N/A
 
Item
116
Description
Is there a security interest disclosure, if applicable? (§ 1026.18(m))
Yes
 
No
 
N/A
 
Item
117
Description
If credit life insurance and debt cancellation premiums have been excluded from the finance charge, has the credit union:
Yes
 
No
 
N/A
 
Item
117(a)
Description
Disclosed that insurance coverage is not required?
Yes
 
No
 
N/A
 
Item
117(b)
Description
Disclosed the premium for the initial term?
Yes
 
No
 
N/A
 
Item
117(c)
Description
Obtained the customer’s signature or initials as an affirmative request for the insurance? (§§ 1026.18(n), 1026.4(d))
Yes
 
No
 
N/A
 
Item
118
Description
If the property insurance premium has been excluded from the finance charge, has the credit union:
Yes
 
No
 
N/A
 
Item
118(a)
Description
Disclosed that the consumer may choose the insurance company?
Yes
 
No
 
N/A
 
Item
118(b)
Description
Disclosed the cost of the insurance for the initial term if obtained from or through the credit union? (§§ 1026.18(n), 1026.4(d))
Yes
 
No
 
N/A
 
Item
119
Description
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))
Yes
 
No
 
N/A
 
Item
120
Description
Is there a statement referring to the contract document for specified information? (§ 1026.18(p))
Yes
 
No
 
N/A
 
Item
121
Description
Is there an appropriate assumption disclosure for residential mortgage transactions? (§ 1026.18(q))
Yes
 
No
 
N/A
 
Item
122
Description
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) )
Yes
 
No
 
N/A
 
Item
123
Description
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:
Yes
 
No
 
N/A
 
Item
123(a)
Description
For a fixed-rate mortgage, the interest rate at consummation? (§ 1026.18(s)(2)(i)(A))
Yes
 
No
 
N/A
 
Item
123(b)
Description
For an ARM or step-rate mortgage,
Yes
 
No
 
N/A
 
Item
123(b)(i)
Description
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))
Yes
 
No
 
N/A
 
Item
123(b)(ii)
Description
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))
Yes
 
No
 
N/A
 
Item
123(b)(iii)
Description
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))
Yes
 
No
 
N/A
 
Item
123(c)
Description
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))
Yes
 
No
 
N/A
 
Item
123(d)
Description
For a negative amortization loan,
Yes
 
No
 
N/A
 
Item
123(d)(i)
Description
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”?
Yes
 
No
 
N/A
 
Item
123(d)(ii)
Description
(§ 1026.18(s)(2)(ii)(A))
Yes
 
No
 
N/A
 
Item
123(d)(iii)
Description
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))
Yes
 
No
 
N/A
 
Item
123(d)(iv)
Description
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))
Yes
 
No
 
N/A
 
Item
123(d)(v)
Description
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))
Yes
 
No
 
N/A
 
Item
123(e)
Description
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),
Yes
 
No
 
N/A
 
Item
123(e)(i)
Description
The interest rate that applies at consummation and the period of time for which it applies? (§ 1026.18(s)(2)(iii)(A))
Yes
 
No
 
N/A
 
Item
123(e)(ii)
Description
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))
Yes
 
No
 
N/A
 
Item
123(e)(iii)
Description
The fully indexed rate? (§ 1026.18(s)(2)(iii)(C))
Yes
 
No
 
N/A
 
Item
123(f)
Description
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,
Yes
 
No
 
N/A
 
Item
123(f)(i)
Description
The corresponding periodic P + I payment, labeled as “principal and interest”? (§ 1026.18(s)(3)(i)(A))
Yes
 
No
 
N/A
 
Item
123(f)(ii)
Description
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))
Yes
 
No
 
N/A
 
Item
123(f)(iii)
Description
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))
Yes
 
No
 
N/A
 
Item
123(f)(iv)
Description
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))
Yes
 
No
 
N/A
 
Item
123(g)
Description
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?
Yes
 
No
 
N/A
 
Item
123(h)
Description
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))
Yes
 
No
 
N/A
 
Item
123(h)(i)
Description
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))
Yes
 
No
 
N/A
 
Item
123(h)(ii)
Description
The escrow information described in § 1026.18(s)(3)(i)(C)?
Yes
 
No
 
N/A
 
Item
123(h)(iii)
Description
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))
Yes
 
No
 
N/A
 
Item
123(i)
Description
If the loan is a negative amortization loan,
Yes
 
No
 
N/A
 
Item
123(j)
Description
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))
Yes
 
No
 
N/A
 
Item
123(j)(i)
Description
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))
Yes
 
No
 
N/A
 
Item
123(j)(ii)
Description
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))
Yes
 
No
 
N/A
 
Item
123(j)(iii)
Description
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))
Yes
 
No
 
N/A
 
Item
123(j)(iv)
Description
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))
Yes
 
No
 
N/A
 
Item
124
Description
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):
Yes
 
No
 
N/A
 
Item
124(a)
Description
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))
Yes
 
No
 
N/A
 
Item
124(b)
Description
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))
Yes
 
No
 
N/A
 
Item
125
Description
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:
Yes
 
No
 
N/A
 
Item
125(a)
Description
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))
Yes
 
No
 
N/A
 
Item
125(b)
Description
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))
Yes
 
No
 
N/A
 
Item
126
Description
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))
Yes
 
No
 
N/A
 
Item
127
Description
Is the maximum interest rate disclosed (variable rate)? (§ 1026.30(a))
Yes
 
No
 
N/A
 
Item
128
Description
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))
Yes
 
No
 
N/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
Item
129
Description
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)
Yes
 
No
 
N/A
 
Item
130
Description
Do variable rate program disclosures provide:
Yes
 
No
 
N/A
 
Item
130(a)
Description
The booklet titled “Consumer Handbook on ARMs” or a suitable substitute? (§ 1026.19(b)(1))
Yes
 
No
 
N/A
 
Item
130(b)
Description
A statement that interest rate, payment, or the term can change? (§ 1026.19(b)(2)(i))
Yes
 
No
 
N/A
 
Item
130(c)
Description
The index/formula with source of information disclosed? (§ 1026.19(b)(2)(ii))
Yes
 
No
 
N/A
 
Item
130(d)
Description
An explanation of the interest rate/payment determination and margin? (§ 1026.19(b)(2)(iii))
Yes
 
No
 
N/A
 
Item
130(e)
Description
A statement that consumers must ask for the current margin and interest rate? (§ 1026.19(b)(2)(iv))
Yes
 
No
 
N/A
 
Item
130(f)
Description
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))
Yes
 
No
 
N/A
 
Item
130(g)
Description
The frequency of interest rate and payment changes? (§ 1026.19(b)(2)(vi))
Yes
 
No
 
N/A
 
Item
130(h)
Description

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)
Yes
 
No
 
N/A
 
Item
130(i)
Description
A historical example or the maximum interest rate and payment? (§ 1026.19(b)(2)(viii))
Yes
 
No
 
N/A
 
Item
130(j)
Description
An explanation of how the loan payment can be calculated based on the (above) example? (§ 1026.19(b)(2)(ix))
Yes
 
No
 
N/A
 
Item
130(k)
Description
The fact that the loan program contains a demand feature? (§ 1026.19(b)(2)(x))
Yes
 
No
 
N/A
 
Item
130(l)
Description
Information on, and timing of, adjustment notices? (§ 1026.19(b)(2)(xi))
Yes
 
No
 
N/A
 
Item
130(m)
Description
A statement that disclosures for other variable rate loan programs are available? (§ 1026.19(b)(2)(xii))
Yes
 
No
 
N/A
 

Disclosures Before Consummation

Disclosures Before Consummation
Item Description Yes No N/A
Item
131
Description
Is there a disclosure that the note contains a variable rate feature before consummation? (§ 1026.18(f)(2)(i))
Yes
 
No
 
N/A
 
Item
132
Description
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))
Yes
 
No
 
N/A
 

Disclosures After Consummation:

Initial Rate Adjustment Disclosures and Disclosures for Rate Adjustments With Corresponding Changes in Payment
Item Description Yes No N/A
Item
133
Description
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))
Yes
 
No
 
N/A
 
Item
134
Description
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))
Yes
 
No
 
N/A
 
Item
135
Description
Do the initial rate adjustment disclosures include the following:
Yes
 
No
 
N/A
 
Item
135(a)
Description
The date of the disclosure? (§ 1026.20(d)(2)(i))
Yes
 
No
 
N/A
 
Item
135(b)
Description
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))
Yes
 
No
 
N/A
 
Item
135(c)
Description

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))
Yes
 
No
 
N/A
 
Item
135(d)
Description
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))
Yes
 
No
 
N/A
 
Item
135(e)
Description
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))
Yes
 
No
 
N/A
 
Item
135(f)
Description
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))
Yes
 
No
 
N/A
 
Item
135(g)
Description
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))
Yes
 
No
 
N/A
 
Item
135(h)
Description
The expected loan balance on the date of the interest rate adjustment? (§ 1026.20(d)(2)(vi)(C))
Yes
 
No
 
N/A
 
Item
135(i)
Description
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))
Yes
 
No
 
N/A
 
Item
135(j)
Description
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))
Yes
 
No
 
N/A
 
Item
135(k)
Description
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))
Yes
 
No
 
N/A
 
Item
135(l)
Description
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))
Yes
 
No
 
N/A
 
Item
135(m)
Description
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))
Yes
 
No
 
N/A
 
Item
135(n)
Description
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))
Yes
 
No
 
N/A
 
Item
136
Description

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))
Yes
 
No
 
N/A
 
Item
136(a)
Description
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))
Yes
 
No
 
N/A
 
Item
136(b)
Description
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))
Yes
 
No
 
N/A
 
Item
136(c)
Description
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))
Yes
 
No
 
N/A
 
Item
136(d)
Description
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?
Yes
 
No
 
N/A
 
Item
136(e)
Description
(§ 1026.20(c)(2)(iv))
Yes
 
No
 
N/A
 
Item
136(f)
Description
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))
Yes
 
No
 
N/A
 
Item
136(g)
Description
Any adjustments to the index or formula, such as the addition of a margin? (§ 1026.20(c)(2)(v)(B))
Yes
 
No
 
N/A
 
Item
136(h)
Description
The expected loan balance on the date of the interest rate adjustment? (§ 1026.20(c)(2)(v)(C))
Yes
 
No
 
N/A
 
Item
136(i)
Description
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))
Yes
 
No
 
N/A
 
Item
136(j)
Description
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))
Yes
 
No
 
N/A
 
Item
136(k)
Description
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))
Yes
 
No
 
N/A
 
Item
137
Description
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))
Yes
 
No
 
N/A
 
Item
137(a)
Description
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.
Yes
 
No
 
N/A
 
Item
137(b)
Description
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.
Yes
 
No
 
N/A
 
Item
137(c)
Description
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.
Yes
 
No
 
N/A
 
Item
137(d)
Description
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.
Yes
 
No
 
N/A
 
Item
138
Description
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))
Yes
 
No
 
N/A
 

Closed-End Credit File Review

Closed-End Credit File Review
Item Description Yes No N/A
Item
139
Description
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))
Yes
 
No
 
N/A
 
Item
140
Description
Is the amount financed disclosed and accurate? (§ 1026.18(b))
Yes
 
No
 
N/A
 
Item
141
Description
Is there a separate itemization of the amount financed (RESPA-GFE, if applicable, may be substituted)? (§ 1026.18(c))
Yes
 
No
 
N/A
 
Item
142
Description
Is the finance charge disclosed and accurate? (§§ 1026.4, 1026.18(c), and 1026.18(d))
Yes
 
No
 
N/A
 
Item
143
Description
Is the APR disclosed and accurate? (§§ 1026.18(e) and 1026.22(a))
Yes
 
No
 
N/A
 
Item
144
Description
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):
Yes
 
No
 
N/A
 
Item
144(a)
Description
Circumstances that permit rate increase? (§ 1026.18(f)(1)(i))
Yes
 
No
 
N/A
 
Item
144(b)
Description
Limits on the increase:
Yes
 
No
 
N/A
 
Item
144(b)(i)
Description
Periodic? (§ 1026.18(f)(1)(ii))
Yes
 
No
 
N/A
 
Item
144(b)(ii)
Description
Lifetime? (§ 1026.18(f)(1)(ii))
Yes
 
No
 
N/A
 
Item
144(c)
Description
Effects of increase? (§ 1026.18(f)(1)(iii))
Yes
 
No
 
N/A
 
Item
144(d)
Description
Hypothetical example of new payment terms? (§ 1026.18(f)(1)(iv))
Yes
 
No
 
N/A
 
Item
145
Description
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:
Yes
 
No
 
N/A
 
Item
145(a)
Description
The fact that the transaction contains a variable-rate feature?
Yes
 
No
 
N/A
 
Item
145(b)
Description
A statement that the credit union, assignee, or servicer provided the variable-rate disclosures earlier? (§ 1026.18(f)(2))
Yes
 
No
 
N/A
 
Item
146
Description
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))
Yes
 
No
 
N/A
 
Item
147
Description
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))
Yes
 
No
 
N/A
 
Item
148
Description
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))
Yes
 
No
 
N/A
 
Item
149
Description
If a credit sale, is the total sale price accurate? (§ 1026.18(j))
Yes
 
No
 
N/A
 
Item
150
Description
Does the credit union, assignee, or servicer disclose the prepayment penalty, if applicable? (§ 1026.18(k))
Yes
 
No
 
N/A
 
Item
151
Description
Does the credit union, assignee, or servicer disclose the late payment charge (dollar amount or percent), if applicable? (§ 1026.18(l))
Yes
 
No
 
N/A
 
Item
152
Description
Does the credit union, assignee, or servicer describe the security interest accurately, if applicable? (§ 1026.18(m))
Yes
 
No
 
N/A
 
Item
153
Description
If fees listed at § 1026.4(e) are excluded from the finance charge, are these fees listed? (§ 1026.18(o))
Yes
 
No
 
N/A
 
Item
154
Description
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))
Yes
 
No
 
N/A
 
Item
155
Description
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))
Yes
 
No
 
N/A
 
Item
156
Description
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))
Yes
 
No
 
N/A
 
Item
157
Description
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))
Yes
 
No
 
N/A
 
Item
158
Description
Does the credit union, assignee, or servicer accurately disclose deposits required for credit transactions? (§ 1026.18(r))
Yes
 
No
 
N/A
 
Item
159
Description
Are residential mortgage transaction closing fees that are excluded from the disclosed finance charge bona fide and reasonable? (§ 1026.4(c)(7))
Yes
 
No
 
N/A
 
Item
160
Description
For any consumer credit contract secured by a dwelling, is the maximum interest rate in the contract (variable rate mortgage) disclosed? (§ 1026.30(a))
Yes
 
No
 
N/A
 
Item
161
Description
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))
Yes
 
No
 
N/A
 
Item
162
Description
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))
Yes
 
No
 
N/A
 
Item
163
Description
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))
Yes
 
No
 
N/A
 
Item
164
Description
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))
Yes
 
No
 
N/A
 
Item
165
Description
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))
Yes
 
No
 
N/A
 
Item
165(a)
Description
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))
Yes
 
No
 
N/A
 
Item
166
Description
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:
Yes
 
No
 
N/A
 
Item
166(a)
Description
An identification of the loan that was sold, assigned, or otherwise transferred? (§ 1026.39(d))
Yes
 
No
 
N/A
 
Item
166(b)
Description
Name, address, and telephone number of the covered person? (§ 1026.39(d)(1))
Yes
 
No
 
N/A
 
Item
166(c)
Description
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))
Yes
 
No
 
N/A
 
Item
166(d)
Description
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))
Yes
 
No
 
N/A
 
Item
166(e)
Description
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))
Yes
 
No
 
N/A
 
Item
166(f)
Description
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))
Yes
 
No
 
N/A
 
Item
166(g)
Description
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))
Yes
 
No
 
N/A
 
Item
167
Description
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))
Yes
 
No
 
N/A
 
Item
168
Description
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))
Yes
 
No
 
N/A
 
Item
169
Description
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))
Yes
 
No
 
N/A
 
Item
170
Description
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))
Yes
 
No
 
N/A
 
Item
171
Description
Do the application and solicitation disclosures for private education loans disclose the following:
Yes
 
No
 
N/A
 
Item
171(a)
Description
Accurate interest rate, including:
Yes
 
No
 
N/A
 
Item
171(a)(i)
Description
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?
Yes
 
No
 
N/A
 
Item
171(a)(ii)
Description
Whether rate is fixed or variable?
Yes
 
No
 
N/A
 
Item
171(a)(iii)
Description
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?
Yes
 
No
 
N/A
 
Item
171(a)(iv)
Description
Whether the rate will typically be higher if the loan is not co-signed or guaranteed? (§ 1026.47(a)(1))
Yes
 
No
 
N/A
 
Item
171(b)
Description
An itemization of the fees and default or late payment costs? (§ 1026.47(a)(2))
Yes
 
No
 
N/A
 
Item
171(c)
Description
Repayment terms, including:
Yes
 
No
 
N/A
 
Item
171(c)(i)
Description
Term of the loan, which is the period during which regularly scheduled payments of principal and interest will be due?
Yes
 
No
 
N/A
 
Item
171(c)(ii)
Description
Deferral options, or if consumer does not have the option to defer, that fact?
Yes
 
No
 
N/A
 
Item
171(c)(iii)
Description
For each available deferral option applicable, information as to:
Yes
 
No
 
N/A
 
Item
171(c)(iii)(A)
Description
Whether interest will accrue during deferral period?
Yes
 
No
 
N/A
 
Item
171(c)(iii)(B)
Description
If interest accrues, whether payment of interest may be deferred and added to the principal balance?
Yes
 
No
 
N/A
 
Item
171(c)(iii)(C)
Description
A statement that, if the consumer files bankruptcy, the consumer may still be required to repay the loan? (§ 1026.47(a)(3))
Yes
 
No
 
N/A
 
Item
171(d)
Description
Cost estimates, based on an example of the total cost of the loan, calculated
Yes
 
No
 
N/A
 
Item
171(d)(i)
Description
Using the highest disclosed interest rate and including all applicable finance charges?
Yes
 
No
 
N/A
 
Item
171(d)(ii)
Description
Using an amount financed of $10,000, or $5,000, if the credit union offers loans less than $10,000?
Yes
 
No
 
N/A
 
Item
171(d)(iii)
Description
For each payment option? (§ 1026.47(a)(4))
Yes
 
No
 
N/A
 
Item
171(e)
Description
Eligibility (e.g., any age or school enrollment eligibility requirements) for the consumer or cosigner? (§ 1026.47(a)(5))
Yes
 
No
 
N/A
 
Item
171(f)
Description
Alternatives to private education loans, including
Yes
 
No
 
N/A
 
Item
171(f)(i)
Description
A statement that the consumer may qualify for federal student loans?
Yes
 
No
 
N/A
 
Item
171(f)(ii)
Description
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?
Yes
 
No
 
N/A
 
Item
171(f)(iii)
Description
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?
Yes
 
No
 
N/A
 
Item
171(f)(iv)
Description
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))
Yes
 
No
 
N/A
 
Item
171(g)
Description
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))
Yes
 
No
 
N/A
 
Item
171(h)
Description
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))
Yes
 
No
 
N/A
 
Item
172
Description
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))
Yes
 
No
 
N/A
 
Item
173
Description
Do the approval disclosures for private education loans disclose the information required under § 1026.18 and the following:
Yes
 
No
 
N/A
 
Item
173(a)
Description
Interest rate information, including
Yes
 
No
 
N/A
 
Item
173(a)(i)
Description
Interest rate applicable to the loan?
Yes
 
No
 
N/A
 
Item
173(a)(ii)
Description
Whether the interest rate is variable or fixed?
Yes
 
No
 
N/A
 
Item
173(a)(iii)
Description
If the interest rate may increase after consummation, any limitations on the rate adjustments, or lack thereof? (§ 1026.47(b)(1))
Yes
 
No
 
N/A
 
Item
173(b)
Description
Fees and default or late payment costs, including
Yes
 
No
 
N/A
 
Item
173(b)(i)
Description
an itemization of the fees or range of fees required to obtain the loan?
Yes
 
No
 
N/A
 
Item
173(b)(ii)
Description
any fees, changes to the interest rate, and adjustments to principal based on the consumer’s defaults or late payments? (§ 1026.47(b)(2))
Yes
 
No
 
N/A
 
Item
173(c)
Description
Repayment terms, including:
Yes
 
No
 
N/A
 
Item
173(c)(i)
Description
Principal amount?
Yes
 
No
 
N/A
 
Item
173(c)(ii)
Description
Term of the loan?
Yes
 
No
 
N/A
 
Item
173(c)(iii)
Description
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?
Yes
 
No
 
N/A
 
Item
173(c)(iv)
Description
Any payments required while the student is enrolled at the educational institution, based on the deferral option the consumer chooses?
Yes
 
No
 
N/A
 
Item
173(c)(v)
Description
Amount of any unpaid interest that will accrue while the student is enrolled in school, based on the deferral option the consumer chooses?
Yes
 
No
 
N/A
 
Item
173(c)(vi)
Description
A statement that if the consumer files for bankruptcy, the consumer may still be required to pay back the loan?
Yes
 
No
 
N/A
 
Item
173(c)(vii)
Description
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)?
Yes
 
No
 
N/A
 
Item
173(c)(vii)(A)
Description
The maximum possible rate of interest for the loan, or, if a maximum rate cannot be determined, a rate of 25 percent?
Yes
 
No
 
N/A
 
Item
173(c)(vii)(B)
Description
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?
Yes
 
No
 
N/A
 
Item
173(c)(viii)
Description
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))
Yes
 
No
 
N/A
 
Item
173(d)
Description
Alternatives to private education loans, including:
Yes
 
No
 
N/A
 
Item
173(d)(i)
Description
A statement that the consumer may qualify for federal student loans?
Yes
 
No
 
N/A
 
Item
173(d)(ii)
Description
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?
Yes
 
No
 
N/A
 
Item
173(d)(iii)
Description
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))
Yes
 
No
 
N/A
 
Item
173(e)
Description
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:
Yes
 
No
 
N/A
 
Item
173(e)(i)
Description
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?
Yes
 
No
 
N/A
 
Item
173(e)(ii)
Description
the method or methods the consumer may use to communicate the acceptance (written, oral, or by electronic means?)
Yes
 
No
 
N/A
 
Item
173(e)(iii)
Description
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))
Yes
 
No
 
N/A
 
Item
174
Description
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))
Yes
 
No
 
N/A
 
Item
175
Description
In addition to the disclosures required under § 1026.18, do the final disclosures for private education loans disclose the following:
Yes
 
No
 
N/A
 
Item
175(a)
Description
Interest rate, including:
Yes
 
No
 
N/A
 
Item
175(a)(i)
Description
Interest rate applicable to the loan?
Yes
 
No
 
N/A
 
Item
175(a)(ii)
Description
Whether the interest rate is variable or fixed?
Yes
 
No
 
N/A
 
Item
175(a)(iii)
Description
If the interest rate may increase after consummation, any limitations on the rate adjustments, or lack thereof? (§ 1026.47(c)(1))
Yes
 
No
 
N/A
 
Item
175(b)
Description
Fees and default or late payment costs, including:
Yes
 
No
 
N/A
 
Item
175(b)(i)
Description
An itemization of the fees or range of fees required to obtain the loan?
Yes
 
No
 
N/A
 
Item
175(b)(ii)
Description
Any fees, changes to the interest rate, and adjustments to principal based on the consumer’s defaults or late payments? (§ 1026.47(c)(2))
Yes
 
No
 
N/A
 
Item
175(c)
Description
Repayment terms, including:
Yes
 
No
 
N/A
 
Item
175(c)(i)
Description
Principal amount?
Yes
 
No
 
N/A
 
Item
175(c)(ii)
Description
Term of the loan?
Yes
 
No
 
N/A
 
Item
175(c)(iii)
Description
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?
Yes
 
No
 
N/A
 
Item
175(c)(iv)
Description
Any payments required while the student is enrolled at the educational institution, based on the deferral option the consumer chooses?
Yes
 
No
 
N/A
 
Item
175(c)(v)
Description
Amount of any unpaid interest that will accrue while the student is enrolled in school, based on the deferral option the consumer chooses?
Yes
 
No
 
N/A
 
Item
175(c)(vi)
Description
A statement that if the consumer files for bankruptcy, the consumer may still be required to pay back the loan?
Yes
 
No
 
N/A
 
Item
175(c)(vii)
Description
An estimate of the total amount of payments calculated based on:
Yes
 
No
 
N/A
 
Item
175(c)(vii)(A)
Description
The interest rate applicable to the loan (compliance with section § 1026.18(h) constitutes compliance with this requirement)?
Yes
 
No
 
N/A
 
Item
175(c)(vii)(B)
Description
The maximum possible rate of interest for the loan, or, if a maximum rate cannot be determined, a rate of 25 percent?
Yes
 
No
 
N/A
 
Item
175(c)(vii)(C)
Description
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?
Yes
 
No
 
N/A
 
Item
175(c)(viii)
Description
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))
Yes
 
No
 
N/A
 
Item
175(d)
Description
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:
Yes
 
No
 
N/A
 
Item
175(d)(i)
Description
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?
Yes
 
No
 
N/A
 
Item
175(d)(ii)
Description
A statement that the loan proceeds will not be disbursed until the cancellation period expires?
Yes
 
No
 
N/A
 
Item
175(d)(iii)
Description
The method or methods the consumer may use to cancel?
Yes
 
No
 
N/A
 
Item
175(d)(iv)
Description
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))
Yes
 
No
 
N/A
 
Item
176
Description
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))
Yes
 
No
 
N/A
 

Closed-End Credit—ARM File Review

Closed-End Credit—ARM File Review
Item Description Yes No N/A
Item
177
Description
Did the credit union provide timely early disclosures for residential mortgage transactions subject to RESPA? (§ 1026.19(a)(1))
Yes
 
No
 
N/A
 
Item
178
Description
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))
Yes
 
No
 
N/A
 
Item
179
Description
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)
Yes
 
No
 
N/A
 
Item
180
Description
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))
Yes
 
No
 
N/A
 
Item
181
Description
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))
Yes
 
No
 
N/A
 
Item
182
Description
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))
Yes
 
No
 
N/A
 
Item
183
Description
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))
Yes
 
No
 
N/A
 
Item
184
Description
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))
Yes
 
No
 
N/A
 
Item
185
Description
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:
Yes
 
No
 
N/A
 
Item
185(a)
Description
An identification of the loan that was sold, assigned, or otherwise transferred? (§ 1026.39(d))
Yes
 
No
 
N/A
 
Item
185(b)
Description
Name, address, and telephone number of the covered person? (§ 1026.39(d)(1))
Yes
 
No
 
N/A
 
Item
185(c)
Description
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))
Yes
 
No
 
N/A
 
Item
185(d)
Description
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))
Yes
 
No
 
N/A
 
Item
185(e)
Description
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))
Yes
 
No
 
N/A
 
Item
185(f)
Description
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))
Yes
 
No
 
N/A
 
Item
185(g)
Description
At the option of the covered person, any other information regarding the transaction? (§ 1026.39(e))
Yes
 
No
 
N/A
 
Item
186
Description
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).
Yes
 
No
 
N/A
 
Item
187
Description
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))
Yes
 
No
 
N/A
 
Item
188
Description
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))
Yes
 
No
 
N/A
 

Subsequent Disclosures

Subsequent Disclosures
Item Description Yes No N/A
Item
189
Description
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))
Yes
 
No
 
N/A
 
Item
190
Description
Did the initial rate adjustment disclosures include the following:
Yes
 
No
 
N/A
 
Item
190(a)
Description
Date of the disclosure? (§ 1026.20(d)(2)(i))
Yes
 
No
 
N/A
 
Item
190(b)
Description
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))
Yes
 
No
 
N/A
 
Item
190(c)
Description
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))
Yes
 
No
 
N/A
 
Item
190(d)
Description
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))
Yes
 
No
 
N/A
 
Item
190(e)
Description
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))
Yes
 
No
 
N/A
 
Item
190(f)
Description
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))
Yes
 
No
 
N/A
 
Item
190(g)
Description
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))
Yes
 
No
 
N/A
 
Item
190(h)
Description
The expected loan balance on the date of the interest rate adjustment? (§ 1026.20(d)(2)(vi)(C))
Yes
 
No
 
N/A
 
Item
190(i)
Description
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))
Yes
 
No
 
N/A
 
Item
190(j)
Description
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))
Yes
 
No
 
N/A
 
Item
190(k)
Description
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))
Yes
 
No
 
N/A
 
Item
190(l)
Description
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))
Yes
 
No
 
N/A
 
Item
190(m)
Description
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))
Yes
 
No
 
N/A
 
Item
190(n)
Description
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))
Yes
 
No
 
N/A
 
Item
191
Description
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))
Yes
 
No
 
N/A
 
Item
192
Description
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))
Yes
 
No
 
N/A
 
Item
192(a)
Description
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))
Yes
 
No
 
N/A
 
Item
192(b)
Description
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))
Yes
 
No
 
N/A
 
Item
192(c)
Description
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))
Yes
 
No
 
N/A
 
Item
192(d)
Description
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?
Yes
 
No
 
N/A
 
Item
192(e)
Description
(§ 1026.20(c)(2)(iv))
Yes
 
No
 
N/A
 
Item
192(f)
Description
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))
Yes
 
No
 
N/A
 
Item
192(g)
Description
Any adjustments to the index or formula, such as the addition of a margin? (§ 1026.20(c)(2)(v)(B))
Yes
 
No
 
N/A
 
Item
192(h)
Description
The expected loan balance on the date of the interest rate adjustment? (§ 1026.20(c)(2)(v)(C))
Yes
 
No
 
N/A
 
Item
192(i)
Description
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))
Yes
 
No
 
N/A
 
Item
192(j)
Description
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))
Yes
 
No
 
N/A
 
Item
192(k)
Description
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))
Yes
 
No
 
N/A
 
Item
193
Description
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))
Yes
 
No
 
N/A
 
Item
193(a)
Description
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?
Yes
 
No
 
N/A
 
Item
193(b)
Description
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?
Yes
 
No
 
N/A
 
Item
193(c)
Description
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?
Yes
 
No
 
N/A
 
Item
193(d)
Description
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?
Yes
 
No
 
N/A
 
Item
194
Description
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))
Yes
 
No
 
N/A
 

Right of Rescission File Review

Right of Rescission File Review
Item Description Yes No N/A
Item
195
Description
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))
Yes
 
No
 
N/A
 
Item
196
Description
Is the rescission notice on a separate document that identifies the transaction? (§§ 1026.23(b)(1) or 1026.15(b))
Yes
 
No
 
N/A
 
Item
197
Description
Does the rescission notice clearly and conspicuously disclose:
Yes
 
No
 
N/A
 
Item
197(a)
Description
The retention or acquisition of a security interest in the consumer’s principal dwelling? (§§ 1026.23(b)(1)(i) or 1026.15(b)(1))
Yes
 
No
 
N/A
 
Item
197(b)
Description
The consumer’s right to rescind? (§§ 1026.23(b)(1)(ii) or 1026.15(b)(2))
Yes
 
No
 
N/A
 
Item
197(c)
Description
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))
Yes
 
No
 
N/A
 
Item
197(d)
Description
The effects of rescission? (§§ 1026.23(b)(1)(iv) or 1026.15(b)(4))
Yes
 
No
 
N/A
 
Item
197(e)
Description
The date the rescission period expires? (§§ 1026.23(b)(1)(v) or 1026.15(b)(5))
Yes
 
No
 
N/A
 
Item
198
Description
Was funding delayed (except into escrow) until the rescission period expired? (§§ 1026.23(c) or 1026.15(c))
Yes
 
No
 
N/A
 
Item
199
Description
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))
Yes
 
No
 
N/A
 
Item
200
Description
Does the consumer sign and date the notice to acknowledge receipt?

Note: A “no” answer is not a violation of law.
Yes
 
No
 
N/A
 
Item
201
Description
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))
Yes
 
No
 
N/A
 

Open-End Not Home-Secured Credit Forms Review

General Disclosures

General Disclosures
Item Description Yes No N/A
Item
202
Description
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))
Yes
 
No
 
N/A
 
Item
203
Description
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))
Yes
 
No
 
N/A
 
Item
204
Description
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)
Yes
 
No
 
N/A
 

Account-Opening Disclosures

Account-Opening Disclosures
Item Description Yes No N/A
Item
205
Description
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))
Yes
 
No
 
N/A
 
Item
206
Description
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))
Yes
 
No
 
N/A
 
Item
207
Description
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))
Yes
 
No
 
N/A
 
Item
208
Description
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))
Yes
 
No
 
N/A
 
Item
209
Description
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))
Yes
 
No
 
N/A
 
Item
210
Description
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))
Yes
 
No
 
N/A
 
Item
211
Description
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))
Yes
 
No
 
N/A
 
Item
212
Description
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))
Yes
 
No
 
N/A
 
Item
213
Description
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:
Yes
 
No
 
N/A
 
Item
213(a)
Description
Disclose the specific APR applicable to the consumer’s account or the range of the APRs? or
Yes
 
No
 
N/A
 
Item
213(b)
Description
Refrain from listing APRs for multiple states in the account opening table? (12 CFR 1026.6(b)(2)(i)(E))
Yes
 
No
 
N/A
 
Item
214
Description
Did the credit union disclose:
Yes
 
No
 
N/A
 
Item
214(a)
Description
Any introductory rate?
Yes
 
No
 
N/A
 
Item
214(b)
Description
Any rate that would apply upon expiration of a premium initial rate? (§ 1026.6(b)(2)(i)(F))
Yes
 
No
 
N/A
 
Item
215
Description
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))
Yes
 
No
 
N/A
 
Item
216
Description
Did the credit union disclose any fixed finance charge and a brief description of that charge? (§ 1026.6(b)(2)(iii))
Yes
 
No
 
N/A
 
Item
217
Description
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))
Yes
 
No
 
N/A
 
Item
218
Description
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))
Yes
 
No
 
N/A
 
Item
219
Description
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))
Yes
 
No
 
N/A
 
Item
220
Description
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))
Yes
 
No
 
N/A
 
Item
221
Description
Did the credit union disclose any fee imposed for a late payment? (§ 1026.6(b)(2)(viii))
Yes
 
No
 
N/A
 
Item
222
Description
Did the credit union disclose any fee imposed for exceeding the credit limit? (§ 1026.6(b)(2)(ix))
Yes
 
No
 
N/A
 
Item
223
Description
Did the credit union disclose any fee imposed to transfer a balance? (§ 1026.6(b)(2)(x))
Yes
 
No
 
N/A
 
Item
224
Description
Did the credit union disclose any fee imposed for a returned payment? (§ 1026.6(b)(2)(xi))
Yes
 
No
 
N/A
 
Item
225
Description
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))
Yes
 
No
 
N/A
 
Item
226
Description
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))
Yes
 
No
 
N/A
 
Item
227
Description
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))
Yes
 
No
 
N/A
 
Item
228
Description
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))
Yes
 
No
 
N/A
 
Item
229
Description
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))
Yes
 
No
 
N/A
 
Item
230
Description
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)?
Yes
 
No
 
N/A
 
Item
230(a)
Description
The range of balances to which the rate is applicable?
Yes
 
No
 
N/A
 
Item
230(b)
Description
The type of transaction to which the periodic rate applies?
Yes
 
No
 
N/A
 
Item
230(c)
Description
An explanation of the method used to determine the balance to which the rate is applied? (§ 1026.6(b)(4)(i))
Yes
 
No
 
N/A
 
Item
231
Description
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,
Yes
 
No
 
N/A
 
Item
231(a)
Description
the fact that the APR may increase?
Yes
 
No
 
N/A
 
Item
231(b)
Description
how the rate is determined, including the margin?
Yes
 
No
 
N/A
 
Item
231(c)
Description
the circumstances under which the rate may increase?
Yes
 
No
 
N/A
 
Item
231(d)
Description
the frequency with which the rate may increase?
Yes
 
No
 
N/A
 
Item
231(e)
Description
any limitation on the amount the rate may change?
Yes
 
No
 
N/A
 
Item
231(f)
Description
the effect(s) of an increase? (§ 1026.6(b)(4)(ii))
Yes
 
No
 
N/A
 
Item
232
Description
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:
Yes
 
No
 
N/A
 
Item
232(a)
Description
The initial rate (expressed as a periodic rate and a corresponding APR)?
Yes
 
No
 
N/A
 
Item
232(b)
Description
How long the initial rate will remain in effect and the specific events that cause the initial rate to change?
Yes
 
No
 
N/A
 
Item
232(c)
Description
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?
Yes
 
No
 
N/A
 
Item
232(d)
Description
The balances to which the new rate will apply?
Yes
 
No
 
N/A
 
Item
232(e)
Description
The balances to which the current rate at the time of the change will apply? (§ 1026.6(b)(4)(iii))
Yes
 
No
 
N/A
 
Item
233
Description
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))
Yes
 
No
 
N/A
 
Item
234
Description
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))
Yes
 
No
 
N/A
 
Item
235
Description
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))
Yes
 
No
 
N/A
 
Item
236
Description
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))
Yes
 
No
 
N/A
 
Item
237
Description
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))
Yes
 
No
 
N/A
 
Item
238
Description
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))
Yes
 
No
 
N/A
 

Open-End Home-Secured Credit Forms Review

Open-End Home-Secured Credit Forms Review
Item Description Yes No N/A
Item
239
Description
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))
Yes
 
No
 
N/A
 
Item
240
Description
Is the terminology used in providing the disclosures required by the open-end provisions of TILA (§ 1026.5) consistent? (§ 1026.5(a)(2)(i))
Yes
 
No
 
N/A
 
Item
241
Description
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.
Yes
 
No
 
N/A
 
Item
242
Description
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))
Yes
 
No
 
N/A
 
Item
243
Description
Are disclosures grouped together and segregated from other disclosures and are they clear and conspicuous? (§ 1026.40(a)(1))
Yes
 
No
 
N/A
 
Item
244
Description
Do the required disclosures of paragraph §§ 1026.40(d)(1) through (4)(ii) precede the other disclosures? (§ 1026.40(a)(2))
Yes
 
No
 
N/A
 
Item
245
Description
Is a home-equity brochure provided? (§ 1026.40(e))
Yes
 
No
 
N/A
 
Item
246
Description
Does the disclosure state:
Yes
 
No
 
N/A
 
Item
246(a)
Description
The consumer must keep a copy of the disclosures? (§ 1026.40(d)(1))
Yes
 
No
 
N/A
 
Item
246(b)
Description
When the consumer must submit an application to obtain the specific terms disclosed? (§ 1026.40(d)(2)(i))
Yes
 
No
 
N/A
 
Item
246(c)
Description
The terms that are subject to change before the plan opens, if applicable? (§ 1026.40(d)(2)(i))
Yes
 
No
 
N/A
 
Item
246(d)
Description
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))
Yes
 
No
 
N/A
 
Item
246(e)
Description
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))
Yes
 
No
 
N/A
 
Item
246(f)
Description
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))
Yes
 
No
 
N/A
 
Item
246(g)
Description
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))
Yes
 
No
 
N/A
 
Item
246(h)
Description
The payment terms? (§ 1026.40(d)(5))
Yes
 
No
 
N/A
 
Item
246(i)
Description
A recent APR and that the APR does not include costs other than interest for fixed-rate plans? (§ 1026.40(d)(6))
Yes
 
No
 
N/A
 
Item
246(j)
Description
An itemization of fees to open, use, or maintain the plan and when such fees are payable? (§ 1026.40(d)(7))
Yes
 
No
 
N/A
 
Item
246(k)
Description
A GFE of total fees imposed by third parties to open the account? (§ 1026.40(d)(8))
Yes
 
No
 
N/A
 
Item
246(l)
Description
The consumer may receive a good faith itemization of third-party fees? (§ 1026.40(d)(8))
Yes
 
No
 
N/A
 
Item
246(m)
Description
Negative amortization may occur and could increase the principal balance and reduce the consumer’s equity? (§ 1026.40(d)(9))
Yes
 
No
 
N/A
 
Item
246(n)
Description
Transaction requirements under the plan (e.g., limits on number of extensions and minimum draw requirements)? (§ 1026.40(d)(10))
Yes
 
No
 
N/A
 
Item
246(o)
Description
A tax adviser must be consulted? (§ 1026.40(d)(11))
Yes
 
No
 
N/A
 

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

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

Limitations on Home Equity Plans

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

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))
Yes
 
No
 
N/A
 
Item
250(a)
Description
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?
Yes
 
No
 
N/A
 
Item
250(b)
Description
When the consumer fails to meet the plan’s repayment terms?
Yes
 
No
 
N/A
 
Item
250(c)
Description
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))
Yes
 
No
 
N/A
 
Item
251
Description
Are the terms of an account only changed under the following circumstances:
Yes
 
No
 
N/A
 
Item
251(a)
Description
When a specified change occurs when a specific event takes place, as provided for in the initial agreement?
Yes
 
No
 
N/A
 
Item
251(b)
Description
When the index or margin is changed because the original index is no longer available?
Yes
 
No
 
N/A
 
Item
251(c)
Description
When the consumer specifically agrees to a specified change in writing at the time of the change?
Yes
 
No
 
N/A
 
Item
251(d)
Description
When any change unequivocally will benefit the consumer?
Yes
 
No
 
N/A
 
Item
251(e)
Description
When changes made to the terms are insignificant? (12 CFR 1026.40(f)(3)(i)-(v))
Yes
 
No
 
N/A
 
Item
252
Description
Is the credit limit reduced, or are additional extensions of credit prohibited, only under the following circumstances:
Yes
 
No
 
N/A
 
Item
252(a)
Description
When the value of the dwelling securing the plan declines significantly below the appraised value?
Yes
 
No
 
N/A
 
Item
252(b)
Description
When the consumer’s financial circumstances change materially and the credit union reasonably believes the consumer will be unable to meet the repayment obligations?
Yes
 
No
 
N/A
 
Item
252(c)
Description
When the consumer defaults on any material obligation under the agreement?
Yes
 
No
 
N/A
 
Item
252(d)
Description
When government action restricts an APR increase?
Yes
 
No
 
N/A
 
Item
252(e)
Description
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?
Yes
 
No
 
N/A
 
Item
252(f)
Description
When the credit union is notified by its regulatory agency that continued advances constitute an unsafe and unsound practice? (§ 1026.40(f)(3)(vi))
Yes
 
No
 
N/A
 

Account-Opening Disclosures for HELOCs

Account-Opening Disclosures for HELOCs
Item Description Yes No N/A
Item
253
Description
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))
Yes
 
No
 
N/A
 
Item
254
Description
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))
Yes
 
No
 
N/A
 
Item
254(a)
Description
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))
Yes
 
No
 
N/A
 
Item
254(b)
Description
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))
Yes
 
No
 
N/A
 
Item
255
Description
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))
Yes
 
No
 
N/A
 
Item
256
Description
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))
Yes
 
No
 
N/A
 
Item
257
Description
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))
Yes
 
No
 
N/A
 
Item
258
Description
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))
Yes
 
No
 
N/A
 
Item
259
Description
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:
Yes
 
No
 
N/A
 
Item
259(a)
Description
The length of the draw period and any repayment period?
Yes
 
No
 
N/A
 
Item
259(b)
Description
An explanation of how the minimum periodic payment will be computed?
Yes
 
No
 
N/A
 
Item
259(c)
Description
The timing of periodic payments?
Yes
 
No
 
N/A
 
Item
259(d)
Description
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))
Yes
 
No
 
N/A
 
Item
260
Description
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))
Yes
 
No
 
N/A
 
Item
261
Description
Is there a statement of transaction requirements for the HELOC? (§ 1026.6(a)(3)(iv))
Yes
 
No
 
N/A
 
Item
262
Description
Is there a statement about tax implication and consulting a tax adviser for the HELOC? (§ 1026.6(a)(3)(v))
Yes
 
No
 
N/A
 
Item
263
Description
Is there a statement that the APR does not include costs other than interest for the HELOC? (§ 1026.6(a)(3)(vi))
Yes
 
No
 
N/A
 
Item
264
Description
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))
Yes
 
No
 
N/A
 
Item
264(a)
Description
The rules relating to changes to the index, APR, changes in the payment amount, including information on payment limitations and carryover?
Yes
 
No
 
N/A
 
Item
264(b)
Description
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?
Yes
 
No
 
N/A
 
Item
264(c)
Description
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?
Yes
 
No
 
N/A
 
Item
264(d)
Description
A statement that rate information will be provided on or with each periodic statement?
Yes
 
No
 
N/A
 
Item
264(e)
Description
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
Yes
 
No
 
N/A
 
Item
264(f)
Description
$10,000 balance making only the minimum payment while obtaining no additional credit? (§ 1026.6(a)(3)(vii))
Yes
 
No
 
N/A
 
Item
265
Description
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))
Yes
 
No
 
N/A
 
Item
266
Description
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))
Yes
 
No
 
N/A
 
Item
267
Description
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))
Yes
 
No
 
N/A
 

Subsequent Disclosure Requirements

Subsequent Disclosure Requirements
Item Description Yes No N/A
Item
268
Description
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))
Yes
 
No
 
N/A
 
Item
269
Description
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))
Yes
 
No
 
N/A
 

Credit and Charge Card Forms Review

Application and Solicitation Disclosures

Application and Solicitation Disclosures
Item Description Yes No N/A
Item
270
Description
Were the solicitation or application disclosures made clearly and conspicuously on or with a solicitation or an application? (§ 1026.60(a)(1))
Yes
 
No
 
N/A
 
Item
271
Description
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))
Yes
 
No
 
N/A
 
Item
272
Description
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))
Yes
 
No
 
N/A
 
Item
273
Description
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))
Yes
 
No
 
N/A
 
Item
274
Description
When a tabular format is required, are the following disclosures in bold text?
Yes
 
No
 
N/A
 
Item
274(a)
Description
APR required to be disclosed under § 1026.60(b)(1)?
Yes
 
No
 
N/A
 
Item
274(b)
Description
Introductory rate required to be disclosed under § 1026.60(b)(1)(ii)?
Yes
 
No
 
N/A
 
Item
274(c)
Description
Rate that will apply after a premium initial rate expires required to be disclosed under § 1026.60(b)(1)(iii)?
Yes
 
No
 
N/A
 
Item
274(d)
Description
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))
Yes
 
No
 
N/A
 
Item
275
Description
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))
Yes
 
No
 
N/A
 
Item
276
Description
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))
Yes
 
No
 
N/A
 
Item
277
Description
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))
Yes
 
No
 
N/A
 
Item
278
Description
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))
Yes
 
No
 
N/A
 
Item
279
Description
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))
Yes
 
No
 
N/A
 
Item
280
Description
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))
Yes
 
No
 
N/A
 
Item
281
Description
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))
Yes
 
No
 
N/A
 
Item
282
Description
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))
Yes
 
No
 
N/A
 
Item
283
Description
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))
Yes
 
No
 
N/A
 
Item
284
Description
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))
Yes
 
No
 
N/A
 
Item
285
Description
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))
Yes
 
No
 
N/A
 
Item
286
Description
Does the credit union disclose any transaction charge imposed by the issuer for the use of the card for purchases? (§ 1026.60(b)(4))
Yes
 
No
 
N/A
 
Item
287
Description
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))
Yes
 
No
 
N/A
 
Item
288
Description
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))
Yes
 
No
 
N/A
 
Item
289
Description
Note: Disclosures required by § 1026.60(b)(6) must be placed directly beneath the table.
Yes
 
No
 
N/A
 
Item
290
Description
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))
Yes
 
No
 
N/A
 
Item
291
Description
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))
Yes
 
No
 
N/A
 
Item
292
Description
Does the credit union disclose any fee imposed for a late payment? (§ 1026.60(b)(9))
Yes
 
No
 
N/A
 
Item
293
Description
Does the credit union disclose any fee imposed for exceeding the credit limit? (§ 1026.60(b)(10))
Yes
 
No
 
N/A
 
Item
294
Description
Does the credit union disclose any fee imposed to transfer a balance? (§ 1026.60(b)(11))
Yes
 
No
 
N/A
 
Item
295
Description
Does the credit union disclose any fee imposed for a returned payment? (§ 1026.60(b)(12))
Yes
 
No
 
N/A
 
Item
296
Description
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))
Yes
 
No
 
N/A
 
Item
297
Description
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))
Yes
 
No
 
N/A
 
Item
298
Description
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))
Yes
 
No
 
N/A
 
Item
299
Description
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))
Yes
 
No
 
N/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
Item
300
Description
Is the timing of disclosures provided in accordance with all sections of § 1026.5(b)(1)?
Yes
 
No
 
N/A
 
Item
301
Description
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))
Yes
 
No
 
N/A
 
Item
302
Description
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))
Yes
 
No
 
N/A
 
Item
303
Description
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))
Yes
 
No
 
N/A
 
Item
304
Description
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))
Yes
 
No
 
N/A
 
Item
305
Description
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))
Yes
 
No
 
N/A
 
Item
306
Description
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:
Yes
 
No
 
N/A
 
Item
306(a)
Description
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))
Yes
 
No
 
N/A
 
Item
306(b)
Description
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))
Yes
 
No
 
N/A
 
Item
306(c)
Description
Transaction fees applicable to checks disclosed under § 1026.6(b)(2)(iv)? (§ 1026.9(b)(3)(i)(C))
Yes
 
No
 
N/A
 
Item
306(d)
Description
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))
Yes
 
No
 
N/A
 
Item
306(e)
Description
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))
Yes
 
No
 
N/A
 
Item
307
Description
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.
Yes
 
No
 
N/A
 
Item
308
Description
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))
Yes
 
No
 
N/A
 
Item
309
Description
Does the written change-in-terms notice include, in the proper format, the following:
Yes
 
No
 
N/A
 
Item
309(a)
Description
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))
Yes
 
No
 
N/A
 
Item
309(b)
Description
A statement that changes are being made to the account? (§ 1026.9(c)(2)(iv)(A)(2))
Yes
 
No
 
N/A
 
Item
309(c)
Description
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?
Yes
 
No
 
N/A
 
Item
309(d)
Description
(§ 1026.9(c)(2)(iv)(A)(3))
Yes
 
No
 
N/A
 
Item
309(e)
Description
The date the changes will become effective? (§ 1026.9(c)(2)(iv)(A)(4))
Yes
 
No
 
N/A
 
Item
309(f)
Description
If applicable, a statement that the consumer may find additional information about the summarized changes, and other changes, in the notice?
Yes
 
No
 
N/A
 
Item
309(g)
Description
(§ 1026.9(c)(2)(iv)(A)(5))
Yes
 
No
 
N/A
 
Item
309(h)
Description
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?
Yes
 
No
 
N/A
 
Item
309(i)
Description
(§ 1026.9(c)(2)(iv)(A)(6))
Yes
 
No
 
N/A
 
Item
309(j)
Description
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))
Yes
 
No
 
N/A
 
Item
309(k)
Description
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)
Yes
 
No
 
N/A
 
Item
310
Description
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:
Yes
 
No
 
N/A
 
Item
310(a)
Description
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?
Yes
 
No
 
N/A
 
Item
310(b)
Description
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?
Yes
 
No
 
N/A
 
Item
310(c)
Description
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))
Yes
 
No
 
N/A
 
Item
311
Description
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:
Yes
 
No
 
N/A
 
Item
311(a)
Description
A statement of the reason for the increase?
Yes
 
No
 
N/A
 
Item
311(b)
Description
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))
Yes
 
No
 
N/A
 
Item
312
Description
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))
Yes
 
No
 
N/A
 
Item
313
Description
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))
Yes
 
No
 
N/A
 
Item
314
Description
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))
Yes
 
No
 
N/A
 
Item
315
Description
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))
Yes
 
No
 
N/A
 
Item
316
Description
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))
Yes
 
No
 
N/A
 
Item
317
Description
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))
Yes
 
No
 
N/A
 
Item
318
Description
Does the renewal disclosure contain the disclosures required by §§ 1026.60(b)(1)-(7)? (§ 1026.9(e)(1)(i))
Yes
 
No
 
N/A
 
Item
319
Description
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))
Yes
 
No
 
N/A
 
Item
320
Description
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))
Yes
 
No
 
N/A
 
Item
321
Description
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))
Yes
 
No
 
N/A
 
Item
322
Description
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))
Yes
 
No
 
N/A
 
Item
323
Description
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:
Yes
 
No
 
N/A
 
Item
323(a)
Description
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))
Yes
 
No
 
N/A
 
Item
323(b)
Description
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))
Yes
 
No
 
N/A
 
Item
323(c)
Description
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))
Yes
 
No
 
N/A
 
Item
324
Description
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))
Yes
 
No
 
N/A
 
Item
325
Description
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))
Yes
 
No
 
N/A
 
Item
326
Description
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)).
Yes
 
No
 
N/A
 
Item
327
Description
Does the written notice include the following:
Yes
 
No
 
N/A
 
Item
327(a)
Description
Statement that the delinquency or default rate or penalty rate, as applicable, has been triggered?
Yes
 
No
 
N/A
 
Item
327(b)
Description
Date on which the delinquency or default rate will apply?
Yes
 
No
 
N/A
 
Item
327(c)
Description
Circumstances under which the delinquency or default rate, as applicable, will cease to apply, or if it will remain in effect indefinitely?
Yes
 
No
 
N/A
 
Item
327(d)
Description
Statement indicating to which balances the delinquency or default rate or penalty rate will be applied?
Yes
 
No
 
N/A
 
Item
327(e)
Description
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?
Yes
 
No
 
N/A
 
Item
327(f)
Description
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)
Yes
 
No
 
N/A
 
Item
328
Description
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))
Yes
 
No
 
N/A
 
Item
329
Description
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:
Yes
 
No
 
N/A
 
Item
329(a)
Description
A statement that the credit limit on the account has been or will be decreased?
Yes
 
No
 
N/A
 
Item
329(b)
Description
A statement indicating the date on which the penalty rate will apply, if the outstanding balance exceeds the credit limit as of that date?
Yes
 
No
 
N/A
 
Item
329(c)
Description
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?
Yes
 
No
 
N/A
 
Item
329(d)
Description
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?
Yes
 
No
 
N/A
 
Item
329(e)
Description
a statement indicating to which balances the penalty rate may be applied?
Yes
 
No
 
N/A
 
Item
329(f)
Description
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))
Yes
 
No
 
N/A
 
Item
330
Description
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))
Yes
 
No
 
N/A
 
Item
331
Description
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))
Yes
 
No
 
N/A
 
Item
332
Description
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))
Yes
 
No
 
N/A
 
Item
333
Description
If the credit union was notified of the rejection of a significant change to an account term, did the credit union:
Yes
 
No
 
N/A
 
Item
333(a)
Description
Not apply the change or increase to the account?
Yes
 
No
 
N/A
 
Item
333(b)
Description
Not impose a fee or charge or treat the account as in default solely as a result of the rejection?
Yes
 
No
 
N/A
 
Item
333(c)
Description

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))
Yes
 
No
 
N/A
 
Item
333(c)(i)
Description
The method of repayment for the account on the date on which the credit union was notified of the rejection?
Yes
 
No
 
N/A
 
Item
333(c)(ii)
Description
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?
Yes
 
No
 
N/A
 
Item
333(c)(iii)
Description
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))
Yes
 
No
 
N/A
 
Item
334
Description
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))
Yes
 
No
 
N/A
 
Item
335
Description
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))
Yes
 
No
 
N/A
 
Item
336
Description
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))
Yes
 
No
 
N/A
 
Item
337
Description
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))
Yes
 
No
 
N/A
 
Item
338
Description
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))
Yes
 
No
 
N/A
 
Item
339
Description
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))
Yes
 
No
 
N/A
 
Item
340
Description
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))
Yes
 
No
 
N/A
 
Item
341
Description
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))
Yes
 
No
 
N/A
 
Item
342
Description
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))
Yes
 
No
 
N/A
 
Item
343
Description
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))
Yes
 
No
 
N/A
 
Item
344
Description
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))
Yes
 
No
 
N/A
 
Item
345
Description
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))
Yes
 
No
 
N/A
 
Item
346
Description
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))
Yes
 
No
 
N/A
 
Item
347
Description
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))
Yes
 
No
 
N/A
 
Item
348
Description
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))
Yes
 
No
 
N/A
 
Item
349
Description
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))
Yes
 
No
 
N/A
 
Item
350
Description
Are credit cards issued only upon request or application or as a renewal of or substitute for an accepted credit card? (§ 1026.12(a))
Yes
 
No
 
N/A
 
Item
351
Description
Is liability for unauthorized credit card use limited to a maximum of $50? (§ 1026.12(b)(1))
Yes
 
No
 
N/A
 
Item
352
Description
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))
Yes
 
No
 
N/A
 
Item
353
Description
Is offsetting credit card indebtedness prohibited? (§ 1026.12(d)(1))
Yes
 
No
 
N/A
 
Item
354
Description
Are billing errors resolved within two complete billing cycles (in no event more than 90 days)? (§ 1026.13(c)(2))
Yes
 
No
 
N/A
 
Item
355
Description
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))
Yes
 
No
 
N/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
Item
356
Description
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))
Yes
 
No
 
N/A
 
Item
357
Description
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))
Yes
 
No
 
N/A
 
Item
358
Description
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))
Yes
 
No
 
N/A
 
Item
359
Description
Does the credit union disclose the following in a conspicuous type size:
Yes
 
No
 
N/A
 
Item
359(a)
Description
The required notice? (§ 1026.32(c)(1))
Yes
 
No
 
N/A
 
Item
359(b)
Description
APR? (§ 1026.32(c)(2))
Yes
 
No
 
N/A
 
Item
359(c)
Description
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))
Yes
 
No
 
N/A
 
Item
359(d)
Description
Required information regarding the variable rate, if applicable? (§ 1026.32(c)(4))
Yes
 
No
 
N/A
 
Item
359(e)
Description
The credit limit? (§ 1026.32(c)(5))
Yes
 
No
 
N/A
 
Item
360
Description
Are the following terms absent from the mortgage transaction:
Yes
 
No
 
N/A
 
Item
359(a)
Description
Balloon payment, unless the payment adjustment results from a distinct repayment period that does not permit draws? (§§ 1026.32(d)(1), (d)(1)(iii))
Yes
 
No
 
N/A
 
Item
359(b)
Description
Negative amortization? (§ 1026.32(d)(2))
Yes
 
No
 
N/A
 
Item
359(c)
Description
Advance payments of more than two periodic payments? (§ 1026.32(d)(3))
Yes
 
No
 
N/A
 
Item
359(d)
Description
Increased interest rate after default? (§ 1026.32(d)(4))
Yes
 
No
 
N/A
 
Item
359(e)
Description
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))
Yes
 
No
 
N/A
 
Item
359(f)
Description
Prepayment penalties as defined in § 1026.32(b)(6)? (§ 1026.32(d)(6))
Yes
 
No
 
N/A
 
Item
359(g)
Description
Due-on-demand clause (unless an exception applies)? (§ 1026.32(d)(8))
Yes
 
No
 
N/A
 
Item
361
Description
Does the credit union:
Yes
 
No
 
N/A
 
Item
361(a)
Description
Pay a contractor under a home improvement contract from mortgage proceeds only as allowed in § 1026.34(a)(1)?
Yes
 
No
 
N/A
 
Item
361(b)
Description
Sell or assign a mortgage only when furnishing the required notice to assignee? (§ 1026.34(a)(2))
Yes
 
No
 
N/A
 
Item
361(c)
Description
Refinance a high-cost mortgage into another high-cost mortgage only after one year, unless in the consumer’s interest? (§ 1026.34(a)(3))
Yes
 
No
 
N/A
 
Item
361(d)
Description
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))
Yes
 
No
 
N/A
 
Item
361(e)
Description
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))
Yes
 
No
 
N/A
 
Item
361(f)
Description
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))
Yes
 
No
 
N/A
 
Item
361(g)
Description
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))
Yes
 
No
 
N/A
 
Item
361(h)
Description
Refrain from charging a fee to modify, renew, extend, or defer payment due on a high-cost mortgage? (§ 1026.34(a)(7))
Yes
 
No
 
N/A
 
Item
361(i)
Description
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))
Yes
 
No
 
N/A
 
Item
361(j)
Description
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))
Yes
 
No
 
N/A
 
Item
361(k)
Description
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))
Yes
 
No
 
N/A
 
Item
361(l)
Description
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.
Yes
 
No
 
N/A
 
Item
362
Description
Has the credit union avoided structuring a loan that is otherwise a high-cost mortgage to evade the TILA requirements? (§ 1026.34(b))
Yes
 
No
 
N/A
 
Item
363
Description
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))
Yes
 
No
 
N/A
 
Item
364
Description
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))
Yes
 
No
 
N/A
 
Item
365
Description
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))
Yes
 
No
 
N/A
 
Item
366
Description
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))
Yes
 
No
 
N/A
 
Item
367
Description
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))
Yes
 
No
 
N/A
 
Item
368
Description
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))
Yes
 
No
 
N/A
 
Item
369
Description
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))
Yes
 
No
 
N/A
 
Item
370
Description
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))
Yes
 
No
 
N/A
 
Item
371
Description
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))
Yes
 
No
 
N/A
 
Item
372
Description
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))
Yes
 
No
 
N/A
 
Item
373
Description
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))
Yes
 
No
 
N/A
 
Item
374
Description
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))
Yes
 
No
 
N/A
 
Item
375
Description
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))
Yes
 
No
 
N/A
 
Item
376
Description
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))
Yes
 
No
 
N/A
 
Item
377
Description
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))
Yes
 
No
 
N/A
 
Item
378
Description
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))
Yes
 
No
 
N/A
 
Item
379
Description
In connection with a HELOC secured by a consumer’s dwelling, does the loan servicer provide an accurate statement of the total outstanding balance that would be required to satisfy the obligation in full as of a specific date within a reasonable time after receiving the request? (§ 1026.36(c)(3))

Note: Under most circumstances, a reasonable time is no more than 7 business days after receipt of a written request. Exceptions apply if the loan is in bankruptcy or foreclosure, the loan is a reverse or share appreciation mortgage, or the delay is due to a natural disaster or similar event, but the servicer must provide the payoff statement within a reasonable time. Also, the payoff statement requirement does not apply to a credit union or assignee that does not currently own the loan or its servicing rights. (§ 1026.36(c)(3))
Yes
 
No
 
N/A
 
Item
380
Description
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))
Yes
 
No
 
N/A
 
Item
381
Description
Did the credit union avoid terminating an account before its expiration date solely because the consumer did not incur a finance charge? (§ 1026.11(b)(1))
Yes
 
No
 
N/A
 
Item
382
Description
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:
Yes
 
No
 
N/A
 
Item
382(a)
Description
An identification of the loan that was sold, assigned, or otherwise transferred? (§ 1026.39(d))
Yes
 
No
 
N/A
 
Item
382(b)
Description
Name, address, and telephone number of the covered person? (§ 1026.39(d)(1))
Yes
 
No
 
N/A
 
Item
382(c)
Description
If there are multiple covered persons, has contact information been provided for each of them, 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))
Yes
 
No
 
N/A
 
Item
382(d)
Description
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))
Yes
 
No
 
N/A
 
Item
382(e)
Description
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))
Yes
 
No
 
N/A
 
Item
382(f)
Description
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))
Yes
 
No
 
N/A
 
Item
382(g)
Description
At the option of the covered person, any other information regarding the transaction? (§ 1026.39(e))
Yes
 
No
 
N/A
 
Item
383
Description
Is the mortgage transfer disclosure notice provided clearly and conspicuously in writing, in a form that the consumer may keep? (§ 1026.39(b)(1))
Yes
 
No
 
N/A
 
Item
384
Description
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))
Yes
 
No
 
N/A
 
Item
385
Description
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))
Yes
 
No
 
N/A
 
Item
386
Description
In connection with any consumer credit transaction secured by the consumer’s principal dwelling, did the covered person refrain from attempting to directly or indirectly cause the value assigned to the consumer's principal dwelling to be based on any factor other than the independent judgment of a person that prepares valuations, including by any of the following actions: (§ 1026.42(c))
Yes
 
No
 
N/A
 
Item
386(a)
Description
Refraining from seeking to influence a person who prepares a valuation to report a minimum or maximum value for the consumer's principal dwelling?
Yes
 
No
 
N/A
 
Item
386(b)
Description
Refraining from withholding or threatening to withhold timely payment to a person who prepares a valuation or performs valuation management functions because the person does not value the consumer's principal dwelling at or above a certain amount?
Yes
 
No
 
N/A
 
Item
386(c)
Description
Refraining from implying to a person who prepares valuations that current or future retention of the person depends on the amount at which the person estimates the value of the consumer's principal dwelling?
Yes
 
No
 
N/A
 
Item
386(d)
Description
Refraining from excluding a person who prepares a valuation from consideration for future engagement because the person reports a value for the consumer's principal dwelling that does not meet or exceed a predetermined threshold?
Yes
 
No
 
N/A
 
Item
386(e)
Description
Refraining from conditioning the compensation paid to a person who prepares a valuation on consummation of the covered transaction?
Yes
 
No
 
N/A
 
Item
387
Description
Does the person preparing the valuation refrain from materially misrepresenting the value of the consumer's principal dwelling? (§ 1026.42(c)(2)(i))
Yes
 
No
 
N/A
 
Item
388
Description
Did the person preparing the valuation refrain from falsifying the valuation or did other covered persons refrain from materially altering the valuation? (§ 1026.42(c)(2)(ii))
Yes
 
No
 
N/A
 
Item
389
Description
Did the covered person refrain from inducing a person to materially misrepresent or falsify the value of a consumer’s principal dwelling? (§ 1026.42(c)(2)(iii))
Yes
 
No
 
N/A
 
Item
390
Description
To the extent applicable, did the person who prepared the valuations or performed the valuation management functions for a covered transaction refrain from having a direct or indirect interest, financial or otherwise, in the property or transaction for which the valuation is or will be performed? (§ 1026.42(d)(1)(i))
Yes
 
No
 
N/A
 
Item
391
Description
For any covered transaction in which the credit union had assets of more than $250 million as of December 31 for both of the past two calendar years, a person subject to § 1026.42(d)(1)(i) who is employed by or affiliated with the credit union does not have a conflict of interest based on the person's employment or affiliate relationship with the credit union if the person meets all of the following conditions for the safe harbor: (§ 1026.42(d)(2))
Yes
 
No
 
N/A
 
Item
391(a)
Description
The compensation of the person preparing a valuation or performing valuation management functions is not based on the value arrived at in any valuation?
Yes
 
No
 
N/A
 
Item
391(b)
Description
The person preparing a valuation or performing valuation management functions reports to a person who is not part of the credit union's loan production function, as defined in § 1026.42(d)(5)(i), and whose compensation is not based on the closing of the transaction to which the valuation relates?
Yes
 
No
 
N/A
 
Item
391(c)
Description
No employee, officer, or director in the credit union's loan production function, as defined in § 1026.42 (d)(5)(i), is directly or indirectly involved in selecting, retaining, recommending, or influencing the selection of the person to prepare a valuation or perform valuation management functions, or to be included in or excluded from a list of approved persons who prepare valuations or perform valuation management functions?
Yes
 
No
 
N/A
 
Item
392
Description
For any covered transaction in which the credit union had assets of less than $250 million as of December 31 for both of the past two calendar years, a person subject to § 1026.42(d)(1)(i) who is employed by or affiliated with the credit union does not have a conflict of interest based on the person's employment or affiliate relationship with the credit union if the person meets all of the following conditions for the safe harbor: (§ 1026.42(d)(3))
Yes
 
No
 
N/A
 
Item
392(a)
Description
The compensation of the person preparing a valuation or performing valuation management functions is not based the value arrived at in any valuation.
Yes
 
No
 
N/A
 
Item
392(b)
Description
The credit union requires that any employee, officer, or director of the credit union who orders, performs, or reviews a valuation for a covered transaction abstain from participating in any decision to approve, not approve, or set the terms of that transaction.
Yes
 
No
 
N/A
 
Item
393
Description
Does the person who prepares a valuation or performs valuation management functions in addition to performing another settlement service for the transaction, or whose affiliate performs another settlement service for the transaction, avoid a conflict of interest as a result of the person or the person's affiliate performing another settlement service for the transaction
Yes
 
No
 
N/A
 
Item
393(a)
Description
For credit unions with assets of more than $250 million as of December 31 for both of the past two calendar years, by meeting the conditions at step 36 a, b, and c? (§ 1026.42(d)(4))
Yes
 
No
 
N/A
 
Item
393(b)
Description
For credit unions with assets of $250 million or less as of December 31 for both of the past two calendar years, by meeting the conditions at step 37 a and b? (§ 1026.42(d)(4))
Yes
 
No
 
N/A
 
Item
394
Description
If the credit union did know at or before consummation of a violation of §§ 1026.42(c) or (d) in connection with a valuation, did the credit union refrain from extending credit based on the valuation, unless the credit union documented that it acted with reasonable diligence to determine that the valuation did not materially misstate or misrepresent the value of the consumer's principal dwelling? (§ 1026.42(e))
Yes
 
No
 
N/A
 
Item
395
Description
Did the credit union and its agents compensate a fee appraiser for performing appraisal services at a rate that is customary and reasonable for comparable appraisal services performed in the geographic market of the property being appraised? (§ 1026.42(f)(1))
Yes
 
No
 
N/A
 
Item
396
Description
If the credit union reasonably believes an appraiser has not complied with the Uniform Standards of Professional Appraisal Practice or ethical or professional requirements for appraisers under applicable state or federal statutes or regulations, did the credit union refer the matter within a reasonable period of time to the appropriate state agency if the failure to comply is material? (§ 1026.42(g)(1))
Yes
 
No
 
N/A
 
Item
397
Description
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))
Yes
 
No
 
N/A
 

Special Rules for Certain Home Mortgage Transactions File Review

General

General
Item Description Yes No N/A
Item
398
Description
Are the disclosures required under § 1026 Subpart E (“Special Rules for Certain Home Mortgage Transactions”) provided to consumers in addition to, not instead of, the disclosures contained in other subparts of TILA? (§ 1026.31(a))
Yes
 
No
 
N/A
 
Item
399
Description
Are disclosures clear, conspicuous, in writing, and in a form the consumer may keep? (§ 1026.31(b))
Yes
 
No
 
N/A
 
Item
400
Description
Do the disclosures reflect the terms of the legal obligation between the parties? (§ 1026.31(d))
Yes
 
No
 
N/A
 
Item
401
Description
If the transaction involves more than one creditor, did only one creditor provide the disclosures? And where the obligation involves multiple consumers, were the disclosures provided to the consumer who is primarily liable on the obligation? And for rescindable transactions, were the disclosures provided to each consumer who has the right to rescind? (§ 1026.31(e))
Yes
 
No
 
N/A
 
Item
402
Description
For purposes of § 1026.32 (requirements for high-cost mortgages), is the APR accurately calculated and disclosed according to the requirements and within the tolerances allowed in § 1026.22 for closed-end credit or § 1026.6(a) for open-end credit? (§ 1026.31(g))
Yes
 
No
 
N/A
 
Item
403
Description
Except as provided below for the ability-to-repay rule (§ 1026.43) and loan originator provisions (§ 1026.36), 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), 1026.25(c)(2)-(3))
Yes
 
No
 
N/A
 

High-Cost Mortgages Under HOEPA

High-Cost Mortgages Under HOEPA
Item Description Yes No N/A
Item
404
Description
Are disclosures provided at least three business days before consummation or account opening? (§ 1026.31(c)(1))
Yes
 
No
 
N/A
 
Item
405
Description
If the terms change before consummation so that the disclosures are inaccurate, are new disclosures provided at least three business days before consummation? (§ 1026.31(c)(1)(i))
Yes
 
No
 
N/A
 
Item
406
Description
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))
Yes
 
No
 
N/A
 
Item
407
Description
Does the credit union disclose the following in a conspicuous type size:
Yes
 
No
 
N/A
 
Item
407(a)
Description
The required notice? (§ 1026.32(c)(1))
Yes
 
No
 
N/A
 
Item
407(b)
Description
APR? (§ 1026.32(c)(2))
Yes
 
No
 
N/A
 
Item
407(c)
Description
For closed-end credit, the regular payment and any balloon payment or, for open end credit, examples of first minimum periodic payments, balance outstanding, any balloon payment, and required statements? (§ 1026.32(c)(3))
Yes
 
No
 
N/A
 
Item
407(d)
Description
Required information regarding the variable rate, if applicable? (§ 1026.32(c)(4))
Yes
 
No
 
N/A
 
Item
407(e)
Description
e.  Amount borrowed on the face of the note or the credit limit for an open-end plan?(§ 1026.32(c)(5))
Yes
 
No
 
N/A
 
Item
408
Description
Are these terms absent from the mortgage transaction:
Yes
 
No
 
N/A
 
Item
408(a)
Description
Balloon payment, unless: the payment schedule is adjusted to consumer’s seasonal or adjusted income, a bridge loan of 12 months or less, a balloon payment qualified mortgage under §§ 1026.43(e)(6) or (f), or if open-end plan, the payment adjustment results from a distinct repayment period that does not permit draws? (§ 1026.32(d)(1))
Yes
 
No
 
N/A
 
Item
408(b)
Description
Negative amortization? (§ 1026.32(d)(2))
Yes
 
No
 
N/A
 
Item
408(c)
Description
Advance payments of more than two periodic payments? (§ 1026.32(d)(3))
Yes
 
No
 
N/A
 
Item
408(d)
Description
Increased interest rate after default? (§ 1026.32(d)(4))
Yes
 
No
 
N/A
 
Item
408(e)
Description
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))
Yes
 
No
 
N/A
 
Item
408(f)
Description
Prepayment penalties, as defined in § 1026.32(b)(6)? (§ 1026.32(d)(6))
Yes
 
No
 
N/A
 
Item
409
Description
Does the credit union:
Yes
 
No
 
N/A
 
Item
409(a)
Description
Pay a contractor under a home improvement contract from mortgage proceeds only as allowed in § 1026.34(a)(1)?
Yes
 
No
 
N/A
 
Item
409(b)
Description
Sell or assign a mortgage only when furnishing the required notice to assignee? (§ 1026.34(a)(2))
Yes
 
No
 
N/A
 
Item
409(c)
Description
Refinance a high-cost mortgage into another high-cost mortgage only after one year, unless in the consumer’s interest? (§ 1026.34(a)(3))
Yes
 
No
 
N/A
 
Item
409(d)
Description
Only make an open-end high-cost mortgage (except a temporary or bridge loan with a term of 12 months or less) if the consumer has the ability to repay based on the consumer’s current income, reasonably expected income, employment, assets other than the collateral, current obligations, and mortgage-related obligations secured by the same dwelling. (§ 1026.34(a)(4))
Yes
 
No
 
N/A
 
Item
409(e)
Description
Determine the consumer’s repayment ability for loans described in step 12.d above by verifying income or assets relied upon and current obligations? § 1026.34(a)(4)(ii))
Yes
 
No
 
N/A
 
Item
409(f)
Description
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))
Yes
 
No
 
N/A
 
Item
409(g)
Description
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))
Yes
 
No
 
N/A
 
Item
409(h)
Description
Refrain from charging a fee to modify, renew, extend, or defer payment due on a high-cost mortgage? (§ 1026.34(a)(7))
Yes
 
No
 
N/A
 
Item
409(i)
Description
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))
Yes
 
No
 
N/A
 
Item
409(j)
Description
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))
Yes
 
No
 
N/A
 
Item
409(k)
Description
Provide payoff statements within 5 business days without charge (unless charging for the fifth or more payoff statement 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))
Yes
 
No
 
N/A
 
Item
409(l)
Description
Extend a high-cost mortgage without financing charges that are points and fees as defined in §§ 1026.32(b)(1) and (2)? (§ 1026.34(a)(10))
Yes
 
No
 
N/A
 
Item
410
Description
Has the credit union refrained from structuring a loan that is otherwise a high-cost mortgage to evade the TILA requirements? (§ 1026.34(b))
Yes
 
No
 
N/A
 

Reverse Mortgages (Open- and Closed-End)

Reverse Mortgages (Open- and Closed-End)
Item Description Yes No N/A
Item
411
Description
Are disclosures provided at least three business days before
Yes
 
No
 
N/A
 
Item
411(a)
Description
Consummation for closed-end loans? (§ 1026.31(c)(2)(i))
Yes
 
No
 
N/A
 
Item
411(b)
Description
First transaction under an open-end credit plan? (§ 1026.31(c)(2)(ii))
Yes
 
No
 
N/A
 
Item
412
Description
Are disclosures similar to the model forms in Appendix K and include:
Yes
 
No
 
N/A
 
Item
412(a)
Description
The required notice? (§ 1026.33(b)(1))
Yes
 
No
 
N/A
 
Item
412(b)
Description
Total annual loan cost rates? (§§ 1026.33(b), (c)(1)-(6))
Yes
 
No
 
N/A
 
Item
412(c)
Description
Itemization of pertinent information? (§ 1026.33(b)(3))
Yes
 
No
 
N/A
 
Item
412(d)
Description
Explanation of table? (§ 1026.33(b)(4))
Yes
 
No
 
N/A
 

Higher-Priced Mortgage Loan (HPML) (12 CFR 34, Subpart G, and § 1026.35)

Introduction: This section covers the escrow and appraisal requirements for HPMLs. If the credit union is a small creditor that operates predominately in rural or underserved areas, as defined in § 1026.35(b)(2)(iii), proceed to question 420.

Higher-Priced Mortgage Loan (HPML)
Item Description Yes No N/A
Item
413
Description
For an HPML application received on or after June 1, 2013, has an escrow account been established before consummation for property taxes and premiums for mortgage-related insurance if the loan is secured by a first lien on a principal dwelling, unless the loan is secured by shares in a cooperative or condominium unit with a master insurance policy; the loan finances initial construction or a bridge loan of less than one year; or, the loan is a reverse mortgage? (§§ 1026.35(b)(1)– (2))
Yes
 
No
 
N/A
 
Item
414
Description
Did the credit union cancel the escrow account only upon the earlier of (a) the termination of the underlying debt or, (b) receipt of a consumer’s request to cancel the account no earlier than five years after consummation if the unpaid balance on the loan is less than 80 percent of the original property value and the consumer is not delinquent or in default on the loan? (§ 1026.35(b)(3))
Yes
 
No
 
N/A
 
Item
415
Description
For an application (first or subordinate lien) received on or after January 18, 2014, did the credit union either provide the HPML appraisal disclosure to the applicant no later than three business days after receiving the application (or three business days after an HPML determination) or comply with the disclosure requirement in § 1002.14(a)(2)? (§ 1026.35(c)(5))
Yes
 
No
 
N/A
 
Item
416
Description
Before consummation, did the credit union obtain a written appraisal of the property that a certified or licensed appraiser performed after conducting a physical interior inspection of the property, if the loan is not exempt? (§ 1026.35(c)(3))
Yes
 
No
 
N/A
 
Item
417
Description
Did the credit union exercise reasonable diligence (i.e., used written source documents) to determine if an additional appraisal is required, if the loan is not exempt? (§§ 1026.35(c)(4)(i), 1026.35(c)(4)(vi), and see Appendix O)
Yes
 
No
 
N/A
 
Item
418
Description
If the credit union cannot demonstrate that the additional appraisal requirement did not apply or otherwise determine that the consumer applied for an HPML to acquire a flipped property:
Yes
 
No
 
N/A
 
Item
418(a)
Description
Did the credit union obtain an additional written appraisal from a different certified or licensed appraiser who conducted a physical interior inspection of the property? (§ 1026.35(c)(4))
Yes
 
No
 
N/A
 
Item
418(b)
Description
Did one of the two appraisals include an analysis of the difference from seller’s acquisition price and consumer’s price to acquire the property, the changes in market conditions and any improvements to property between seller’s acquisition date and the date of consumer’s agreement to acquire the property? (§§ 1026.35(c)(4)(iv), (c)(4)(vi)(B))
Yes
 
No
 
N/A
 
Item
418(c)
Description
Did the credit union charge for no more than one of the appraisals required to be performed? (§ 1026.35(c)(4)(v))
Yes
 
No
 
N/A
 
Item
419
Description
Did the credit union provide the consumer with a free copy of any written HPML appraisal no later than three business days before consummation or, if not consummated, no later than 30 days after it determined the loan would not be consummated? (§ 1026.35(c)(6))
Yes
 
No
 
N/A
 

Loan Originator Provisions and Prohibition on Steering (§§ 1026.36(d)-(g))

Loan Originator Provisions and Prohibition on Steering
Item Description Yes No N/A
Item
420
Description
In connection with a closed-end consumer credit transaction secured by a dwelling (except a time-share plan), did the loan originator only receive compensation (directly or indirectly) that was other than an amount based on a term of a transaction or proxy for a term, the terms of multiple transactions by an individual loan originator, or the terms of multiple transactions by multiple individual loan originators (unless the compensation was otherwise exempt)? (§ 1026.36(d)(1)(i))
Yes
 
No
 
N/A
 
Item
421
Description
With the exception of a loan originator organization paying compensation it received directly from a consumer to a loan originator, if an individual loan originator receives compensation directly from a consumer in a closed-end consumer credit transaction secured by a dwelling (excluding a time-share plan):
Yes
 
No
 
N/A
 
Item
421(a)
Description
Did the loan originator not receive compensation, directly or indirectly, from any person other than the consumer (unless otherwise designated by the consumer per agreement with a person other than the credit union or its affiliates) for the same transaction? (§§ 1026.36(d)(2)(i)(A)(1), (d)(2)(i)(B))
Yes
 
No
 
N/A
 
Item
421(b)
Description
Did any person who knows or has reason to know of the consumer-paid compensation to the loan originator (other than the consumer) refrain from paying any compensation to a loan originator, directly or indirectly, for the transaction? (§ 1026.36(d)(2)(i)(A)(2))
Yes
 
No
 
N/A
 
Item
422
Description
For a closed-end consumer credit transaction secured by a dwelling (excluding a time-share plan), did the loan originator refrain from directing or steering a consumer to consummate a transaction even though the originator could have received greater compensation from the credit union in that transaction than in other transactions the originator offered or could have offered to the consumer, unless the consummated transaction was in the consumer’s interest? (§ 1026.36(e)(1))
Yes
 
No
 
N/A
 
Item
423
Description
For a consumer credit transaction secured by a dwelling, if the originator relied on the safe harbor to facilitate compliance with the prohibition on steering at § 1026.36(e)(1):
Yes
 
No
 
N/A
 
Item
423(a)
Description
Did the loan originator obtain loan options from a significant number of the creditors with which it regularly does business for each type of transaction in which the consumer expressed an interest? (§ 1026.36(e)(3)(i))
Yes
 
No
 
N/A
 
Item
423(b)
Description
Was the consumer presented with loan options that meet all of the following conditions for each type of transaction in which the consumer expressed an interest:
Yes
 
No
 
N/A
 
Item
423(b)(i)
Description
The loan with the lowest interest rate? (§ 1026.36(e)(3)(i)(A))
Yes
 
No
 
N/A
 
Item
423(b)(ii)
Description
The loan with the lowest interest rate without negative amortization, a prepayment penalty, interest-only payments, a balloon payment in the first seven years of the life of the loan, a demand feature, shared equity, or shared appreciation; or, in the case of a reverse mortgage, a loan without a prepayment penalty, or shared equity or shared appreciation? (§ 1026.36(e)(3)(i)(B))
Yes
 
No
 
N/A
 
Item
423(b)(iii)
Description
The loan with the lowest total dollar amount for origination points or fees and discount points (or, if two or more loans have the same total dollar amount of discount points, origination points or origination fees, the loan with the lowest interest rate that has the lowest total dollar amount of discount points, origination points, or origination fees)? (§ 1026.36(e)(3)(i)(C))
Yes
 
No
 
N/A
 
Item
423(c)
Description
Does the loan originator have a good faith belief that the options (presented to the consumer that are set forth, above) are loans for which the consumer likely qualifies? (§ 1026.36(e)(3)(ii))
Yes
 
No
 
N/A
 
Item
424
Description
Has the credit union taken appropriate steps to ensure compliance with the loan originator provisions in § 1026.36(f)(3):
Yes
 
No
 
N/A
 
Item
424(a)
Description
Establishing a process for identifying which employees are subject to TILA background standards (individual loan originator employees hired on or after January 1, 2014, or hired before January 1, 2014, date but for whom there were no applicable statutory or regulatory background standards in effect, or individual loan originator employees that likely do not meet the standards regardless of when they were hired)? (§ 1026.36(f)(3)(i)(A))
Yes
 
No
 
N/A
 
Item
424(b)
Description
Establishing procedures for obtaining criminal background checks through the Nationwide Mortgage Licensing System and Registry (NMLSR) or, in the case of an individual loan originator who is not a registered loan originator under the NMLSR, a criminal background check from a law enforcement agency or commercial service? (§ 1026.36(f)(3)(i)(A))
Yes
 
No
 
N/A
 
Item
424(c)
Description
Establishing procedures for obtaining credit reports from a consumer reporting agency? (§ 1026.36(f)(3)(i)(B))
Yes
 
No
 
N/A
 
Item
424(d)
Description
Establishing procedures for obtaining information from the NMLSR about any administrative, civil, or criminal findings by any government jurisdiction or, in the case of an individual loan originator who is not a registered loan originator under the NMLSR, such information from the individual loan originator? (§ 1026.36(f)(3)(i)(C))
Yes
 
No
 
N/A
 
Item
424(e)
Description
Based on the information obtained above and any other information reasonably available to the credit union, made determinations that each individual loan originator (1) has not been convicted of, or pleaded guilty or nolo contendere to, a felony in a domestic or military court during the preceding seven-year period or, in the case of a felony involving an act of fraud, dishonesty, a breach of trust, or money laundering, at any time; and (2) has demonstrated financial responsibility, character, and general fitness such as to warrant a determination that the individual loan originator will operate honestly, fairly, and efficiently before such individual acts as a loan originator? (§ 1026.36(f)(3)(ii))
Yes
 
No
 
N/A
 
Item
425
Description
Does the credit union provide periodic training covering federal and state law requirements that apply to the individual loan originator's loan origination activities? (§ 1026.36(f)(3)(iii))
Yes
 
No
 
N/A
 
Item
426
Description
If the credit union is engaging in loan originator activities for a closed-end consumer credit transaction secured by a dwelling (except time-share plans), does it include on the credit application, note or loan contract, and security instrument, its name and NMLSR ID, and the name of the individual loan originator (as the name appears in the NMLSR) with primary responsibility for the origination, if the NMLSR has provided them an NMLSR ID, whenever each such loan document is provided to a consumer or presented to a consumer for signature, as applicable? (§ 1026.36(g))
Yes
 
No
 
N/A
 
Item
427
Description
Does the credit union maintain written policies and procedures to ensure and monitor compliance, including its subsidiaries’ and subsidiaries’ employees, with the requirements of § 1026.36(d)-(g)? (§ 1026.36(j))
Yes
 
No
 
N/A
 
Item
428
Description
For transactions subject to § 1026.36, has the credit union kept records sufficient to evidence all compensation it paid to a loan originator and the compensation agreement that governs those payments for three years after the date of payment? (§ 1026.25(c)(2)(i))
Yes
 
No
 
N/A
 
Item
429
Description
For transactions subject to § 1026.36, has the loan originator organization kept records sufficient to evidence all compensation it received from a creditor, a consumer, or another person; all compensation it paid to any individual loan originator; and the compensation agreement that governs each such receipt or payment, for three years after the date of each such receipt or payment? (§ 1026.25(c)(2)(ii))
Yes
 
No
 
N/A
 

Prohibited Acts or Practices: Prohibitions Against Certain Servicing Practices, Mandatory Arbitration, and Financing Credit Insurance; Homeownership Counseling for Certain Negative Amortization Loans (§§ 1026.36(c),(h), (i), and (k))

Prohibited Acts or Practices: Prohibitions Against Certain Servicing Practices, Mandatory Arbitration, and Financing Credit Insurance; Homeownership Counseling for Certain Negative Amortization Loans
Item Description Yes No N/A
Item
430
Description
For a closed-end consumer credit transaction secured by a consumer’s principal dwelling, does the loan servicer credit a periodic payment (covers principal, interest, and applicable escrow) to the consumer’s loan account as of the date of receipt, except when a delay in crediting does not result in any charge to the consumer or reporting of negative information to a consumer reporting agency? (§ 1026.36(c)(1)(i))
Yes
 
No
 
N/A
 
Item
431
Description
If the servicer retains a partial payment (i.e., any payment less than a periodic payment) in a suspense or unapplied funds account, does the servicer:
Yes
 
No
 
N/A
 
Item
431(a)
Description
Disclose to the consumer the total amount of funds held in the account on the periodic statement as required by § 1026.41(d)(3), if a periodic statement is required? (§ 1026.36(c)(1)(ii)(A))
Yes
 
No
 
N/A
 
Item
431(b)
Description
Treat the funds as a periodic payment as received under § 1026.36(c)(1)(i) once the consumer has accumulated sufficient funds to cover a periodic payment in the suspense or unapplied funds account? (§ 1026.36(c)(1)(ii)(B))
Yes
 
No
 
N/A
 
Item
432
Description
For a closed-end consumer credit transaction secured by a consumer’s principal dwelling, has the loan servicer refrained from imposing any late fee or delinquency charge in connection with a payment, when the only delinquency was due to late fees or delinquency charges assessed on an earlier payment (pyramiding of late fees), and the payment is otherwise a full payment for the applicable period and is paid on its due date or within any applicable grace or courtesy period? (§ 1026.36(c)(2))
Yes
 
No
 
N/A
 
Item
433
Description
For an open- or closed-end consumer credit transaction secured by a consumer’s dwelling, does the loan servicer send to the consumer an accurate statement of the total outstanding balance that would be required to satisfy the obligation in full as of a specific date within a reasonable time after receiving the consumer’s written request? (§ 1026.36(c)(3))
Yes
 
No
 
N/A
 
Item
434
Description
Is the contract or other agreement for the consumer credit transaction secured by a dwelling (including a home equity line of credit secured by the consumer’s principal dwelling and excluding all time-share plans) devoid of (a) any terms that would require arbitration or any other non-judicial procedure to resolve a controversy or settle claims arising from the loan transaction or (b) terms that may be applied or interpreted to bar the consumer from bringing a claim in court for a violation of any federal law? (§ 1026.36(h))
Yes
 
No
 
N/A
 
Item
435
Description
If there are premiums or fees for credit insurance for a consumer credit transaction secured by a dwelling (including a HELOC secured by the consumer’s principal dwelling and excluding all time-share plans), are the premiums or fees not financed, either directly or indirectly, by the credit union? (§ 1026.36(i))
Yes
 
No
 
N/A
 
Item
436
Description
If a first-time borrower for a closed-end credit transaction secured by a dwelling (other than a reverse mortgage or time-share plan) applies for a loan that may result in negative amortization, does the credit union receive documentation that the consumer obtained homeownership counseling from a HUD-certified or -approved counselor before extending the credit, provided the credit union did not steer or otherwise direct the consumer to choose a particular counselor? (§§ 1026.36(k)(1), (k)(3))
Yes
 
No
 
N/A
 

Mortgage Transfer Disclosure (§ 1026.39)

Mortgage Transfer Disclosure
Item Description Yes No N/A
Item
437
Description
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:
Yes
 
No
 
N/A
 
Item
437(a)
Description
An identification of the loan that was sold, assigned, or otherwise transferred? (§ 1026.39(d))
Yes
 
No
 
N/A
 
Item
437(b)
Description
Name, address, and telephone number of the covered person? (§ 1026.39(d)(1))
Yes
 
No
 
N/A
 
Item
437(c)
Description
If a single disclosure is provided on behalf of multiple covered persons, has contact information been provided for each of them or, if 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, for that covered person? (§§ 1026.39(d)(1)(i), (ii))
Yes
 
No
 
N/A
 
Item
437(d)
Description
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) and 1026.39(b)(2))
Yes
 
No
 
N/A
 
Item
437(e)
Description
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))
Yes
 
No
 
N/A
 
Item
437(f)
Description
The location where the transfer of ownership of the debt to the covered person is or may be recorded? (§ 1026.39(d)(4))
Yes
 
No
 
N/A
 
Item
437(g)
Description
At the option of the covered person, any other information regarding the transaction? (§ 1026.39(e))
Yes
 
No
 
N/A
 
Item
438
Description
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))
Yes
 
No
 
N/A
 
Item
439
Description
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))
Yes
 
No
 
N/A
 
Item
440
Description
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))
Yes
 
No
 
N/A
 

Periodic Statements for Residential Mortgage Loans (§ 1026.41)

Periodic Statements for Residential Mortgage Loans
Item Description Yes No N/A
Item
441
Description
Provided an exception below does not apply, did the servicer (credit union, assignee, or servicer, as applicable) provide to the consumer a periodic statement for each billing cycle of a closed-end consumer credit transaction secured by a dwelling:
Yes
 
No
 
N/A
 
Item
441(a)
Description
The servicer delivered or placed in the mail within a reasonably prompt time after the payment due date or end of the courtesy period? (§ 1026.41(b))
Yes
 
No
 
N/A
 
Item
441(b)
Description
Clearly and conspicuously in writing, or electronically as agreed by the consumer, and in a form the consumer could keep? (§ 1026.41(c))
Yes
 
No
 
N/A
 
Item
442
Description
If a periodic statement is required, does it include:
Yes
 
No
 
N/A
 
Item
442(a)
Description
The payment due date, late payment fee, and date when fee will be imposed, and the amount due for each payment option (which is shown more prominently than the other disclosures on the page), all of which are grouped together in close proximity and located at the top of the statement’s first page? (§ 1026.41(d)(1))
Yes
 
No
 
N/A
 
Item
442(b)
Description
An explanation of the amount due that includes a breakdown of the monthly payment amount (principal, interest, escrow, and, if there are multiple payment options, a breakdown of each option and information regarding whether principal balance for each will increase, decrease, or stay the same), the sum of any fees since the last statement, and any payment past due, all of which are grouped together in close proximity on the statement’s first page? (§ 1026.41(d)(2))
Yes
 
No
 
N/A
 
Item
442(c)
Description
A breakdown of past payments, which are grouped together in close proximity on the statement’s first page, showing the amount, if any, applied to principal, interest, escrow, fees, and charges, and currently held in any suspense or unapplied funds account, for the total of all payments received since the last statement, as well as received since the beginning of the calendar year? (§ 1026.41(d)(3))
Yes
 
No
 
N/A
 
Item
442(d)
Description
A list of the transaction activity (any activity that causes a credit or debit to the amount due) that occurred since the last statement? (§ 1026.41(d)(4))
Yes
 
No
 
N/A
 
Item
442(e)
Description
an explanation of what must be done for the funds of a partial payment that were placed in a suspense or unapplied funds account to be applied, which is either located on the statement’s front page, a separate page enclosed with the statement, or in a separate letter? (§ 1026.41(d)(5))
Yes
 
No
 
N/A
 
Item
442(f)
Description
A toll-free telephone number and, if applicable, an e-mail address, located on the statement’s front page, that the consumer may use to obtain account information? (§ 1026.41(d)(6))
Yes
 
No
 
N/A
 
Item
442(g)
Description
account information that includes the following:
Yes
 
No
 
N/A
 
Item
442(g)(i)
Description
The outstanding principal balance? (§ 1026.41(d)(7)(i))
Yes
 
No
 
N/A
 
Item
442(g)(ii)
Description
The current interest rate in effect? (1026.41(d)(7)(ii))
Yes
 
No
 
N/A
 
Item
442(g)(iii)
Description
The date after which the interest rate may next change? (§ 1026.41(d)(7)(iii))
Yes
 
No
 
N/A
 
Item
442(g)(iv)
Description
Any prepayment penalty, as defined in § 1026.32(b)(6)(i), that may be charged? (§ 1026.41(d)(7)(iv))
Yes
 
No
 
N/A
 
Item
442(g)(v)
Description
The Web site to access either CFPB’s or HUD’s homeownership counselors/organizations list and the HUD toll-free telephone number to access contact information for homeownership counselors/organizations? (§ 1026.41(d)(7)(v))
Yes
 
No
 
N/A
 
Item
442(h)
Description
If the consumer is more than 45 days delinquent, the following items grouped together in close proximity on the statement’s first page, a separate page enclosed with the statement, or a separate letter:
Yes
 
No
 
N/A
 
Item
442(h)(i)
Description
The date the consumer became delinquent? (§ 1026.41(d)(8)(i))
Yes
 
No
 
N/A
 
Item
442(h)(ii)
Description
A notification of possible risks, such as foreclosure and expenses, if the delinquency is not cured? (§ 1026.41(d)(8)(ii))
Yes
 
No
 
N/A
 
Item
442(h)(iii)
Description
An account history (for the shorter of the previous six months or period since the account was last current) showing the amount remaining past due from each billing cycle or, if fully paid, the date on which the payment was credited as fully paid? (§ 1026.41(d)(8)(iii))
Yes
 
No
 
N/A
 
Item
442(h)(iv)
Description
A notice about any loss mitigation program agreed to by consumer? (§ 1026.41(d)(8)(iv))
Yes
 
No
 
N/A
 
Item
442(h)(v)
Description
A notice of whether the servicer has made the first notice or filing required by applicable law for any judicial or nonjudicial foreclosure process, if applicable? (§ 1026.41(d)(8)(v))
Yes
 
No
 
N/A
 
Item
442(h)(vi)
Description
The total payment amount needed to bring the account current? (§ 1026.41(d)(8)(vi))
Yes
 
No
 
N/A
 
Item
442(h)(vii)
Description
A reference to the homeownership counselor information disclosed under paragraph § 1026.41(d)(7)(v)? (§ 1026.41(d)(8)(vii))
Yes
 
No
 
N/A
 

Valuation Independence (§ 1026.42)

Valuation Independence
Item Description Yes No N/A
Item
443
Description
For any consumer credit transaction secured by the consumer’s principal dwelling, did the covered person refrain from attempting to directly or indirectly cause the value assigned to the consumer's principal dwelling to be based on any factor other than the independent judgment of a person who prepares valuations, including by any of the following actions? (§ 1026.42(c))
Yes
 
No
 
N/A
 
Item
443(a)
Description
Refraining from seeking to influence a person who prepares a valuation to report a minimum or maximum value for the consumer's principal dwelling?
Yes
 
No
 
N/A
 
Item
443(b)
Description
Refraining from withholding or threatening to withhold timely payment to a person who prepares a valuation or performs valuation management functions because the person does not value the consumer's principal dwelling at or above a certain amount?
Yes
 
No
 
N/A
 
Item
443(c)
Description
Refraining from implying to a person who prepares valuations that current or future retention of the person depends on the amount at which the person estimates the value of the consumer's principal dwelling?
Yes
 
No
 
N/A
 
Item
443(d)
Description
Refraining from excluding a person who prepares a valuation from consideration for future engagement because the person reports a value for the consumer's principal dwelling that does not meet or exceed a predetermined threshold?
Yes
 
No
 
N/A
 
Item
443(e)
Description
Refraining from conditioning the compensation paid to a person who prepares a valuation on consummation of the covered transaction?
Yes
 
No
 
N/A
 
Item
444
Description
Did the person preparing the valuation refrain from materially misrepresenting the value of the consumer's principal dwelling? (§ 1026.42(c)(2)(i))
Yes
 
No
 
N/A
 
Item
445
Description
Did the person preparing the valuation, and all other covered persons, refrain from falsifying the valuation and did all other covered persons refrain from materially altering the valuation? (§ 1026.42(c)(2)(ii))
Yes
 
No
 
N/A
 
Item
446
Description
Did all the covered persons refrain from inducing a person to materially misrepresent, falsify, or alter the value of a consumer’s principal dwelling? (§ 1026.42(c)(2)(iii))
Yes
 
No
 
N/A
 
Item
447
Description
To the extent applicable, did the person who prepared the valuations or performed the valuation management functions for a covered transaction refrain from having a direct or indirect interest, financial or otherwise, in the property or transaction for which the valuation is or will be performed? (§ 1026.42(d)(1)(i))

Note: No person violates § 1026.42(d)(1)(i) solely because that person is an employee or affiliate of the credit union, or provides a settlement service in addition to preparing valuations or performing valuation management functions, or based solely on the fact that the person's affiliate performs another settlement service. There is a safe harbor based on the asset-size of the credit union. If the conditions of the safe harbors are not met, whether § 1026.42(d)(1)(i) is violated by the above persons or entities depends on all of the facts and circumstances. (Official Interpretations §§ 1026.42(d)(2)-1, (d)(3)-1, and (d)(4)(i)-1)
Yes
 
No
 
N/A
 
Item
448
Description
For any covered transaction in which the credit union had assets of more than $250 million as of December 31st for both of the past two calendar years, a person subject to § 1026.42(d)(1)(i) who is employed by or affiliated with the credit union does not have a conflict of interest based on the person's employment or affiliate relationship with the credit union if the person meets all of the following conditions for the safe harbor: (§ 1026.42(d)(2))
Yes
 
No
 
N/A
 
Item
448(a)
Description
The compensation of the person preparing a valuation or performing valuation management functions is not based on the value arrived at in any valuation;
Yes
 
No
 
N/A
 
Item
448(b)
Description
The person preparing a valuation or performing valuation management functions reports to a person who is not part of the credit union's loan production function, as defined in § 1026.42(d)(5)(i), and whose compensation is not based on the closing of the transaction to which the valuation relates;
Yes
 
No
 
N/A
 
Item
448(c)
Description
No employee, officer, or director in the credit union's loan production function, as defined in § 1026.42 (d)(5)(i), is directly or indirectly involved in selecting, retaining, recommending or influencing the selection of the person to prepare a valuation or perform valuation management functions, or to be included in or excluded from a list of approved persons who prepare valuations or perform valuation management functions.
Yes
 
No
 
N/A
 
Item
449
Description
For any covered transaction in which the credit union had assets of less than $250 million as of December 31 for both of the past two calendar years, a person subject to § 1026.42(d)(1)(i) who is employed by or affiliated with the credit union does not have a conflict of interest based on the person's employment or affiliate relationship with the credit union if the person meets all of the following conditions for the safe harbor: (§ 1026.42(d)(3))
Yes
 
No
 
N/A
 
Item
449(a)
Description
The compensation of the person preparing a valuation or performing valuation management functions is not based the value arrived at in any valuation;
Yes
 
No
 
N/A
 
Item
449(b)
Description
The credit union requires that any employee, officer, or director of the credit union who orders, performs, or reviews a valuation for a covered transaction abstain from participating in any decision to approve, not approve, or set the terms of that transaction.
Yes
 
No
 
N/A
 
Item
450
Description
If the credit union knew at or before consummation of a violation of §§ 1026.42(c) or (d) in connection with a valuation, did the credit union refrain from extending credit based on the valuation, unless the credit union documented that it acted with reasonable diligence to determine that the valuation did not materially misstate or misrepresent the value of the consumer's principal dwelling? (§ 1026.42(e))
Yes
 
No
 
N/A
 
Item
451
Description
Did the credit union and its agents compensate a fee appraiser for performing appraisal services at a rate that is customary and reasonable for comparable appraisal services performed in the geographic market of the property being appraised? (§ 1026.42(f)(1))
Yes
 
No
 
N/A
 
Item
452
Description
If the credit union reasonably believes an appraiser has not complied with the Uniform Standards of Professional Appraisal Practice or ethical or professional requirements for appraisers under applicable state or federal statutes or regulations, did the credit union refer the matter within a reasonable period of time to the appropriate state agency if the failure to comply is material? (§ 1026.42(g)(1))
Yes
 
No
 
N/A
 

Ability to Repay, Refinancing of Non-Standard Mortgages, Qualified Mortgages, Prepayment Penalty Restrictions, Evasion (§§ 1026.43(c)-(h))

Not all of the questions in this section pertain to all of these situations:  QM, refinance of non-standard mortgages.

Ability to Repay, Refinancing of Non-Standard Mortgages, Qualified Mortgages, Prepayment Penalty Restrictions, Evasion
Item Description Yes No N/A
Item
453
Description
Did the credit union make a reasonable and good faith determination at or before consummation of a covered transaction that the consumer has a reasonable ability to repay the loan according to its terms, only after it considered the consumer’s:
Yes
 
No
 
N/A
 
Item
453(a)
Description
Current or reasonably expected income or assets (other than value of the dwelling and attached real property)? (§ 1026.43(c)(2)(i))
Yes
 
No
 
N/A
 
Item
453(b)
Description
Current employment status (if the credit union relies on employment income for its determination)? (§ 1026.43(c)(2)(ii))
Yes
 
No
 
N/A
 
Item
453(c)
Description
Monthly payment on the covered transaction, calculated as follows? (§ 1026.43(c)(2)(iii))
Yes
 
No
 
N/A
 
Item
453(c)(i)
Description
Unless a balloon payment, interest-only, or negatively amortizing loan, the credit union must use the greater of the fully indexed rate or any introductory interest rate and monthly, fully amortizing payments that are substantially equal. (§ 1026.43(c)(5)(i))
Yes
 
No
 
N/A
 
Item
453(c)(ii)
Description
If a loan with a balloon payment (has a payment that is more than two times a regular periodic payment), the credit union must use the maximum payment scheduled during the first five years after the date on which the first regular periodic payment will be due for a loan that is not a higher-priced covered transaction; or the maximum payment in the payment schedule, including any balloon payment, for a higher-priced covered transaction. (§ 1026.43(c)(5)(ii)(A))
Yes
 
No
 
N/A
 
Item
453(c)(iii)
Description
If an interest-only loan the credit union must use the greater of the fully indexed rate or any introductory interest rate and substantially equal, monthly payments of principal and interest that will repay the loan amount over the term of the loan remaining as of the date the loan is recast. (§ 1026.43(c)(5)(ii)(B))
Yes
 
No
 
N/A
 
Item
453(c)(iv)
Description
If a negative amortization loan, the credit union must use the greater of the fully indexed rate or any introductory interest rate and substantially equal, monthly payments of principal and interest that will repay the maximum loan amount over the term of the loan remaining as of the date the loan is recast. (§ 1026.43(c)(5)(ii)(C))
Yes
 
No
 
N/A
 
Item
453(d)
Description
Monthly payment on any simultaneous loan (another covered transaction or HELOC made to the consumer at or before consummation of the covered transaction, or after to cover its closing costs, and secured by the same dwelling) that the credit union knows or has reason to know will be made, using the monthly payment calculation for covered loans (above) or the periodic payment under the HELOC’s terms? (§§ 1026.43(c)(2)(iv), (c)(6))
Yes
 
No
 
N/A
 
Item
453(e)
Description
Monthly payment for mortgage-related obligations? (§ 1026.43(c)(2)(v))
Yes
 
No
 
N/A
 
Item
453(f)
Description
Current debt obligations, alimony, and child support? (§ 1026.43(c)(2)(vi))
Yes
 
No
 
N/A
 
Item
453(g)
Description
Monthly debt-to-income ratio or residual income as follows? (§ 1026.43(c)(2)(vii))
Yes
 
No
 
N/A
 
Item
453(g)(i)
Description
If the credit union considered the consumer’s monthly DTI ratio, it must have considered the ratio of total monthly debt obligations to total monthly income. (§ 1026.43(c)(7)(ii)(A))
Yes
 
No
 
N/A
 
Item
453(g)(ii)
Description
If the credit union considered the consumer’s monthly residual income, it must have considered the consumer's remaining income after subtracting total monthly debt obligations from total monthly income. (§ 1026.43(c)(7)(ii)(B))
Yes
 
No
 
N/A
 
Item
453(h)
Description
Credit history? (§§ 1026.43(c)(2)(viii))
Yes
 
No
 
N/A
 
Item
454
Description
In determining a consumer's repayment ability under §§ 1026.43(c), did the credit union verify the information it relied on (eight factors listed in question above) using reliable third-party records, including verifying the amounts of the consumer’s income or assets using third-party party records that provide reliable evidence of the consumer’s income and assets, such as a tax-return transcript issued by the IRS, copies of tax returns filed with the IRS or state taxing authority, IRS Form W-2s, payroll statements, financial institution records, records obtained by the consumer’s employer, records from government agencies stating income from benefits or entitlements, and receipts from check chasing or funds transfer services? (§§ 1026.43(c)(3), (c)(4))
Yes
 
No
 
N/A
 
Item
455
Description
Was the credit union not required to comply with the requirements of § 1026.43(c) because the following conditions for refinancing a non-standard mortgage to a standard mortgage were met? (§ 1026.43(d)(3))
Yes
 
No
 
N/A
 
Item
455(a)
Description
At the time of the refinance, the creditor for the standard mortgage was the current holder of the non-standard mortgage or the servicer acting on behalf of the current holder. (§ 1026.43(d)(2)(i))
Yes
 
No
 
N/A
 
Item
455(b)
Description
Based on the following calculations, the credit union determined that the standard mortgage’s monthly payment is materially lower than the non-standard mortgage’s monthly payment: (§ 1026.43(d)(2)(ii))
Yes
 
No
 
N/A
 
Item
455(b)(i)
Description
The credit union calculated the monthly payment for the non-standard mortgage based on substantially equal, monthly, fully amortizing payments of principal and interest using:
Yes
 
No
 
N/A
 
Item
455(b)(i)(1)
Description
The fully indexed rate as of a reasonable period of time (generally 30 days) before or after the date on which the credit union received the consumer's written application for the standard mortgage. (§ 1026.43(d)(5)(i)(A))
Yes
 
No
 
N/A
 
Item
455(b)(i)(2)
Description
The term of the loan remaining as of the date the loan is recast. (§ 1026.43(d)(5)(i)(B))
Yes
 
No
 
N/A
 
Item
455(b)(i)(3)
Description
The outstanding principal balance as of the date of the recast, for an ARM or interest-only loan, assuming all scheduled payments have been made up to that date and the last payment due is made and credited on that date; and, for a negative amortization loan, the maximum loan amount, determined after adjusting for the outstanding principal balance. (§ 1026.43(d)(5)(i)(C))
Yes
 
No
 
N/A
 
Item
455(b)(ii)
Description
The credit union calculated the monthly payment for the standard mortgage on substantially equal, monthly, fully amortizing payments based on the maximum interest rate that may apply during the first five years after consummation. (§ 1026.43(d)(5)(ii))
Yes
 
No
 
N/A
 
Item
455(c)
Description
The credit union received the consumer's written application for the standard mortgage no later than two months after the non-standard mortgage had recast. (§ 1026.43(d)(2)(iii))
Yes
 
No
 
N/A
 
Item
455(d)
Description
The consumer made no more than one payment more than 30 days late on the non-standard mortgage during the 12 months immediately preceding the credit union's receipt of the standard mortgage application. (§ 1026.43(d)(2)(iv))
Yes
 
No
 
N/A
 
Item
455(e)
Description
The consumer made no payments more than 30 days late during the six months immediately preceding the credit union’s receipt of the application. (§ 1026.43(d)(2)(v))
Yes
 
No
 
N/A
 
Item
455(f)
Description
If the non-standard mortgage was consummated on or after January 10, 2014, the non-standard mortgage was made according to §§ 1026.43(c) or (e), as applicable. (§ 1026.43(d)(2)(vi))
Yes
 
No
 
N/A
 
Item
455(g)
Description
The credit union considered whether the standard mortgage likely would prevent a default by the consumer on the non-standard mortgage once recast. (§ 1026.43(d)(3)(ii))
Yes
 
No
 
N/A
 
Item
456
Description
Does the covered transaction not include a prepayment penalty, except if it meets all of the following conditions? (§ 1026.43(g))
Yes
 
No
 
N/A
 
Item
456(a)
Description
It is a qualified mortgage under §§ 1026.43(e)(2), (e)(4), (e)(5), (e)(6), or (f).
Yes
 
No
 
N/A
 
Item
456(b)
Description
The prepayment penalty is otherwise allowed by law.
Yes
 
No
 
N/A
 
Item
456(c)
Description
The mortgage has an APR that cannot increase after consummation.
Yes
 
No
 
N/A
 
Item
456(d)
Description
The loan is not a higher-priced mortgage loan, as defined in § 1026.35(a).
Yes
 
No
 
N/A
 
Item
457
Description
If the covered transaction was consummated with a prepayment penalty as permitted under the conditions above, is the prepayment penalty applied only within the three-year period following consummation, and does the amount not exceed 2 percent of the outstanding balance prepaid if incurred during the first two years following consummation and 1 percent of the outstanding balance prepaid if incurred during the third year following consummation? (§§ 1026.43(g)(2), (g)(6))
Yes
 
No
 
N/A
 
Item
458
Description
If the credit union offered a consumer a mortgage with a prepayment penalty and consummated the covered transaction with a prepayment penalty, did the credit union also offer an alternative covered transaction without a prepayment penalty, in which the credit union had a good faith belief that the consumer likely qualified based on the information it knew at the time, and which had the following features? (§§ 1026.43(g)(3), (g)(3)(v), and (g)(6))
Yes
 
No
 
N/A
 
Item
458(a)
Description
An APR that cannot increase after consummation and has the same type of interest rate (fixed or step rate) as the loan with a prepayment penalty. (§ 1026.43(g)(3)(i))
Yes
 
No
 
N/A
 
Item
458(b)
Description
The same loan term as the loan with a prepayment penalty. (§ 1026.43(g)(3)(ii))
Yes
 
No
 
N/A
 
Item
458(c)
Description
Regular periodic payments that are substantially equal (except for the effect of interest rate changes in ARMs or step-rate mortgages), that do not increase the principal balance and do not allow the consumer to defer repayment of principal or result in a balloon-payment, except as provided for balloon-payment qualified mortgages in § 1026.43(f). (§ 1026.43(g)(3)(iii))
Yes
 
No
 
N/A
 
Item
458(d)
Description
Points and fees (defined in § 1026.32(b)(1)(i)) that met the following limits(adjusted annually on January 1 for inflation), based on the information known to the credit union at the time of the offer (§ 1026.43(g)(3)(iv))
Yes
 
No
 
N/A
 
Item
458(d)(i)
Description
For a loan amount of $100,000 or more: 3 percent of the total loan amount (see § 1026.32(b)(4)(i)).
Yes
 
No
 
N/A
 
Item
458(d)(ii)
Description
For a loan amount of $60,000 or more but less than $100,000: $3,000.
Yes
 
No
 
N/A
 
Item
458(d)(iii)
Description
For a loan amount of $20,000 or more but less than $60,000: 5 percent of the total loan amount.
Yes
 
No
 
N/A
 
Item
458(d)(iv)
Description
For a loan amount of $12,500 or more but less than $20,000: $1,000.
Yes
 
No
 
N/A
 
Item
458(d)(v)
Description
For a loan amount of less than $12,500: 8 percent of the total loan amount.
Yes
 
No
 
N/A
 
Item
459
Description
If the credit union offered a loan with a prepayment penalty through a mortgage broker, did the credit union present the mortgage broker with an alternative covered transaction without a prepayment penalty that satisfies § 1026.43(g)(3) and establish by agreement that the mortgage broker present an alternative covered transaction without a prepayment penalty offered either by the credit union or another creditor, if the other creditor’s transaction had a lower interest rate or lower total dollar amount of discount points and origination points and fees? (§ 1026.43(g)(4))
Yes
 
No
 
N/A
 
Item
460
Description
If the creditor is a loan originator, who presented a covered transaction with a prepayment penalty offered by another person to whom the loan would be assigned after consummation, did the creditor present the consumer an alternative covered transaction without a prepayment penalty that satisfied § 1026.43(g), which was offered by the assignee or another person offering a lower interest rate or a lower total dollar amount of origination discount points and points or fees? (§ 1026.43(g)(5))
Yes
 
No
 
N/A
 
Item
461
Description
Has the credit union avoided structuring a loan as an open-end plan to evade the requirements of § 1026.43? (§ 1026.43(h))
Yes
 
No
 
N/A
 
Item
462
Description
Has the credit union kept evidence of compliance with § 1026.43 for three years after consummation of a transaction covered by that section? (§ 1026.25(c)(3))
Yes
 
No
 
N/A
 

General Definition Qualified Mortgages

General Definition Qualified Mortgages
Item Description Yes No N/A
Item
463
Description
Does the loan provide for regular, substantially equal, periodic payments, except for the effect any interest rate change after consummation has on ARMs or step-rate mortgages that do not? (§ 1026.43(e)(2)(i))
Yes
 
No
 
N/A
 
Item
463(a)
Description
Result in an increase of the principal balance? (§ 1026.43(e)(2)(i)(A))
Yes
 
No
 
N/A
 
Item
463(b)
Description
Allow balloon payments or deferment of principal payments (except for balloon-payment qualified mortgages described in §§ 1026.43(f) and 1026.43(e)(6))? (§§ 1026.43(e)(2)(i)(B)-(C))
Yes
 
No
 
N/A
 
Item
464
Description
Does the loan term not exceed 30 years? (§ 1026.43(e)(2)(ii))
Yes
 
No
 
N/A
 
Item
465
Description

Do the total points and fees (defined in § 1026.32(b)(1)(i)) not exceed: (§§ 1026.43(e)(2)(iii), (e)(3))

Note: These numbers will be annually adjusted for inflation on January 1.
Yes
 
No
 
N/A
 
Item
465(a)
Description
For a loan amount of $100,000 or more: 3 percent of the “total loan amount”? (§ 1026.32(b)(4)(i))
Yes
 
No
 
N/A
 
Item
465(b)
Description
For a loan amount of $60,000 or more but less than $100,000: $3,000?
Yes
 
No
 
N/A
 
Item
465(c)
Description
For a loan amount of $20,000 or more but less than $60,000: 5 percent of the total loan amount?
Yes
 
No
 
N/A
 
Item
465(d)
Description
For a loan amount of $12,500 or more but less than $20,000: $1,000?
Yes
 
No
 
N/A
 
Item
465(e)
Description
For a loan amount less than $12,500: 8 percent of the total loan amount?
Yes
 
No
 
N/A
 
Item
466
Description
When underwriting the loan, did the credit union take into account the monthly payment for mortgage-related obligations, using: (§ 1026.43(e)(2)(iv))
Yes
 
No
 
N/A
 
Item
466(a)
Description
The maximum interest rate that may apply during the first 5 years after the date on which the first regular periodic payment will be due?
Yes
 
No
 
N/A
 
Item
466(b)
Description
Periodic payments of principal and interest that will repay either:
Yes
 
No
 
N/A
 
Item
466(b)(i)
Description
The outstanding principal balance over the remaining term of the loan; or
Yes
 
No
 
N/A
 
Item
466(b)(ii)
Description
The loan amount over the loan term?
Yes
 
No
 
N/A
 
Item
467
Description
Did the credit union consider and verify at or before consummation the following: (§ 1026.43(e)(2)(v))
Yes
 
No
 
N/A
 
Item
467(a)
Description
The consumer’s current or reasonably expected income or assets other than the value of the dwelling (including any real property attached to the dwelling) that secures the loan?(Appendix Q; §§ 1026.43(c)(2)(i) and 1026.43(c)(4))
Yes
 
No
 
N/A
 
Item
467(b)
Description
The consumer’s current debt obligations, alimony, and child support?(Appendix Q and §§ 1026.43(c)(2)(vi) and 1026.43(c)(3))
Yes
 
No
 
N/A
 
Item
468
Description
At the time of consummation, was the ratio of the consumer’s total monthly debt to total monthly income at the time of consummation not in excess of 43 percent? (§ 1026.43(e)(2)(vi))
Yes
 
No
 
N/A
 

Temporary Category Qualified Mortgages

Temporary Category Qualified Mortgages
Item Description Yes No N/A
Item
469
Description
Does the loan provide for regular, substantially equal, periodic payments, except for the effect any interest rate change after consummation has on ARMs or step-rate mortgages that do not: (§§ 1026.43(e)(2)(i), (e)(4)(i)(A))
Yes
 
No
 
N/A
 
Item
469(a)
Description
Result in an increase of the principal balance? (§ 1026.43(e)(2)(i)(A))
Yes
 
No
 
N/A
 
Item
469(b)
Description
Allow balloon payments or deferment of principal payments (except for balloon- payment qualified mortgages described in §§ 1026.43(f) and (e)(6))? (§§ 1026.43(e)(2)(i)(B)-(C))
Yes
 
No
 
N/A
 
Item
470
Description
Does the loan term not exceed 30 years? (§§ 1026.43(e)(2)(ii), 1026.43(e)(4)(i)(A))
Yes
 
No
 
N/A
 
Item
471
Description

Do the total points and fees (§ 1026.32(b)(1)(i)) not exceed: (§§ 1026.43(e)(2)(iii), (e)(3), and (e)(4)(i)(A))

Note: These numbers will be annually adjusted for inflation on January 1.
Yes
 
No
 
N/A
 
Item
471(a)
Description
For a loan amount of $100,000 or more: 3 percent of the “total loan amount” (see § 1026.32(b)(4)(i))?
Yes
 
No
 
N/A
 
Item
471(b)
Description
For a loan amount of $60,000 or more but less than $100,000: $3,000?
Yes
 
No
 
N/A
 
Item
471(c)
Description
For a loan amount of $20,000 or more but less than $60,000: 5 percent of the total loan amount?
Yes
 
No
 
N/A
 
Item
471(d)
Description
For a loan amount of $12,500 or more but less than $20,000: $1,000?
Yes
 
No
 
N/A
 
Item
471(e)
Description
For a loan amount less than $12,500: 8 percent of the total loan amount?
Yes
 
No
 
N/A
 
Item
472
Description
At the time of consummation, was the loan eligible (except with regard to matters wholly unrelated to ability to repay) to be purchased, guaranteed, or insured by any of the following? (§ 1026.43(e)(4)(i)(B))
Yes
 
No
 
N/A
 
Item
472(a)
Description
Federal National Mortgage Association (Fannie Mae) or the Federal Home Loan Mortgage Corporation (Freddie Mac), while operating under the conservatorship or receivership of the Federal Housing Finance Agency (§§ 1026.43(e)(4)(ii)(A)(1); see also (e)(4)(ii)(A)(2))
Yes
 
No
 
N/A
 
Item
472(b)
Description
U.S. Department of Veterans Affairs (§ 1026.43(e)(4)(ii)(C))
Yes
 
No
 
N/A
 
Item
472(c)
Description
U.S. Department of Agriculture pursuant to 42 USC 1472(h); or the Rural Housing Service (§§ 1026.43(e)(4)(ii)(D)-(E))
Yes
 
No
 
N/A
 
Item
473
Description
At the time of consummation, did the FHA loan meet the requirements for § 1026.43(e)(2)(iii) for points and fees; and was it eligible for insurance by the FHA or HUD?  (24 C.F.R. §203.19)
Yes
 
No
 
N/A
 
Item
474
Description
At the time of consummation, was the VA loan eligible for insurance by the VA?  (38 C.F.R. §36.4300)
Yes
 
No
 
N/A
 

Small Creditor Portfolio Qualified Mortgages

Small Creditor Portfolio Qualified Mortgages
Item Description Yes No N/A
Item
475
Description
Does the credit union satisfy the following creditor requirements to meet the definition as a “small creditor under §§ 1026.35(b)(2)(iii)(B), and (C): (§ 1026.43(e)(5)(D))
Yes
 
No
 
N/A
 
Item
475(a)
Description
During the preceding calendar year, the credit union, together with its affiliates, originated 500 or fewer first-lien covered transactions?
Yes
 
No
 
N/A
 
Item
475(b)
Description
As of the end of the preceding calendar year, the credit union had total assets of less than $2 billion (Adjusted annually – Including assets of certain affiliates)?
Yes
 
No
 
N/A
 
Item
476
Description
Does the loan provide for regular, substantially equal, periodic payments, except for the effect any interest rate change after consummation has on ARMs or step-rate mortgages that do not: (§§ 1026.43(e)(2)(i), 1026.43(e)(5)(A))
Yes
 
No
 
N/A
 
Item
476(a)
Description
Result in an increase of the principal balance? (§ 1026.43(e)(2)(i)(A))
Yes
 
No
 
N/A
 
Item
476(b)
Description
Allow balloon payments or deferment of principal payments (except for balloon- payment qualified mortgages described in §§ 1026.43(f) and 1026.43(e)(6))? (§§ 1026.43(e)(2)(i)(B)-(C))
Yes
 
No
 
N/A
 
Item
477
Description
Does the loan term not exceed 30 years? (§§ 1026.43(e)(2)(ii), 1026.43(e)(5)(A))
Yes
 
No
 
N/A
 
Item
478
Description

Do the total points and fees (defined in § 1026.32(b)(1)(i)) not exceed: (§§ 1026.43(e)(2)(iii), 1026.43(e)(3), 1026.43(e)(5)(A))

Note: These numbers are annually adjusted for inflation on January 1.
Yes
 
No
 
N/A
 
Item
478(a)
Description
For a loan amount of $100,000 or more: 3 percent of the “total loan amount” (§ 1026.32(b)(4)(i))?
Yes
 
No
 
N/A
 
Item
478(b)
Description
For a loan amount of $60,000 or more but less than $100,000: $3,000?
Yes
 
No
 
N/A
 
Item
478(c)
Description
For a loan amount of $20,000 or more but less than $60,000: 5 percent of the total loan amount?
Yes
 
No
 
N/A
 
Item
478(d)
Description
For a loan amount of $12,500 or more but less than $20,000: $1,000?
Yes
 
No
 
N/A
 
Item
478(e)
Description
For a loan amount less than $12,500: 8 percent of the total loan amount?
Yes
 
No
 
N/A
 
Item
479
Description
When underwriting the loan, did the credit union take into account the monthly payment for mortgage-related obligations, using (§§ 1026.43(e)(2)(iv), 1026.43(e)(5)(A))
Yes
 
No
 
N/A
 
Item
479(a)
Description
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?
Yes
 
No
 
N/A
 
Item
479(b)
Description
Periodic payments of principal and interest that will repay either
Yes
 
No
 
N/A
 
Item
479(b)(i)
Description
The outstanding principal balance over the remaining term of the loan? This must be calculated as of the date the interest rate adjusts to 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, assuming the consumer will have made all required payments as due before that date; or
Yes
 
No
 
N/A
 
Item
479(b)(ii)
Description
The loan amount over the loan term?
Yes
 
No
 
N/A
 
Item
480
Description
Did the credit union consider the consumer’s monthly debt-to-income ratio or residual income and verify debt obligations and income used to determine that ratio at or before consummation as follows:
Yes
 
No
 
N/A
 
Item
480(a)
Description
If the credit union considered the consumer’s monthly debt-to-income ratio, it must have considered the ratio of total monthly debt obligations to total monthly income.
Yes
 
No
 
N/A
 
Item
480(b)
Description
If the credit union considered the consumer’s monthly residual income, it must have considered the consumer's remaining income after subtracting total monthly debt obligations from total monthly income.
Yes
 
No
 
N/A
 
Item
481
Description
At consummation, was the loan not subject to a forward commitment, except to a person that satisfies the “small creditor” requirements of §§ 1026.35(b)(2)(iii)(B)-(C)? (§ 1026.43(e)(5)(C))
Yes
 
No
 
N/A
 
Item
482
Description
If the loan met the requirements for a small creditor portfolio qualified mortgage at consummation, has it maintained its qualified mortgage status because the credit union did not transfer the loan, unless the transfer was (§ 1026.43(e)(5)(ii))
Yes
 
No
 
N/A
 
Item
483(a)
Description
Three years or more after consummation?
Yes
 
No
 
N/A
 
Item
483(b)
Description
To a credit union that satisfies the “small creditor” requirements (above)?
Yes
 
No
 
N/A
 
Item
483(c)
Description
Made under a capital restoration plan or other action under 12 USC 1831o, or to actions or instructions of a conservator, receiver, or bankruptcy trustee, or to orders by or agreements with a state or federal governmental agency with jurisdiction to examine the credit union?
Yes
 
No
 
N/A
 
Item
483(d)
Description
Made under a merger of the credit union and another person or the acquisition of the credit union by another person, or the credit union’s acquisition of another person?
Yes
 
No
 
N/A
 

Balloon-Payment Qualified Mortgages Made by Certain Small Creditors

Balloon-Payment Qualified Mortgages Made by Certain Small Creditors
Item Description Yes No N/A
Item
483
Description
Does the credit union satisfy all of the following creditor requirements under §§ 1026.35(b)(2)(iii)(A)-(C): (§ 1026.43(f)(1)(vi))
Yes
 
No
 
N/A
 
Item
483(a)
Description
During any of the three preceding calendar years, the credit union extended more than 50 percent of its first-lien covered transactions on properties that are located in “rural” or “underserved” counties.
Yes
 
No
 
N/A
 
Item
483(b)
Description
During the preceding calendar year, the credit union, together with its affiliates, originated 500 or fewer first-lien covered transactions.
Yes
 
No
 
N/A
 
Item
483(c)
Description
As of the end of the preceding calendar year, the credit union had total assets of less than $2 billion (Adjusted annually – Including assests of certain affiliates).
Yes
 
No
 
N/A
 
Item
484
Description
Does the loan provide for regular, substantially equal, periodic payments (calculated using an amortization period that does not exceed 30 years), except for the effect any interest rate change after consummation has on ARMs or step-rate mortgages, that do not result in an increase of the principal balance? (§§ 1026.43(e)(2)(i)(A), 1026.43(f)(1)(i), 1026.43(f)(1)(iv)(A))
Yes
 
No
 
N/A
 
Item
485
Description
Is the loan term, at minimum, five years and no longer than 30 years? (§§ 1026.43(e)(2)(ii), 1026.43(f)(1)(i), 1026.43(f)(1)(iv)(C))
Yes
 
No
 
N/A
 
Item
486
Description

Do the total points and fees (defined in § 1026.32(b)(1)(i)) not exceed: (§§ 1026.43(e)(2)(iii), 1026.43(e)(3), 1026.43(f)(1)(i))

Note: These numbers will be annually adjusted for inflation on January 1.
Yes
 
No
 
N/A
 
Item
486(a)
Description
For a loan amount of $100,000 or more: 3 percent of the “total loan amount” (see § 1026.32(b)(4)(i))?
Yes
 
No
 
N/A
 
Item
486(b)
Description
For a loan amount of $60,000 or more but less than $100,000: $3,000?
Yes
 
No
 
N/A
 
Item
486(c)
Description
For a loan amount of $20,000 or more but less than $60,000: 5 percent of the total loan amount?
Yes
 
No
 
N/A
 
Item
486(d)
Description
For a loan amount of $12,500 or more but less than $20,000: $1,000?
Yes
 
No
 
N/A
 
Item
486(e)
Description
For a loan amount less than $12,500: 8 percent of the total loan amount?
Yes
 
No
 
N/A
 
Item
487
Description
Does the loan’s interest rate not increase over the term of the loan? (§ 1026.43(f)(1)(iv)(B))
Yes
 
No
 
N/A
 
Item
488
Description
Did the credit union consider and verify at or before consummation the following: (§§ 1026.43(e)(2)(v), 1026.43(f)(1)(i))
Yes
 
No
 
N/A
 
Item
488(a)
Description
The consumer’s current or reasonably expected income or assets other than the value of the dwelling (including any real property attached to the dwelling) that secures the loan, in accordance with §§ 1026.43(c)(2)(i) and 1026.43(c)(4)?
Yes
 
No
 
N/A
 
Item
488(b)
Description
The consumer’s current debt obligations, alimony, and child support according to §§ 1026.43(c)(2)(vi) and 1026.43(c)(3)?
Yes
 
No
 
N/A
 
Item
489
Description
Did the credit union determine that the consumer could make all of the scheduled payments under the loan and the monthly payments for all mortgage-related obligations (excluding the balloon payment) from the consumer’s current or reasonably expected income or assets (other than the dwelling that secures the loan)? (§ 1026.43(f)(1)(ii))
Yes
 
No
 
N/A
 
Item
490
Description
Did the credit union consider the consumer’s monthly debt-to-income ratio or residual income and verify debt obligations and income used to determine that ratio at or before consummation as follows: (§ 1026.43(f)(1)(iii))
Yes
 
No
 
N/A
 
Item
490(a)
Description
If the credit union considered the consumer’s monthly debt-to-income ratio, it must have considered the ratio of total monthly debt obligations to total monthly income.
Yes
 
No
 
N/A
 
Item
490(b)
Description
If the credit union considered the consumer’s monthly residual income, it must have considered the consumer's remaining income after subtracting total monthly debt obligations from total monthly income.
Yes
 
No
 
N/A
 
Item
491
Description
At consummation, was the loan not subject to a forward commitment, except to a person that satisfies the creditor requirements of §§ 1026.35(b)(2)(iii)(A)-(C) (i.e., small creditor serving rural or underserved counties)?
Yes
 
No
 
N/A
 
Item
492
Description
If the loan met the requirements for a balloon-payment qualified mortgage at consummation, has it maintained its qualified mortgage status because the credit union did not transfer the loan, unless the transfer was: (§ 1026.43(f)(2))
Yes
 
No
 
N/A
 
Item
492(a)
Description
Three years or more after consummation?
Yes
 
No
 
N/A
 
Item
492(b)
Description
To a creditor that satisfies the requirements for small creditors serving rural or underserved counties (above)?
Yes
 
No
 
N/A
 
Item
492(c)
Description
Made under to a capital restoration plan or other action under 12 USC 1831o, or to actions or instructions of a conservator, receiver, or bankruptcy trustee, or to orders by or agreements with a state or federal governmental agency with jurisdiction to examine the credit union? Or
Yes
 
No
 
N/A
 
Item
492(d)
Description
made under to a merger of the credit union and another person or the acquisition of the credit union by another person, or the credit union’s acquisition of another person?
Yes
 
No
 
N/A
 

Temporary Balloon-Payment Qualified Mortgages Made by Small Creditors

Temporary Balloon-Payment Qualified Mortgages Made by Small Creditors
Item Description Yes No N/A
Item
493
Description
Does the credit union satisfy all of the following creditor requirements under §§ 1026.35(b)(2)(iii)(B) and (C): (§ 1026.43(e)(6)(i)(B))
Yes
 
No
 
N/A
 
Item
493(a)
Description
During the preceding calendar year, the credit union, together with its affiliates, originated 500 or fewer first-lien covered transactions.
Yes
 
No
 
N/A
 
Item
493(b)
Description
As of the end of the preceding calendar year, the credit union had total assets of less than $2 billion (Adjusted annually – Including assets of certain affiliates).
Yes
 
No
 
N/A
 
Item
494
Description
Does the loan provide for regular, substantially equal, periodic payments (calculated using an amortization period that does not exceed 30 years), except for the effect any interest rate change after consummation has on ARMs or step-rate mortgages, that do not result in an increase of the principal balance? (§§ 1026.43(e)(2)(i)(A), 1026.43(e)(6)(i)(A), 1026.43(f)(1)(i), 1026.43(f)(1)(iv))
Yes
 
No
 
N/A
 
Item
495
Description
Is the loan term, at minimum, five years and no longer than 30 years? (§§ 1026.43(e)(2)(ii), 1026.43(e)(6)(i)(A), 1026.43(f)(1)(i), 1026.43(f)(1)(iv)(A))
Yes
 
No
 
N/A
 
Item
496
Description

Do the total points and fees (defined in § 1026.32(b)(1)(i)) not exceed: (§§ 1026.43(e)(2)(iii), (e)(3), (e)(6)(i)(A), (f)(1)(i))

Note: These numbers will be annually adjusted for inflation on January 1.
Yes
 
No
 
N/A
 
Item
496(a)
Description
For a loan amount of $100,000 or more: 3 percent of the “total loan amount”? (§ 1026.32(b)(4)(i))
Yes
 
No
 
N/A
 
Item
496(b)
Description
For a loan amount of $60,000 or more but less than $100,000: $3,000?
Yes
 
No
 
N/A
 
Item
496(c)
Description
For a loan amount of $20,000 or more but less than $60,000: 5 percent of the total loan amount?
Yes
 
No
 
N/A
 
Item
496(d)
Description
For a loan amount of $12,500 or more but less than $20,000: $1,000?
Yes
 
No
 
N/A
 
Item
496(e)
Description
For a loan amount less than $12,500: 8 percent of the total loan amount?
Yes
 
No
 
N/A
 
Item
497
Description
Does the loan’s interest rate not increase over the term of the loan? (§§ 1026.43(e)(6)(i)(A), 1026.43(f)(1)(iv)(B))
Yes
 
No
 
N/A
 
Item
498
Description
Did the credit union consider and verify at or before consummation the following: (§§ 1026.43(e)(2)(v), 1026.43(e)(6)(i)(A), 1026.43(f)(1)(i))
Yes
 
No
 
N/A
 
Item
498(a)
Description
The consumer’s current or reasonably expected income or assets other than the value of the dwelling (including any real property attached to the dwelling) that secures the loan, according to §§ 1026.43(c)(2)(i) and 1026.43(c)(4)?
Yes
 
No
 
N/A
 
Item
498(b)
Description
The consumer’s current debt obligations, alimony, and child support in accordance with §§ 1026.43(c)(2)(vi) and 1026.43(c)(3)?
Yes
 
No
 
N/A
 
Item
499
Description
Did the credit union determine that the consumer could make all of the scheduled payments under the loan and the monthly payments for all mortgage-related obligations (excluding the balloon payment) from the consumer’s current or reasonably expected income or assets (other than the dwelling that secures the loan)? (§§ 1026.43(e)(6)(i)(A), 1026.43(f)(1)(ii))
Yes
 
No
 
N/A
 
Item
500
Description
Did the credit union consider the consumer’s monthly debt-to-income ratio or residual income and verify debt obligations and income used to determine that ratio at or before consummation as follows: (§§ 1026.43(e)(6)(i)(A), 1026.43(f)(1)(iii))
Yes
 
No
 
N/A
 
Item
500(a)
Description
If the credit union considered the consumer’s monthly debt-to-income ratio, it must have considered the ratio of total monthly debt obligations to total monthly income.
Yes
 
No
 
N/A
 
Item
500(b)
Description
If the credit union considered the consumer’s monthly residual income, it must have considered the consumer's remaining income after subtracting total monthly debt obligations from total monthly income.
Yes
 
No
 
N/A
 
Item
501
Description
At consummation, was the loan not subject to a forward commitment, except to a person that satisfies the creditor requirements of §§ 1026.35(b)(2)(iii)(A)-(C) (i.e. small creditor serving rural or underserved counties)? (§§ 1026.43(e)(6)(i)(A), 1026.43(f)(1)(v))
Yes
 
No
 
N/A
 
Item
502
Description
If the loan met the requirements for a temporary balloon-payment qualified mortgage at consummation, has it maintained its qualified mortgage status because the credit union did not transfer the loan, unless the transfer was: (§ 1026.43(f)(2))
Yes
 
No
 
N/A
 
Item
502(a)
Description
Three years or more after consummation?
Yes
 
No
 
N/A
 
Item
502(b)
Description
To a creditor that satisfies the requirements for small creditors serving rural or underserved counties (above)?
Yes
 
No
 
N/A
 
Item
502(c)
Description
Made under a capital restoration plan or other action under 12 USC 1831o, or to actions or instructions of a conservator, receiver, or bankruptcy trustee, or to orders by or agreements with a state or federal governmental agency with jurisdiction to examine the creditor? Or
Yes
 
No
 
N/A
 
Item
502(d)
Description
Made under a merger of the credit union and another person or the acquisition of the credit union by another person, or the credit union’s acquisition of another person.
Yes
 
No
 
N/A
 

Periodic Statements for Open-End Credit

Periodic Statements for Open-End Credit
Item Description Yes No N/A
Item
503
Description
Are periodic billing statements provided if at the end of a billing cycle the account has a debit or credit balance of $1 or more or if a finance charge has been imposed? (§ 1026.5(b)(2)(i))
Yes
 
No
 
N/A
 

Periodic Billing Statements Worksheet for Home-Equity Plans Subject to § 1026.40

Note: For home-equity plans subject to § 1026.40, a credit union may instead, at its option, comply with any of the requirements of § 1026.7(b); any credit union that chooses not to provide a disclosure under paragraph § 1026.7(a)(7), however, must comply with paragraph § 1026.7(b)(6).

Item Description Yes No N/A
Item
504
Description
Is the beginning outstanding balance provided? (§ 1026.7(a)(1))
Yes
 
No
 
N/A
 
Item
505
Description
Are transactions identified and accurate? (§§ 1026.7(a)(2), 1026.8)
Yes
 
No
 
N/A
 
Item
506
Description
Are the dates and amounts of credits to account disclosed accurately? (§ 1026.7(a)(3))
Yes
 
No
 
N/A
 
Item
507
Description
Are the periodic rate(s) and APR(s) stated and accurate? If it is a variable rate plan, is the fact that the periodic rate(s) may vary disclosed? (§ 1026.7(a)(4))
Yes
 
No
 
N/A
 
Item
508
Description
If different rates apply to different types of transactions, except for promotional rates in periods in which they are actually applied, are the types of transactions to which the periodic rates apply disclosed? (§ 1026.7(a)(4))
Yes
 
No
 
N/A
 
Item
509
Description
Is the amount of balance subject to the periodic rate and an explanation of how the balance is determined disclosed? (§ 1026.7(a)(5))
Yes
 
No
 
N/A
 
Item
510
Description
Is any “finance charge” amount (using that term) disclosed and accurate? (§ 1026.7(a)(6))
Yes
 
No
 
N/A
 
Item
511
Description
Are the components of the finance charge imposed during the billing cycle individually itemized and identified? (§ 1026.7(a)(6)(i))
Yes
 
No
 
N/A
 
Item
512
Description
Are the amounts of any other charges debited to the account itemized, identified by type, and accurately disclosed? (§ 1026.7(a)(6)(ii))
Yes
 
No
 
N/A
 
Item
513
Description
At the credit union’s option, is the effective APR (using the term “APR”) disclosed and accurate? (§ 1026.7(a)(7))
Yes
 
No
 
N/A
 
Item
514
Description
Does the periodic statement disclose the date by which or the time period within which the new balance or any portion of the new balance must be paid to avoid additional finance charges? (§ 1026.7(a)(8))
Yes
 
No
 
N/A
 
Item
515
Description
Does the periodic statement include the address for notice of billing errors? (§ 1026.7(a)(9))
Yes
 
No
 
N/A
 
Item
516
Description
14.Are the account balance and closing date disclosed and accurate? (§ 1026.7(a)(10))
Yes
 
No
 
N/A
 

Periodic Billing Statements for Open-End Not Home-Secured Plans

Periodic Billing Statements for Open-End Not Home-Secured Plans
Item Description Yes No N/A
Item
517
Description
Is the beginning outstanding balance provided? (§ 1026.7(b)(1))
Yes
 
No
 
N/A
 
Item
518
Description
Have reasonable procedures been adopted to ensure periodic statements for credit cards are mailed or delivered at least 21 days before the payment due date and the date on which any grace period expires? (§ 1026.5(b)(2)(ii))
Yes
 
No
 
N/A
 
Item
519
Description
Are transactions identified and disclosed accurately? (§§ 1026.7(b)(2), 1026.8)
Yes
 
No
 
N/A
 
Item
520
Description
Are the dates and amounts of credits to account disclosed accurately? (§ 1026.7(b)(3))
Yes
 
No
 
N/A
 
Item
521
Description
Are the periodic rate(s) and APR(s), along with the range of balances to which they apply, stated and accurate? If it is a variable rate plan, is the fact that the periodic rate may vary disclosed? (§ 1026.7(b)(4))
Yes
 
No
 
N/A
 
Item
522
Description
If different rates apply to different types of transactions, except for promotional rates in periods in which they are actually applied, are the types of transactions to which the periodic rates apply disclosed? (§ 1026.7(b)(4))
Yes
 
No
 
N/A
 
Item
523
Description
Is the amount of balance to which a periodic rate was applied and an explanation of how that balance was determined, using the term “Balance Subject to Interest Rate,” included? (§ 1026.7(b)(5))
Yes
 
No
 
N/A
 
Item
524
Description
Does the periodic statement include the amounts of any charges imposed as part of a plan as stated in § 1026.6(b)(3) (account-opening charges), grouped together, in proximity to transactions identified under § 1026.7(b)(2), similar to Sample G-18(A) in Appendix G? (§ 1026.7(b)(6)(i))
Yes
 
No
 
N/A
 
Item
525
Description
Are finance charges due to periodic interest rates, using the term “Interest Charge,” grouped together under the heading “Interest Charged” and itemized and totaled by type of transaction; and is the total finance charges due to periodic interest rates, using the term “Total Interest,” disclosed for the statement period and calendar year-to-date using a format similar to Sample G-18A in Appendix G? (§ 1026.7(b)(6)(ii))
Yes
 
No
 
N/A
 
Item
526
Description
Are charges imposed as part of the plan, other than charges due to periodic interest rates, grouped together under the heading “Fees,” identified consistent with the feature or type, and itemized; and are total charges, using the term “Fees,” disclosed for the statement period and calendar year-to-date, using a format similar to Sample G-18(A) in Appendix G? (§ 1026.7(b)(6)(iii))
Yes
 
No
 
N/A
 
Item
527
Description
If the credit union provides a change-in-terms notice required by § 1026.9(c), or a rate increase notice required by § 1026.9(g), on or with the periodic statement, has the credit union disclosed the information in §§ 1026.9(c)(2)(iv)(A)-(B) (if applicable) or § 1026.9(g)(3)(i) on the periodic statement according to the format requirements in § 1026.9(c)(2)(iv)(D), and § 1026.9(g)(3)(ii)? (Appendix G Forms G-18(F) and G-18(G), § 1026.7(b)(7))
Yes
 
No
 
N/A
 
Item
528
Description
Is the grace period disclosed?
Yes
 
No
 
N/A
 
Item
529
Description
Does the periodic statement include the address for notice of billing errors? (§ 1026.7(b)(9))
Yes
 
No
 
N/A
 
Item
530
Description
Are the account balance and closing date disclosed and accurate and is the new balance disclosed in accordance with the format requirements of § 1026.7(b)(13)? (§ 1026.7(b)(10))
Yes
 
No
 
N/A
 
Item
531
Description
Except for periodic statements provided solely for charge card accounts and for a charged-off account where payment of the entire account balance is due immediately, do periodic statements for credit cards include
Yes
 
No
 
N/A
 
Item
531(a)
Description
Due date for a payment, which must be the same day of the month for each billing cycle? (§ 1026.7(b)(11)(i)(A))
Yes
 
No
 
N/A
 
Item
531(b)
Description
Amount of any late payment fee and any increased periodic rate(s) expressed as an APR that may be imposed because of the late payment? (§ 1026.7(b)(11)(i)(B))
Yes
 
No
 
N/A
 
Item
531(c)
Description
If a range of fees may be assessed, either the range of fees or the highest fees that could apply and an indication that the fee imposed could be lower? (§ 1026.7(b)(11)(i)(B))
Yes
 
No
 
N/A
 
Item
531(d)
Description
If the rate may be increased for more than one feature or balance, either the range of rates or the highest rate that could apply? (§ 1026.7(b)(11)(i)(B))
Yes
 
No
 
N/A
 
Item
532
Description
Is the due date disclosed on the front of the first page of the periodic statement; are the amount of the late payment fee and the increased APR stated in close proximity to the due date; are the ending balance and repayment disclosures (required by § 1026.7(b)(12)) disclosed closely proximate to the minimum payment due; and are the due date, late payment fee and APR, ending balance, minimum payment due, and repayment disclosures grouped together?(§ 1026.7(b)(13))
Yes
 
No
 
N/A
 

Periodic Statements for Open-End Credit

Periodic Statements for Open-End Credit
Item Description Yes No N/A
Item
533
Description
For accounts with an outstanding balance subject to a deferred interest or similar program, did the credit union disclose the date by which that outstanding balance must be paid in full to avoid finance charges on the front of any page of each periodic statement issued during the deferred interest period beginning with the first periodic statement issued during the deferred interest period that reflects the deferred interest or similar transaction? (§ 1026.7(b)(14))
Yes
 
No
 
N/A
 
Item
534
Description
Except for those credit cards for which negative or no amortization occurs when calculating the minimum repayment payment estimate as described in appendix M1, do periodic statements for a credit card account under an open-end (not home-secured) consumer credit plan provide the following disclosures on each periodic statement:
Yes
 
No
 
N/A
 
Item
534(a)
Description
The following statement with a bold heading: “Minimum Payment Warning: If you make only the minimum payment each period, you will pay more in interest and it will take you longer to pay off your balance”? (§ 1026.7(b)(12)(i)(A))
Yes
 
No
 
N/A
 
Item
534(b)
Description
The minimum payment repayment estimate? (§ 1026.7(b)(12)(i)(B))
Yes
 
No
 
N/A
 
Item
534(c)
Description
The minimum payment total cost estimate rounded to the nearest whole dollar or the nearest cent, at the card issuer’s option? (§ 1026.7(b)(12)(i)(C))
Yes
 
No
 
N/A
 
Item
534(d)
Description
A statement that the minimum payment repayment estimate and the minimum payment total cost estimate are based on the current outstanding balance shown on the periodic statement; and a statement that the minimum payment repayment estimate and the minimum payment total cost estimate are based on the assumption that only minimum payments are made and no other amounts are added to the balance? (§ 1026.7(b)(12)(i)(D))
Yes
 
No
 
N/A
 
Item
534(e)
Description
A toll-free telephone number where the consumer may obtain from the card issuer information about credit counseling services? (§ 1026.7(b)(12)(i)(E))
Yes
 
No
 
N/A
 
Item
534(f)
Description
Except when the minimum payment repayment estimate is three years or less; and the estimated monthly payment for repayment in 36 months is less than the minimum payment required for that billing cycle; and a billing cycle where an account has both a balance in a revolving feature where the required minimum payments for this feature will not amortize that balance in a fixed amount of time specified in the account agreement and a balance in a fixed repayment feature where the required minimum payment for this fixed repayment feature will amortize that balance in a fixed amount of time specified in the account agreement which is less than 36 months, are the following disclosures provided:
Yes
 
No
 
N/A
 
Item
534(f)(i)
Description
The estimated monthly payment for repayment in 36 months rounded to the nearest whole dollar or to the nearest cent, at the card issuer’s option? (§ 1026.7(b)(12)(i)(F)(1)(i))
Yes
 
No
 
N/A
 
Item
534(f)(ii)
Description
A statement that the card issuer estimates that the consumer will repay the outstanding balance shown on the periodic statement in three years if the consumer pays the estimated monthly payment each month for three years? (§ 1026.7(b)(12)(i)(F)(1)(ii))
Yes
 
No
 
N/A
 
Item
534(f)(iii)
Description
The total cost estimate for repayment in 36 months rounded to the nearest whole dollar or to the nearest cent, at the card issuer’s option? (§ 1026.7(b)(12)(i)(F)(1)(iii)) and
Yes
 
No
 
N/A
 
Item
534(f)(iv)
Description
The savings estimate for repayment in 36 months rounded to the nearest whole dollar or to the nearest cent, at the card issuer’s option? (§ 1026.7(b)(12)(i)(F)(1)(iv))
Yes
 
No
 
N/A
 
Item
535
Description
For non-amortizing or negatively amortizing credit card accounts under an open- end (not home-secured) consumer credit plan, does the card issuer provide the following disclosures on each periodic statement (instead of the disclosures set out at § 1026.7(b)(12)(i)):
Yes
 
No
 
N/A
 
Item
535(a)
Description
“Minimum Payment Warning: Even if you make no more charges using this card, if you make only the minimum payment each month we estimate you will never pay off the balance shown on this statement because your payment will be less than the interest charged each month”? (§ 1026.7(b)(12)(ii)(A))
Yes
 
No
 
N/A
 
Item
535(b)
Description
“If you make more than the minimum payment each period, you will pay less in interest and pay off your balance sooner”? (§ 1026.7(b)(12)(ii)(B))
Yes
 
No
 
N/A
 
Item
535(c)
Description
The estimated monthly payment for repayment in 36 months rounded to the nearest whole dollar or to the nearest cent, at the credit union’s option? (§ 1026.7(b)(12)(ii)(C)
Yes
 
No
 
N/A
 
Item
535(d)
Description
A statement that the card issuer estimates that the consumer will repay the outstanding balance shown on the periodic statement in three years if the consumer pays the estimated monthly payment each month for three years? (§ 1026.7(b)(12)(ii)(D))
Yes
 
No
 
N/A
 
Item
535(e)
Description
A toll-free telephone number where the consumer may obtain from the card issuer information about credit counseling services consistent with § 1026.7(b)(12)(iv)? (§ 1026.7(b)(12)(ii)(E))
Yes
 
No
 
N/A
 
Item
536
Description
For periodic statement repayment disclosures required to be disclosed by § 1026.7(b)(12), are the disclosures made according to the format requirements of § 1026.7(b)(13) and similar to the samples provided in appendix G of TILA? (§ 1026.7(b)(13))
Yes
 
No
 
N/A
 
Item
537
Description
Does the card issuer provide (to the extent available from the U.S. Trustee or a bankruptcy administrator) through the disclosed toll-free telephone number the name, street address, telephone number, and Web site address for at least three organizations that have been approved by the U.S. Trustee or a bankruptcy administrator to provide credit counseling services in either the state in which the billing address for the account is located or the state specified by the consumer? (§ 1026.7(b)(12)(iv)(A))
Yes
 
No
 
N/A
 
Item
538
Description
Is the credit counseling information discussed in step 35 updated annually for consistency with the information available from the U.S. Trustee or a bankruptcy administrator? (§ 1026.7(b)(12)(iv)(B))
Yes
 
No
 
N/A
 
Item
539
Description
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))
Yes
 
No
 
N/A
 

Billing Rights Statement

Billing Rights Statement
Item Description Yes No N/A
Item
540
Description
Is the billing rights statement provided at least once each calendar year, or with each periodic statement in a form similar to that in Appendix G? (§ 1026.9(a))
Yes
 
No
 
N/A
 

High-Cost Mortgages

Coverage

Coverage
Item Description Yes No N/A
Item
541
Description
Is the transaction secured by the consumer’s principal dwelling? (§ 1026.2(a)(19), § 1026.32(a)(1))

If the answer is no, STOP HERE. The transaction is not a high-cost mortgage.
Yes
 
No
 
N/A
 
Item
542
Description
Is the transaction:
Yes
 
No
 
N/A
 
Item
542(A)
Description
A reverse mortgage transaction? (§ 1026.32(a)(2)(i))
Yes
 
No
 
N/A
 
Item
542(B)
Description
A transaction to finance the initial construction of a dwelling? (§ 1026.32(a)(2)(ii))
Yes
 
No
 
N/A
 
Item
542(C)
Description
A transaction originated and financed by a housing finance agency? (§ 1026.32(a)(2)(iii))
Yes
 
No
 
N/A
 
Item
542(D)
Description
A transaction originated under the USDA’s rural development Section 502 direct loan program? (§ 1026.32(a)(2)(iv))
Yes
 
No
 
N/A
 

If the answer is yes to A,B,C, or D, STOP HERE. If no, continue to Test 1: APR.

Test 1: APR

Test 1: APR
Item Description Amount/Answer
Item
543(A)
Description
Determine the APR for testing high-cost mortgage coverage. (§ 1026.32(a)(3))
Amount/Answer
 
Item
543(A)(1)
Description
For fixed-rate transactions, calculate the APR using the interest rate in effect on the date the interest rate for the transaction was set.
Amount/Answer
 
Item
543(A)(2)
Description
For transactions where the interest rate varies with an index, use the greater of the introductory interest rate (if any) or the fully-indexed rate (i.e., the interest rate that results from adding the maximum margin permitted at any time during the term of the transaction to the value of the index rate in effect on the date the interest rate for the transaction was set).
Amount/Answer
 
Item
543(A)(3)
Description
For transactions where the interest rate may or will vary other than in accordance with an index, such as in a step-rate loan, use the maximum rate that the applicant may pay during the term of the transaction.
Amount/Answer
 
Item
543(B)
Description
Determine the Average Prime Offer Rate (APOR). (§ 1026.32(a)(1)(i), Comments § 1026.32(a)(1)(i)-1 through -3)
Amount/Answer
 
Item
543(B)(1)
Description
Determine the APOR for a comparable transaction as of the last rate lock on the transaction. Determine the APOR for a HELOC by identifying the most closely comparable closed-end transaction. APOR tables are published at https://www.ffiec.gov/ratespread/aportables.htm.
Amount/Answer
 
Item
543(C)
Description
Add one of the following amounts to APOR (box B), as applicable.
Amount/Answer
 
Item
543(C)(1)
Description
6.5 percentage points for most first-lien transactions;
Amount/Answer
 
Item
543(C)(2)
Description
8.5 percentage points for first-lien transactions secured by personal property (e.g., manufactured housing titled as personal property, RVs, houseboats) if the loan amount is less than $50,000; or
Amount/Answer
 
Item
543(C)(3)
Description
8.5 percentage points for subordinate-lien transactions
Amount/Answer
 
Item
543(C)(note)
Description
(§ 1026.32(a)(1)(i)(A)-(C))
Amount/Answer
 
Item
543(D)
Description
Is Box A greater than Box C?

If yes, the transaction is a high-cost mortgage. If no, continue to Test 2: Points and Fees.
Amount/Answer
 

High-Cost Mortgage (§ 1026.32)

544 Step 1: Test 2: Points and Fees

Identify all charges payable in connection with the transaction and known at or before consummation or account opening.

Points and Fees
Item Description Amount/Answer
Item
544(A)
Description
Items included in the finance charge (§§ 1026.4(a) and (b)), except for the following:
Amount/Answer
 
Item
544(A)(1)
Description
Interest, including per-diem interest, and time-price differential.
Amount/Answer
 
Item
544(A)(2)
Description
All federal or state government-sponsored mortgage insurance premiums (MIP), e.g., up-front and annual FHA premiums, VA funding fees, and USDA guarantee fees.
Amount/Answer
 
Item
544(A)(3)
Description
All monthly or annual private mortgage insurance (PMI) premiums;
Amount/Answer
 
Item
544(A)(4)
Description
Up-front PMI premiums if the premiums are refundable on a prorated basis and the refund is automatically issued upon loan satisfaction. But, include any portion of the PMI premium that exceeds the up-front MIP for FHA loans.
Amount/Answer
 
Item
544(A)(5)
Description
Bona fide third-party charges not retained by the credit union, loan originator, or an affiliate of either, unless specifically required to be included under boxes A-H.[1]
Amount/Answer
 
Item
544(A)(6)
Description
Up to 1 or 2 bona fide discount points, if eligible.[2]
Amount/Answer
 
Item
544(A)(note)
Description
(§ 1026.32(b)(1)(i) (closed-end); § 1026.32(b)(2)(i) (open-end))
Amount/Answer
 
Finance charge items
Item Amount
Item
Origination charge
Amount
 
Item
Points (unless excluded as bona fide)
Amount
 
Item
Mortgage broker fee
Amount
 
Item
Application fee (if not charged to all applicants)
Amount
 
Item
Loan administration fee
Amount
 
Item
Rate-lock fee
Amount
 
Item
Commitment fee
Amount
 
Item
Underwriting fee
Amount
 
Item
Loan-level price adjustments (LLPA) (if paid up front)
Amount
 
Item
Non-refundable up-front PMI premiums in excess of up-front MIP for FHA loans
Amount
 
Item
Other fees included in the finance charge
Amount
 
Item
Subtotal
Amount
 
544B. Loan originator compensation.
Loan originator compensation
Item Description Amount/Answer
Item
544(B)
Description

Include all compensation paid directly or indirectly by a consumer or creditor to a loan originator (§ 1026.36(a)(1)) that can be attributed to the transaction at the time the rate is set, but exclude:

(§ 1026.32(b)(1)(ii) (closed-end); § 1026.32(b)(2)(ii) (open-end))
Amount/Answer
 
Item
544(B)(1)
Description
payments by consumers to mortgage brokers that were counted under box A.
Amount/Answer
 
Item
544(B)(2)
Description
compensation paid by a creditor or mortgage broker to a loan originator employee.
Amount/Answer
 
Item
544(B)(3)
Description
compensation paid by a manufactured home retailer to its employee.
Amount/Answer
 
544C. Certain non-finance charges under § 1026.4(c)(7).

Include fees only if the amount of the fee is unreasonable, or the credit union receives direct or indirect compensation from the charge, or the charge is paid to an affiliate of the credit union. (§ 1026.32(b)(1)(iii) (closed-end); § 1026.32(b)(2)(iii) (open-end))

Finance charge items
Item Amount
Item
Title examination
Amount
 
Item
Title insurance
Amount
 
Item
Property survey
Amount
 
Item
Document preparation charge
Amount
 
Item
Notary and credit report
Amount
 
Item
Appraisal
Amount
 
Item
Fee for “initial” flood hazard determination
Amount
 
Item
Pest inspection
Amount
 
Item
Any other fees under § 1026.4(c)(7)
Amount
 
Item
Subtotal
Amount
 
544D. Premiums or other charges for optional or required insurance payable at or before consummation or account opening (§ 1026.32(b)(1)(iv) (closed-end); § 1026.32(b)(2)(iv) (open-end))
Finance charge items
Item Amount
Item
Credit life
Amount
 
Item
Credit disability
Amount
 
Item
Credit unemployment
Amount
 
Item
Credit property
Amount
 
Item
Any other life, accident, health, or loss-of-income insurance (if credit union is a beneficiary)
Amount
 
Item
Debt cancellation or suspension
Amount
 
Item
Subtotal
Amount
 
544E. Maximum prepayment penalty (§ 1026.32(b)(1)(v) (closed-end); § 1026.32(b)(2)(v) (open-end))
Finance charge items
Item Amount
Item
Subtotal
Amount
 
544F. For a refinance transaction with the current holder, its servicer, or an affiliate of either, prepayment penalty paid in connection with terminating prior transaction (§ 1026.32(b)(1)(vi) (closed-end); § 1026.32(b)(2)(vi) (open-end))
Finance charge items
Item Amount
Item
Subtotal
Amount
 
544G. For open-end transactions, participation fees payable at or before account opening (§ 1026.32(b)(2)(vii))
Finance charge items
Item Amount
Item
Subtotal
Amount
 
544H. For open-end transactions, per-transaction fee charged for drawing on credit line (assume at least one) (§ 1026.32(b)(2)(viii))
Finance charge items
Item Amount
Item
Subtotal
Amount
 
544I.   Total points and fees: Add subtotals for A-F (closed-end) or A-H (open-end)
Finance charge items
Item Amount
Item
Subtotal
Amount
 

544 Step 2: Determine the total loan amount. (§ 1026.32(b)(4))

Determine the total loan amount
Item Finance Charge Items Amount/Answer
Item
544(2)(A)
Finance Charge Items
Closed-end transaction
Amount/Answer
 
Item
544(2)(A)(1)
Finance Charge Items
Determine the amount financed (§ 1026.18(b))
Amount/Answer
 
Item
544(2)(A)(2)
Finance Charge Items
The full amount of principal repayable under the terms of the note or other loan contract
Amount/Answer
 
Item
544(2)(A)(3)
Finance Charge Items
Minus: Prepaid finance charges (§ 1026.2(a)(23))
Amount/Answer
 
Item
544(2)(A)(4)
Finance Charge Items
Equals: Amount financed
Amount/Answer
 
Item
544(2)(A)(5)
Finance Charge Items
Deduct from the amount financed costs that are included in points and fees under Step 1, boxes C, D, or F, and that are financed by the credit union
Amount/Answer
 
Item
544(2)(A)(6)
Finance Charge Items
Total loan amount (1 minus 2)
Amount/Answer
 
Item
544(2)(B)
Finance Charge Items
Open-end transaction
Amount/Answer
 
Item
544(2)(B)(1)
Finance Charge Items
Credit limit for the plan when the account is opened
Amount/Answer
 

544 Step 3: Perform high-cost fee calculation.

Determine which points and fees threshold applies according to the note amount (threshold cutoffs are adjusted annually for inflation (use the dollar amount corresponding to the year of origination or account opening) ) (12 CFR 1026.32(a)(1)(ii)(A)-(B))

Transactions for $20,000 or more (2014)
Item Description Amount/Answer
544(3)(A) Calculate 5 percent of the total loan amount (Step 2, box A (closed-end) or box B (open-end))  
544(3)(B) Total points and fees (Step 1, box I)  
544(3)(C) Does box B exceed box A?  
Transactions for less than $20,000 (2014)
Item Description Amount/Answer
544(3)(A) Calculate 8 percent of the total loan amount

(Step 2, box A (closed-end) or box B (open-end))

  
544(3)(B) Annually adjusted dollar amount (§ 1026.32(a)(1)(ii)(B))

2014: $1,000 (use the dollar amount corresponding to the year of origination or account opening)

  
544(3)(C) Total points and fees (Step 1, box I)  
544(3)(D) Does box C exceed the lesser of box A or box B?

If yes, the transaction is a high-cost mortgage. If no, continue to Test 3: Prepayment Penalty.

  

545 Test 3: Prepayment Penalty

545 Step 1: Determine whether the transaction has a prepayment penalty. (§ 1026.32(a)(1)(iii); 12 CFR 1026.32(b)(6)(i)-(ii) (definition))

If no, STOP HERE, the transaction is not a high-cost mortgage. If yes, continue to Step 2.

545 Step 2: Determine the amount and duration of any prepayment penalty.[3]
Determine the amount and duration of any prepayment penalty
Item Item Yes No N/A
Item
545(2)(A)
Item
Can prepayment penalties be imposed for longer than 36 months after consummation or account opening?
Yes
 
No
 
N/A
 
Item
545(2)(B)
Item
Can prepayment penalties exceed 2 percent of the amount prepaid?
Yes
 
No
 
N/A
 
Item
545(2)(C)
Item
If no, the transaction is not a high-cost mortgage. If yes, the transaction is a high-cost mortgage and is in violation of the prohibition against prepayment penalties for high-cost mortgages. (§ 1026.32(d)(6))
Yes
 
No
 
N/A
 

Special Credit Card Rules Review

Ability to Make Required Minimum Payments

Ability to Make Required Minimum Payments
Item Description Yes No N/A
Item
546
Description
Does the card issuer not open a credit card account for a consumer, or increase any credit limit applicable to such account, unless the card issuer considers the consumer’s ability to make the required minimum periodic payments under the terms of the account based on the consumer’s income or assets and current obligations? (§ 1026.51(a)(1)(i))
Yes
 
No
 
N/A
 
Item
547
Description
Does the card issuer establish and maintain written policies and procedures to consider the consumer’s ability to make the required minimum payments based on the consumer’s income or assets and current obligations; and do these policies and procedures include treating any income and assets to which the consumer has a reasonable expectation of access as the consumer’s income or assets, or limiting consideration of the consumer’s income or assets to the consumer’s independent income and assets? Further, do the policies and procedures include a consideration of at least one of the following: The ratio of debt obligations to income? The ratio of debt obligations to assets? The income the consumer will have after paying debt obligations? (§ 1026.51(a)(1)(ii))
Yes
 
No
 
N/A
 
Item
548
Description
Does the card issuer not issue a credit card to a consumer who does not have any income or assets; and does the credit union not issue a credit card without reviewing any information about a consumer’s income or assets, and current obligations? (§ 1026.51(a)(1)(ii))
Yes
 
No
 
N/A
 
Item
549
Description
Does the card issuer use a reasonable method for estimating the minimum periodic payments the consumer would be required to pay under the terms of the account? (§ 1026.51(a)(2)(i))
Yes
 
No
 
N/A
 
Item
550
Description
Does the card issuer’s estimate of the minimum periodic payment use the following method to receive the benefit of the safe harbor? (§ 1026.51(a)(2)(ii)) The card issuer assumes utilization, from the first day of the billing cycle, of the full credit line that the issuer is considering offering to the consumer? The card issuer uses a minimum payment formula employed by the issuer for the product the issuer is considering offering to the consumer or, in the case of an existing account, the minimum payment formula that currently applies to that account, provided:
Yes
 
No
 
N/A
 
Item
550(a)
Description
If the applicable minimum payment formula includes interest charges, the card issuer estimates those charges using an interest rate that the issuer is considering offering to the consumer for purchases or, in the case of an existing account, the interest rate that currently applies to purchases?
Yes
 
No
 
N/A
 
Item
550(b)
Description
If the applicable minimum payment formula includes mandatory fees, the card issuer must assume that such fees have been charged to the account?
Yes
 
No
 
N/A
 
Item
551
Description
If the card issuer opens a credit card account for a consumer younger than 21 years old, does the issuer require that such consumers:
Yes
 
No
 
N/A
 
Item
551(a)
Description
Submit a written application?
Yes
 
No
 
N/A
 
Item
551(b)
Description
Possess an independent ability to make the required minimum periodic payments on this credit card or provide a signed agreement of a cosigner, guarantor, or joint applicant who is at least 21 years old who will be either secondarily liable for any debt on the account incurred by the consumer before the consumer has attained the age of 21 or jointly liable for any debt on the account, and financial information indicating such cosigner, guarantor, or joint applicant has the ability to make the required minimum periodic payments on such debts, consistent with § 1026.51(a)? (§ 1026.51(b)(1))
Yes
 
No
 
N/A
 
Item
552
Description
If a credit card account has been opened for a consumer less than 21 years old under § 1026.51(b)(1), does the issuer not increase the credit limit before the consumer attains the age of 21 unless at the time of the contemplated increase, the consumer has an independent ability to make the required minimum periodic payments on the increased limit consistent with § 1026.51(b)(i); or a cosigner, guarantor, or joint applicant who is at least 21 years old agrees in writing to assume liability on the increase (either secondarily liable for any account debt incurred before the consumer becomes 21 or jointly liable with the consumer) consistent with § 1026.51(b)(1)(ii)? (§ 1026.51(b)(2))
Yes
 
No
 
N/A
 

Limitations on Fees

Limitations on Fees
Item Description Yes No N/A
Item
553
Description
During the first year after the opening of a credit card account, did the card issuer refrain from requiring the consumer to pay covered fees in excess of 25 percent of the credit limit during the first year after account opening? (§ 1026.52(a)) Note: An account is considered opened no earlier than the date on which the account may first be used by the consumer to engage in transactions.
Yes
 
No
 
N/A
 
Item
554
Description
Does the card issuer refrain from imposing a fee for violating the terms or other requirements of a credit card account under an open-end (not home-secured) consumer credit plan, unless the dollar amount of the fee is consistent with §§ 1026.52(b)(1) and (b)(2)? (§ 1026.52(b))
Yes
 
No
 
N/A
 
Item
555
Description

If the issuer relies on the cost-determination review to impose a fee for a particular violation (e.g., late payment), has the issuer:

Note: Refer to the Official Interpretations for § 1026.52(b)) for a list of factors to be considered in the cost determination review by the issuer.
Yes
 
No
 
N/A
 
Item
555(a)
Description
Determined that the fee represents a reasonable proportion of the total costs incurred by the issuer as a result of that type of violation?
Yes
 
No
 
N/A
 
Item
555(b)
Description
Re-evaluated this determination at least once every 12 months?
Yes
 
No
 
N/A
 
Item
555(c)
Description
Imposed a lower fee within 45 days after completing the reevaluation if the result of the reevaluation indicates that a lower fee represents a reasonable proportion of the total costs incurred by the issuer as a result of that type of violation?
Yes
 
No
 
N/A
 
Item
555(d)
Description
Complied with the notice requirements of § 1026.9, before imposing a higher fee, if the result of the reevaluation indicates that a higher fee represents a reasonable proportion of the total costs incurred by the issuer as a result of that type of violation? (§ 1026.52(b)(1)(i))
Yes
 
No
 
N/A
 
Item
556
Description
If the issuer is relying on the safe harbor fee provision, has the issuer refrained from imposing a fee for a particular violation (i.e., late payment), as applicable, in excess of the regulatory limits:
Yes
 
No
 
N/A
 
Item
556(a)
Description
Of $26.00 (adjusted annually)? (§ 1026.52(b)(1)(ii)(A))
Yes
 
No
 
N/A
 
Item
556(b)
Description
Of $37.00 (adjusted annually) if the card issuer previously imposed a fee under § 1026.52(b)(1)(ii)(A) for a violation of the same type that occurred during the same billing cycle or one of the next six billing cycles? (§ 1026.52(b)(1)(ii)(B))
Yes
 
No
 
N/A
 
Item
556(c)
Description
Of 3 percent of the delinquent balance on a charge card account that requires payment of outstanding balances in full at the end of each billing cycle if the card issuer has not received the required payment for two or more consecutive billing cycles? (§ 1026.52(b)(1)(ii)(C))
Yes
 
No
 
N/A
 
Item
557
Description
Has the card issuer refrained from imposing a fee for violating the terms or other requirements of a credit card account under an open-end (not home-secured) consumer credit plan that exceeds the dollar amount associated with the violation? (§ 1026.52(b)(2)(i)(A))
Yes
 
No
 
N/A
 
Item
558
Description
Has the card issuer refrained from imposing a fee for violating the terms or other requirements of a credit card account under an open-end (not home-secured) consumer credit plan when there is no dollar amount associated with the violation? (§ 1026.52(b)(2)(i)(B))
Yes
 
No
 
N/A
 
Item
559
Description
Has the card issuer refrained from imposing more than one fee for violating the terms or other requirements of a credit card account under an open-end (not home-secured) consumer credit plan based on a single event or transaction? (§ 1026.52(b)(2)(ii))
Yes
 
No
 
N/A
 

Allocation of Payments in Excess of the Minimum

Allocation of Payments in Excess of the Minimum
Item Description Yes No N/A
Item
560
Description
When a consumer makes a payment in excess of the required minimum periodic payment (other than deferred interest or similar programs), does the card issuer allocate the excess amount first to the balance with the highest APR, and any remaining portion to the other balances in descending order based on the applicable APR? (§ 1026.53(a))
Yes
 
No
 
N/A
 
Item
561
Description
For balances on a credit card account subject to a deferred interest or similar program, did the card issuer allocate any amount paid by the consumer in excess of the required minimum periodic payment
Yes
 
No
 
N/A
 
Item
561(a)
Description
Consistent with § 1026.53(a), except that, during the two billing cycles immediately preceding expiration of the deferred interest period, the excess amount must have been allocated first to the balance subject to the deferred interest or similar program and any remaining portion allocated to any other balances consistent with § 1026.53(a)? (§ 1026.53(b)(1)(i)) or
Yes
 
No
 
N/A
 
Item
561(b)
Description
At the card issuer’s option, in the manner requested by the consumer? (§ 1026.53(b)(1)(ii))
Yes
 
No
 
N/A
 

Loss of a Grace Period

Loss of a Grace Period
Item Description Yes No N/A
Item
562
Description
Did the card issuer refrain from imposing finance charges as a result of the loss of a grace period on a credit card account based on balances for days in billing cycles that precede the most recent billing cycle or any portion of a balance subject to a grace period that was repaid before the expiration of the grace period? (§ 1026.54(a))
Yes
 
No
 
N/A
 

Limitations on Increasing APR, Fees, and Charges

Limitations on Increasing APR, Fees, and Charges
Item Description Yes No N/A
Item
563
Description
Unless one of the following exceptions applies, did the card issuer not increase an APR or fee or charge required to be disclosed under § 1026.6(b)(2)(ii) (example: an annual fee), (b)(2)(iii) (fixed finance charge or minimum interest charge), or (b)(2)(xii) (fee for required insurance, debt cancellation, or debt suspension coverage)? (§ 1026.55(a))

Exceptions: Temporary rate, fee, or charge; variable rate; advance notice; delinquency; workout and temporary hardship arrangement; and the SCRA. (§ 1026.55(b))
Yes
 
No
 
N/A
 
Item
564
Description
If the temporary rate exception applies, did the card issuer:
Yes
 
No
 
N/A
 
Item
564(a)
Description
Upon the expiration of the specified period, not apply an APR, fee, or charge to transactions that occurred before the period that exceeds the APR, fee, or charge that applied to those transactions before the period?
Yes
 
No
 
N/A
 
Item
564(b)
Description
After providing the notice required by § 1026.9(c), not apply an APR, fee, or charge to transactions that occurred within 14 days after provision of the notice that exceeds the APR, fee, or charge that applied to that category of transactions before provision of the notice?
Yes
 
No
 
N/A
 
Item
564(c)
Description
Not apply an APR, fee, or charge to transactions that occurred during the period that exceeds the increased APR, fee, or charge disclosed under § 1026.55(b)(1)(i)? (§ 1026.55(b)(1)ii))
Yes
 
No
 
N/A
 
Item
565
Description
If the variable rate exception applies, did the card issuer not increase an APR unless the increase in the APR is due to an increase in an index that is not under the card issuer’s control and is available to the general public? (§ 1026.55(b)(2))
Yes
 
No
 
N/A
 
Item
566
Description
If the advance notice exception applies, did the card issuer comply with the notice requirements of § 1026.9 and: Not apply that increased APR, fee, or charge to transactions that occurred before provision of the notice required by § 1026.9(b)?
Yes
 
No
 
N/A
 
Item
566(a)
Description
Not apply the increased APR, fee, or charge to transactions that occurred before or within 14 days after provision of the notice required by §§ 1026.9(c) or (g)?
Yes
 
No
 
N/A
 
Item
566(b)
Description
Not increase the APR, fee, or charge during the first year after the account is opened, while the account is closed, or while the consumer cannot use the account for new transactions? (§ 1026.55(b)(3))
Yes
 
No
 
N/A
 
Item
567
Description
If the delinquency exception applies, did the card issuer disclose in a clear and conspicuous manner in the required notice a statement of the reason for the increase, and the fact that the increase will cease to apply if the card issuer 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? (§ 1026.55(b)(4))
Yes
 
No
 
N/A
 
Item
568
Description
If the delinquency exception applies and the card issuer received 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, did the card issuer reduce any APR, fee, or charge (increased pursuant to the delinquency exception) to the original APR, fee, or charge that applied before the increase with respect to transactions that occurred before or within 14 days after provision of the required notice? (§ 1026.55(b)(4)(ii))
Yes
 
No
 
N/A
 
Item
569
Description
If the workout and temporary hardship arrangement exception applies, before commencement of the arrangement (except as provided in § 1026.9(c)(2)(v)(D)) did the card issuer provide the consumer with a clear and conspicuous written disclosure of the terms of the arrangement (including any increases due to the completion or failure of the arrangement); and upon the completion or failure of the arrangement, did the card issuer not apply to any transactions that occurred before commencement of the arrangement an APR, fee, or charge that exceeds the APR, fee, or charge that applied to those transactions before commencement of the arrangement? (§ 1026.55(b)(5))
Yes
 
No
 
N/A
 
Item
570
Description
If the SCRA exception applies, did the card issuer increase the APR, fee, or charge only after 50 USC app. 527 or a similar federal or state statute or regulation no longer applied; and did the issuer not apply to any transactions that occurred before the decrease an APR, fee, or charge that exceeded the APR, fee, or charge that applied to those transactions before the decrease? (§ 1026.55(b)(6))
Yes
 
No
 
N/A
 
Item
571
Description
For protected balances (the amount owed for a category of transactions to which an increased APR, fee, or charge disclosed under §§ 1026.6(b)(2)(ii), 1026.6(b)(2)(iii), or 1026.6(b)(2)(xii) cannot be applied after such APR, fee, or charge has been increased per § 1026.55(b)(3)), did the card issuer refrain from requiring repayment using a method that is less beneficial to the consumer than one of the following methods:
Yes
 
No
 
N/A
 
Item
571(a)
Description
The method of repayment for the account before the effective date of the increase?
Yes
 
No
 
N/A
 
Item
571(b)
Description
An amortization period of not less than five years, beginning no earlier than the effective date of the increase?
Yes
 
No
 
N/A
 
Item
571(c)
Description
A required minimum periodic payment that includes a percentage of the balance that is equal to no more than twice the percentage required before the effective date of the increase? (§ 1026.55(c))
Yes
 
No
 
N/A
 

Requirements for Over-the-Limit Transactions

Requirements for Over-the-Limit Transactions
Item Description Yes No N/A
Item
572
Description
Does the card issuer provide an oral, electronic, or written over-the-limit notice segregated from all other information describing the consumer’s right to consent to the payment of an over-the-limit transaction and provide an opportunity for the consumer to affirmatively consent to the card issuer’s payment of such transactions before assessing any over-the-limit fee or charge on a consumer’s account? (§§ 1026.56(b)(1)(i), (b)(1)(ii), and (d)(1)(i))
Yes
 
No
 
N/A
 
Item
573
Description
Does the card issuer obtain the consumer’s affirmative consent, and if a consumer consents to the card issuer’s payment of any over-the-limit transaction by oral or electronic means, does the card issuer provide the required written notice describing the consumer’s right to consent immediately before obtaining that consent? (§§ 1026.56(b)(1)(iii), (d)(1)(ii))
Yes
 
No
 
N/A
 
Item
574
Description
Does the card issuer confirm the consumer’s consent in writing (or if the consumer agrees, electronically) no later than the first periodic statement sent after the consumer has consented to the card issuer’s payment of over-the-limit transactions? (§§ 1026.56(b)(1)(iv), (d)(2))
Yes
 
No
 
N/A
 
Item
575
Description
Is the written notice providing the consumer notice of the right to revoke consent following the assessment of an over-the-limit fee or charge provided on the front of any page of each periodic statement that reflects the assessment of an over-the- limit fee or charge on a consumer’s account? (§ 1026.56(d)(3))
Yes
 
No
 
N/A
 
Item
576
Description
Does the oral, written, or electronic “opt-in” notice include all of the following applicable items (and not any information not specified in or otherwise permitted):
Yes
 
No
 
N/A
 
Item
576(a)
Description
The dollar amount of any fees or charges assessed by the card issuer on a consumer’s account for an over-the-limit transaction?
Yes
 
No
 
N/A
 
Item
576(b)
Description
Any increased APR(s) that may be imposed on the account as a result of an over-the-limit transaction?
Yes
 
No
 
N/A
 
Item
576(c)
Description
An explanation of the consumer’s right to affirmatively consent to the card issuer’s payment of over-the-limit transactions, including the method(s) by which the consumer may consent? (§ 1026.56(e)(1))
Yes
 
No
 
N/A
 
Item
577
Description
Does the written notice informing the consumer of the right to revoke consent following the assessment of an over-the-limit fee or charge describe that right, including the method(s) by which the consumer may revoke consent? (§ 1026.56(e)(2))
Yes
 
No
 
N/A
 
Item
578
Description
If two or more consumers are jointly liable on a credit card account, does the card issuer treat the affirmative consent of any of the joint consumers as affirmative consent for that account and does the card issuer treat a revocation of consent by any of the joint consumers as revocation of consent for that account? (§ 1026.56(f))
Yes
 
No
 
N/A
 
Item
579
Description
If the credit limit was exceeded during the billing cycle, does the card issuer not impose more than one over-the-limit fee or charge on a consumer’s credit card account per billing cycle; and does the card issuer not impose an over-the-limit fee or charge on the consumer’s credit card account for more than three billing cycles for the same over-the-limit transaction where the consumer has not reduced the account balance below the credit limit by the payment due date for either of the last two billing cycles? (§ 1026.56(j)(1)(i))
Yes
 
No
 
N/A
 
Item
580
Description
Does the card issuer not impose an over-the-limit fee or charge solely because of the card issuer’s failure to promptly replenish the consumer’s available credit following the crediting of the consumer’s payment? (§ 1026.56(j)(2))
Yes
 
No
 
N/A
 
Item
581
Description
Does the card issuer not condition the amount of a consumer’s credit limit on the consumer affirmatively consenting to the card issuer’s payment of over-the-limit transactions if the card issuer assesses a fee or charge for such service? (§ 1026.56(j)(3))
Yes
 
No
 
N/A
 
Item
582
Description
Does the card issuer not impose an over-the-limit fee or charge for a billing cycle if a consumer exceeds a credit limit solely because of fees or interest charged by the card issuer (defined as charges imposed as part of the plan under § 1026.6(b)(3)) to the consumer’s account during that billing cycle? (§ 1026.56(j)(4))
Yes
 
No
 
N/A
 

Reporting Rules for College Credit Card Agreements

Reporting Rules for College Credit Card Agreements
Item Description Yes No N/A
Item
583
Description
If the credit card issuer was a party to one or more college credit card agreements in effect at any time during a calendar year, did the card issuer submit to the CFPB an annual report regarding those agreements in the form and manner prescribed by the CFPB? (§ 1026.57(d)(1))
Yes
 
No
 
N/A
 

Special Credit Card Rules Review

Special Credit Card Rules Review
Item Description Yes No N/A
Item
584
Description
Does the annual report include the following:
Yes
 
No
 
N/A
 
Item
584(a)
Description
Identifying information about the card issuer and the agreements submitted, including the issuer’s name, address, and identifying number (such as an RSSD ID number or tax identification number)?
Yes
 
No
 
N/A
 
Item
584(b)
Description
A copy of any college credit card agreement to which the card issuer was a party that was in effect at any time during the period covered by the report?
Yes
 
No
 
N/A
 
Item
584(c)
Description
A copy of any memorandum of understanding in effect at any time during the period covered by the report between the card issuer and an institution of higher education or affiliated organization that directly or indirectly relates to the college credit card agreement or that controls or directs any obligations or distribution of benefits between any such entities?
Yes
 
No
 
N/A
 
Item
584(d)
Description
The total dollar amount of any payments pursuant to a college credit card agreement from the card issuer to an institution of higher education or affiliated organization during the period covered by the report, and the method or formula used to determine such amounts?
Yes
 
No
 
N/A
 
Item
584(e)
Description
The total number of credit card accounts opened pursuant to any college credit card agreement during the period covered by the report?
Yes
 
No
 
N/A
 
Item
584(f)
Description
The total number of credit card accounts opened pursuant to any such agreement that were open at the end of the period covered by the report? (§ 1026.57(d)(2))
Yes
 
No
 
N/A
 
Item
585
Description
If the card issuer is subject to reporting, does the card issuer submit its annual report for each calendar year to the CFPB by the first business day on or after March 31 of the following calendar year? (§ 1026.57(d)(3))
Yes
 
No
 
N/A
 

Internet Posting of Credit Card Agreements

Internet Posting of Credit Card Agreements
Item Description Yes No N/A
Item
586
Description
Unless it meets one of the exceptions in the regulation, does the card issuer make quarterly submissions to the CFPB, in the form and manner specified by the CFPB, that contain
Yes
 
No
 
N/A
 
Item
586(a)
Description
Identifying information about the card issuer and the agreements submitted, including the issuer’s name, address, and identifying number (such as an RSSD ID number or tax identification number)?
Yes
 
No
 
N/A
 
Item
586(b)
Description
The credit card agreements that the card issuer offered to the public as of the last business day of the preceding calendar quarter that the card issuer has not previously submitted to the CFPB?
Yes
 
No
 
N/A
 
Item
586(c)
Description
Any credit card agreement previously submitted to the CFPB that was amended during the preceding calendar quarter and that the card issuer offered to the public as of the last business day of the preceding calendar quarter as described in § 1026.58(c)(3)?
Yes
 
No
 
N/A
 
Item
586(d)
Description
Notification regarding any credit card agreement previously submitteto the CFPB that the issuer is withdrawing? (§ 1026.58(c)(1))
Yes
 
No
 
N/A
 
Item
587
Description
Did the card issuer make quarterly submissions to the CFPB no later than the first business day on or after January 31, April 30, July 31, and October 31 of each year? (§ 1026.58(c)(1))
Yes
 
No
 
N/A
 
Item
588
Description
If a credit card agreement that previously has been submitted to the CFPB is amended and the card issuer offered the amended agreement to the public as of the last business day of the calendar quarter when the change became effective, did the card issuer submit the entire amended agreement to the CFPB, in the form and manner specified by the CFPB, by the first quarterly submission deadline after the last day of the calendar quarter in which the change became effective? (§ 1026.58(c)(3))
Yes
 
No
 
N/A
 
Item
589
Description
If a card issuer no longer offers to the public a credit card agreement that previously has been submitted to the CFPB, did the card issuer notify the CFPB by the first quarterly submission deadline after the last day of the calendar quarter in which the issuer ceased to offer the agreement? (§ 1026.58(c)(4))
Yes
 
No
 
N/A
 
Item
590
Description
If an issuer that previously qualified (had fewer than 10,000 open credit card accounts) for the de minimis exception ceases to qualify, did the card issuer begin making quarterly submissions to the CFPB no later than the first quarterly submission deadline after the date as of which the issuer ceased to qualify? (§ 1026.58(c)(5)(ii))
Yes
 
No
 
N/A
 
Item
591
Description
If a card issuer that did not previously qualify for the de minimis exception later qualified for the de minimis exception, did the card issuer continue to make quarterly submissions to the CFPB until the issuer notified the CFPB that it was withdrawing all agreements it previously submitted to the CFPB? (§ 1026.58(c)(5)(iii))
Yes
 
No
 
N/A
 
Item
592
Description
If an agreement that previously qualified for the private label credit card exception (§ 1026.58(c)(6)(i)) ceases to qualify, did the card issuer submit the agreement to the CFPB no later than the first quarterly submission deadline after the date as of which the agreement ceased to qualify? (§§ 1026.58(c)(6)(ii))
Yes
 
No
 
N/A
 
Item
593
Description
If an agreement that did not previously qualify for the private label credit card exception qualifies for the exception, did the card issuer continue to make quarterly submissions to the CFPB with respect to that agreement until the issuer notifies the CFPB that the agreement is being withdrawn? (§ 1026.58(c)(6)(iii))
Yes
 
No
 
N/A
 
Item
594
Description
If an agreement that previously qualified for the product testing exception (§ 1026.58(c)(7)(i)) ceases to qualify, did the card issuer submit the agreement to the CFPB no later than the first quarterly submission deadline after the date as of which the agreement ceased to qualify? (§ 1026.58(c)(7)(ii))
Yes
 
No
 
N/A
 
Item
595
Description
If an agreement that did not previously qualify for the product testing exception qualifies for the exception, did the card issuer continue to make quarterly submissions to the CFPB with respect to that agreement until the issuer notifies the CFPB that the agreement is being withdrawn? (§ 1026.58(c)(7)(iii))
Yes
 
No
 
N/A
 
Item
596
Description
Does each agreement submitted to the CFPB contain the provisions of the agreement and the pricing information in effect as of the last business day of the preceding calendar quarter? (§ 1026.58(c)(8)(i)(A))
Yes
 
No
 
N/A
 
Item
597
Description
Does each agreement submitted to the CFPB exclude any personally identifiable information relating to any cardholder, such as name, address, telephone number, or account number? (§ 1026.58(c)(8)(i)(B))
Yes
 
No
 
N/A
 
Item
598
Description
Is each agreement submitted to the CFPB presented in a clear and legible font? (§ 1026.58(c)(8)(i)(D))
Yes
 
No
 
N/A
 
Item
599
Description
For each agreement submitted to the CFPB, is the pricing information set forth in a single addendum to the agreement? (§ 1026.58(c)(8)(ii)(A))
Yes
 
No
 
N/A
 
Item
600
Description
If pricing information varies from one cardholder to another depending on the cardholder’s creditworthiness or state of residence or other factors, is the pricing information disclosed either by setting forth all the possible variations or by providing a range of possible variations? (§ 1026.58(c)(8)(ii)(B))
Yes
 
No
 
N/A
 
Item
601
Description
If a rate included in the pricing information is a variable rate, did the issuer identify the index or formula used in setting the rate and the margin? (§ 1026.58(c)(8)(ii)(C))
Yes
 
No
 
N/A
 
Item
602
Description
If rates vary from one cardholder to another, did the issuer disclose such rates by providing the index and the possible margins or range of margins? (§ 1026.58(c)(8)(ii)(C))
Yes
 
No
 
N/A
 
Item
603
Description
Did the issuer refrain from providing provisions of the agreement or pricing information in the form of change-in-terms notices or riders (other than the pricing information addendum and the optional variable terms addendum)? (§ 1026.58(c)(8)(iv))
Yes
 
No
 
N/A
 
Item
604
Description
Were changes in provisions or pricing information integrated into the text of the agreement, the pricing information addendum or the optional variable terms addendum, as appropriate? (§ 1026.58(c)(8)(iv))
Yes
 
No
 
N/A
 
Item
605
Description
Does the card issuer post and maintain on its publicly available Web site the credit card agreements that the issuer is required to submit to the CFPB? (§ 1026.58(d)(1))
Yes
 
No
 
N/A
 
Item
606
Description
With respect to an agreement offered solely for accounts under one or more private label credit card plans (and the issuer does not post and maintain the agreements on its publicly available Web site), does the issuer post and maintain the agreement on the publicly available Web site of at least one of the merchants where cards issued under each private label credit card plan with 10,000 or more open accounts may be used? (§ 1026.58(d)(1))
Yes
 
No
 
N/A
 
Item
607
Description
Do the agreements posted according to § 1026.58(d) conform to the form and content requirements for agreements submitted to the CFPB specified in § 1026.58(c)(8)? (§ 1026.58(d)(2))
Yes
 
No
 
N/A
 
Item
608
Description
Are agreements that are posted in an electronic format readily usable by the general public? (§ 1026.58(d)(3))
Yes
 
No
 
N/A
 
Item
609
Description
Are the agreements placed in a location on the issuer’s website that is prominent and readily accessible by the public and accessible without submission of personally identifiable information? (§ 1026.58(d)(3))
Yes
 
No
 
N/A
 
Item
610
Description
Does the card issuer update the agreements posted on its website at least as frequently as the quarterly schedule required for submission of agreements to the CFPB? (§ 1026.58(d)(4))
Yes
 
No
 
N/A
 
Item
611
Description
For any open credit card account (i.e., the cardholder can obtain extensions or there is an outstanding balance on the account that has not been charged off), does the card issuer either:
Yes
 
No
 
N/A
 
Item
611(a)
Description
Post and maintain the cardholder’s agreement on its website, or
Yes
 
No
 
N/A
 
Item
611(b)
Description
Promptly provide a copy of the cardholder’s agreement to the cardholder upon the cardholder’s request? (§ 1026.58(e)(1))
Yes
 
No
 
N/A
 
Item
612
Description
If the card issuer makes an agreement available upon request, does the issuer provide the cardholder with the ability to request a copy of the agreement both by:
Yes
 
No
 
N/A
 
Item
612(a)
Description
Using the issuer’s website (such as by clicking on a clearly identified box to make the request), and
Yes
 
No
 
N/A
 
Item
612(b)
Description
Calling a readily available telephone line the number for which is displayed on the issuer’s website and clearly identified as to purpose? (§§ 1026.58(e)(1)(ii) and (e)(2))
Yes
 
No
 
N/A
 
Item
613
Description
If an issuer does not maintain a website from which cardholders can access specific information about their individual accounts, does the issuer make agreements available upon request by providing the cardholder with the ability to request a copy of the agreement by calling a readily available telephone line the number for which is:
Yes
 
No
 
N/A
 
Item
613(a)
Description
Displayed on the issuer’s website and clearly identified as to purpose?
Yes
 
No
 
N/A
 
Item
613(b)
Description
Included on each periodic statement sent to the cardholder and clearly identified as to purpose? (§ 1026.58(e)(2))
Yes
 
No
 
N/A
 
Item
614
Description
Does the card issuer send to the cardholder or otherwise make available to the cardholder a copy of the cardholder’s agreement in electronic or paper form no later than 30 days after the issuer receives the cardholder’s request? (§§ 1026.58(e)(1)(ii) or (e)(2))
Yes
 
No
 
N/A
 
Item
615
Description
Do agreements posted on the card issuer’s website or made available upon the cardholder’s request conform to the form and content requirements for agreements submitted to the CFPB? (§ 1026.58(e)(3)(i))
Yes
 
No
 
N/A
 
Item
616
Description
If the card issuer posts an agreement on its website or otherwise provides an agreement to a cardholder electronically, is the agreement posted or provided in an electronic format that is readily usable by the general public and placed in a location that is prominent and readily accessible to the cardholder? (§ 1026.58(e)(3)(ii))
Yes
 
No
 
N/A
 
Item
617
Description
If agreements posted or otherwise provided contain personally identifiable information relating to the cardholder, such as name, address, telephone number, or account number, does the issuer take appropriate measures to make the agreement accessible only to the cardholder or other authorized persons? (§ 1026.58(e)(3)(iii))
Yes
 
No
 
N/A
 
Item
618
Description
Do agreements posted or otherwise provided set forth the specific provisions and pricing information applicable to the particular cardholder? (§ 1026.58(e)(3)(iv))
Yes
 
No
 
N/A
 
Item
619
Description
For agreements posted or otherwise provided to the cardholder, are the provisions and pricing information complete and accurate as of a date no more than 60 days before:
Yes
 
No
 
N/A
 
Item
619(a)
Description
The date on which the agreement is posted on the card issuer’s Web site under § 1026.58(e)(1)(i)?
Yes
 
No
 
N/A
 
Item
619(b)
Description
The date the cardholder’s request is received under §§ 1026.58(e)(1)(ii) or (e)(2)? (§ 1026.58(e)(3)(iv))
Yes
 
No
 
N/A
 

Reevaluation of Rate Increases

Reevaluation of Rate Increases
Item Description Yes No N/A
Item
620
Description
If a card issuer increases an APR that applies to a credit card account under an open-end (not home-secured) consumer credit plan, based on the credit risk of the consumer, market conditions, or other factors, or increased such an APR on or after January 1, 2009, and 45 days’ advance notice of the APR increase is required under to §§ 1026.9(c)(2) or (g), has the card issuer evaluated the factors at § 1026.59(d) and, based on its review of such factors, reduced the APR applicable to the consumer’s account, as appropriate? (§ 1026.59(a)(1))
Yes
 
No
 
N/A
 
Item
621
Description
If a card issuer is required to reduce the APR applicable to an account under to § 1026.59(a)(1), has the card issuer reduced the APR not later than 45 days after completion of the evaluation? (§ 1026.59(a)(2)(i))
Yes
 
No
 
N/A
 
Item
622
Description
Does the card issuer have written policies and procedures in place to conduct the § 1026.59(a)(1) review? (§ 1026.59(b))
Yes
 
No
 
N/A
 
Item
623
Description
Does the card issuer conduct the § 1026.59(a)(1) review at least once every six months after the APR increase? (§ 1026.59(c))
Yes
 
No
 
N/A
 
Item
624
Description
Except for the first two § 1026.59(a)(1) reviews for APR increases imposed between January 1, 2009, and February 21, 2010, did the card issuer review either of the factors on which the increase in an APR was originally based or the factors that the card issuer currently considers when determining the APRs applicable to similar new credit card accounts under an open-end (not home-secured) consumer credit plan? (§ 1026.59(d)(1))
Yes
 
No
 
N/A
 
Item
625
Description
When conducting the first two § 1026.59(a)(1) reviews for APR increases imposed between January 1, 2009, and February 21, 2010, unless the APR increase subject to this review was based solely on factors specific to the consumer, such as a decline in the consumer’s credit risk, the consumer’s delinquency or default, or a violation of the terms of the account, did the issuer consider the factors that it currently considers when determining the APR applicable to similar new credit card accounts under an open-end (not home- secured) consumer credit plan? (§ 1026.59(d)(2))
Yes
 
No
 
N/A
 
Item
626
Description
If an issuer increases an APR applicable to a consumer’s account under § 1026.55(b)(4) (60-day delinquency) and the APR is not subsequently reduced (after six consecutive on-time minimum payments), did the card issuer perform the § 1026.59(a)(1) review and did the first such review occur no later than six months after the sixth payment due date following the effective date of the APR increase? (§ 1026.59(e))
Yes
 
No
 
N/A
 
Item
627
Description
If a card issuer that acquires credit card accounts from another issuer complies with § 1026.59 by reviewing the factors described in § 1026.59(d)(1)(i), does the issuer review the factors considered by the card issuer from which it acquired the accounts? (§ 1026.59(g)(1))
Yes
 
No
 
N/A
 
Item
628
Description
If, not later than six months after the acquisition of such accounts, a card issuer reviews all of the credit card accounts it acquired according to the factors that it currently considers in determining the rates applicable to its similar new credit card accounts, has the card issuer conducted the § 1026.59(a)(1) review for rate increases that are imposed as a result of this review, except as provided at § 1026.59(g)(2)(iii),? (§ 1026.59(g)(2)(i))
Yes
 
No
 
N/A
 
Item
629
Description
If, as a result of the card issuer’s review of acquired portfolios, an account is subject to, or continues to be subject to, an increased rate as a penalty, or because of the consumer’s delinquency or default, has the card issuer complied with the requirements at § 1026.59(a), i.e., evaluated the factors at § 1026.59(d) and made any applicable rate reductions? (§ 1026.59(g)(2)(iii))
Yes
 
No
 
N/A
 
Item
630
Description
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))
Yes
 
No
 
N/A
 
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