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Truth in Lending Act Checklist

Closed-End Credit Advertising

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

Does the institution make all required disclosures clearly and conspicuously? (§ 1026.24(b) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) )

Note: Institutions may provide disclosures required by § 1026.24 (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) 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)) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).)

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

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

Note: Steps 7 and 8 do not apply to an envelope in which an application or solicitation is mailed, or to a banner advertisement or pop-up advertisement linked to an application or solicitation provided electronically. (§ 1026.24(f)(4)) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).)

Also, steps 7 and 8 do not apply to television and radio advertising; (§ 1026.23(g) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) )

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

Open-End/Home Equity Line of Credit Advertising

Open-End/Home Equity Line of Credit Advertising
Item Description Yes No N/A
11 If credit terms are specific, are terms stated that the credit union actually offers or will arrange or offer? (§ 1026.16(a) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) )      
12

If the institution used triggering terms on any open-end plan advertisement (§ 1026.6(b) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) ), did the advertisement also clearly and conspicuously include:

Note: Credit unions may provide the disclosures required by §§ 1026.60 (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) , 1026.40 (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) , and 1026.16 (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) 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) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) )

Also, there are alternative disclosure requirements allowed for radio and television advertisements. (§ 1026.16(e) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) )

     
12(a) Any minimum, fixed, transaction, activity, or similar fee that is a finance charge that could be imposed? (§ 1026.16(b)(1)(i) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) )      
12(b) Any periodic rates stated as an APR? (§ 1026.16(b)(1)(ii) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) )      
12(c) The fact that the plan provides for a variable periodic rate, if applicable? (§ 1026.16(b)(1)(ii) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) )      
12(d) Any membership or participation fee that could be imposed? (§ 1026.16(b)(1)(iii) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) )      
13 If an advertisement refers to an APR as fixed (or similar term), does the advertisement also specify a time period for which the rate will be fixed and not increase; or if the institution does not provide such time period, will the rate not increase while the plan is open? (§ 1026.16(f (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) ))      
14 For open-end (not home-secured) plans, for any APR or fee that is an introductory rate or fee, is the term “introductory” or “intro” in immediate proximity to each listing of the introductory rate or fee? (§ 1026.16(g)(3) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) )      
15 For open-end (not home-secured) plans, does the institution make the required disclosures for any promotional rate under § 1026.16(g)(2)(i) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) or any promotional fee under § 1026.16(g)(2)(iv) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) 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)) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).)      
16 For open-end (not home-secured) plans, do the disclosures for any promotional APR or promotional fee include, in a clear and conspicuous manner, when the promotional rate or promotional fee will end and what APR or fee will apply after the end of the promotional period? (§§ 1026.16(g)(4)(i), (ii), and (iii))      
17 If a deferred interest offer is advertised for an open-end credit plan not subject to § 1026.40 (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) , is the deferred interest period stated in a clear and conspicuous manner in the advertisement? (§ 1026.16(h)(3) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) )      
18 If any deferred interest offer is advertised for an open-end credit plan not subject to § 1026.40, are the language requirements of §§ 1026.16(h)(4)(i) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) and 1026.16(h)(4)(ii) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) stated in the advertisement and are they similar to Sample G-24 in Appendix G (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) ? 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) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) )      
19 Does the credit union refrain from offering a college student any tangible item to induce such student to apply for, or open, an open-end consumer credit plan if such offer is made on or near the campus of an institution of higher education, or at an event sponsored by or related to an institution of higher education? (§ 1026.57(c) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) )      

Additional Requirements for Home Equity Lines of Credit

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

If an institution used triggering terms (§ 1026.16(b) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) ), 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) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) )

     
20(a) Any loan fee that is a percentage of the credit limit? (§ 1026.16(d)(1)(i) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) )      
20(b) An estimate of any other fees for opening the plan stated as a single dollar amount or reasonable range? (§ 1026.16(d)(1)(i)) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).)      
20(c) Any periodic rate stated as an APR? (§ 1026.16(d)(1)(ii) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) )      
20(d) The highest APR that may be imposed for a variable-rate plan? (§ 1026.16(d)(1)(iii) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) )      

Open-End/Home Equity Line of Credit Advertising

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

Closed-End Credit Disclosure Forms – For transactions under §§ 1026.19(e) and (f) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).)

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

For a closed-end credit transaction subject to §§ 1026.19(e) and (f) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) (real property or a cooperative unit), does the credit union provide disclosures required under § 1026.37 (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) (Loan Estimate) and § 1026.38 (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) (Closing Disclosure)? (§§ 1026.19(e) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) and 1026.19(f) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) )

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) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) , 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 (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) requirements, disclosures prescribed by § 1026.18 (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) are required. For these transactions, the Loan Estimate and Closing Disclosure may be considered a model form.

     
31(a) For loans subject to § 1026.19(e) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) , does the credit union provide the good faith disclosures in the form required by 1026.37 (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) and conforming to the Loan Estimate in Appendix H (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) ? (§§ 1026.19(e) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) , 1026.37(o) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) )      
31(b) For loans subject to § 1026.19(f), (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) , does the credit union provide  the Closing Disclosure in the form required by § 1026.38 (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) and conforming to the Closing Disclosure in Appendix H (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) ? (§§ 1026.19(f), (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) 1027.38(t) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) )      

Loan Estimate § 1026.37(a) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) (Page 1 of the Loan Estimate)

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

Loan Terms - § 1026.37(b) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) (Page 1 of the Loan Estimate)

Loan Terms
Item Description Yes No N/A
33 Determine whether, a separate table under the heading “Loan Terms,”, contains the following required disclosures : (§ 1026.37(b) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) ):      
33(a) Loan Amount? (§ 1026.37(b)(1) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) )      
33(b) Interest Rate? (§ 1026.37(b)(2) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) )      
33(c) Principal and Interest?  The initial periodic payment amount that will be due under the terms of the legal obligation and the applicable unit period (i.e., bi-weekly, monthly, yearly) preceeding the label “Principal and Interest” (§ 1026.37(b)(3) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) )      
33(d) Prepayment Penalty? A statement of whether the loan contains a prepayment penalty, an affirmative or negative response to the question, the maximum amount of the prepayment penalty that may be imposed, and the date on which the penalty may no longer be applied. (§§ 1026.37(b)(4), 1026.37(b)(7)(i) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) )  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) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).)      
33(e) Balloon Payment? A statement of whether the loan contains a balloon payment, an affirmative or negative response to the question, the maximum amount of the balloon payment and the due date of such payment. (§§ 1026.37(b)(5), 1026.37(b)(7)(ii) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) )  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) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) ) and      
33(f) Whether the loan amount, interest rate or monthly principal and interest can increase after closing (§ 1026.37(b)(6) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) ), and if so, the information required by §§ 1026.37(b)(6)(i)-(iii) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) and 1026.37(b)(8)(i)-(ii) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).)      

Projected Payments – § 1026.37(c) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) (Page 1 of the Loan Estimate)

Projected Payments
Item Description Yes No N/A
34 Does the disclosure include the following under the Header “Projected Payments”:  (see § 1026.37(c) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) ):      
34(a)

All required fields in the table are completed, follow the formatting and statement requirements, are accurate, and itemize the periodic payments or range of payments together with an itemized estimate of taxes, insurance, assessments, and payments to be made with escrow account funds? (§§ 1026.37(c)(1) – (5) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) )

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 (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) )

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

Has the credit union met the following in disclosing a range of payments (§ 1026.37(c)(1)(iii) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) ):

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 (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) );

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

Taxes, Insurance & Assessments.  Has the credit union accurately disclosed: (§ 1026.37(c)(4) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) )

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 (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) );

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

Costs at Closing – § 1026.37(d) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) (Page 1 of the Loan Estimate)

Costs at Closing
Item Description Yes No N/A
35 Costs at Closing.  Under the heading “Costs at Closing” does the credit union disclose the Estimated Closing Costs (including Loan Costs and Other Costs, less Lender Credits) and the Estimated Cash to Close (including Closing Costs), based upon the calculations required by §§ 1026.37(f), (g), and (h) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) (and found on page two of the Loan Estimate)? (§ 1026.37(d)(1) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) )      
36 Optional Alternative Table for Transactions without a Seller or for simultaneous subordinate financing.  For transactions that do not involve a seller or for simultaneous subordinate financing, does the credit union chose to use the alternative “Cash to Close” table?  If so, determine whether the amount is calculated in accordance with § 1026.37(h)(2)(iv) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) (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) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) . (§ 1026.37(d)(2) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) )?

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 (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) )  Credit unions may only use this alternative estimated cash to close disclosure in conjunction with the alternative disclosure under § 1026.37(h)(2) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) . (Comment 1026.37(d)(2)-1 (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) )

     

Website Disclosure - § 1026.37(e) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) (Page 1 of the Loan Estimate)

Website Disclosure
Item Description Yes No N/A
37 Website Reference.  Does the credit union disclose that the consumer may obtain general information and tools on the Bureau’s website, and has included a link to the site specified in § 1026.37(e) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) ? (§ 1026.37(e) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) )?      

Closing Cost Details: Loan Costs - § 1026.37(f) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) (Page 2 of the Loan Estimate)

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

Closing Cost Details: Other Costs - § 1026.37(g) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) (Page 2 of the Loan Estimate)

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

Closing Cost Details: Calculating Cash to Close - § 1026.37(h) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) (Page 2 of the Loan Estimate)

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

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 (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) )

     
40(c) Downpayment/Funds from Borrower? Labeled “Down Payment/Funds from Borrower:”      
40(c)(i) In  a purchase transaction, as defined in § 1026.37(a)(9)(i) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) , disclosed as the amount determined by subtracting the sum of the loan amount disclosed under § 1026.37(b)(1) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) and any amount of existing loans assumed or taken subject to that will be disclosed under § 1026.38(j)(2)(iv) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) , from the sale price of the property disclosed under § 1026.37(a)(7)(i) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) , except as required by § 1026.38(h)(1)(iii)(A)(2) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) . (§ 1026.37(h)(1)(iii)(A)(1) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) )      
40(c)(ii) For a purchase transaction as defined in § 1026.37(a)(9)(i) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) 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) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) and any amount of existing loans assumed or taken subject to on the Closing Disclosure under § 1026.38(j)(2)(iv) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) exceeds the sale price of the property disclosed under § 1026.37(a)(7)(i) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) , disclosed as the amount of estimated funds from the consumer determined in accordance with § 1026.37(h)(1)(v) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) ; (§ 1026.37(h)(1)(iii)(A)(2) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) )      
40(c)(iii) For all other transactions, disclosed as the amount of estimated funds from the consumer determined in accordance with § 1026.37(h)(1)(v) (§ 1026.37(h)(1)(iii) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) (B))?      
40(d) Deposit – Are deposits:      
40(d)(i) For a purchase transaction, disclosed as the amount that is paid to the seller or held in trust or escrow by an attorney or other party under the terms of the agreement for the sale of the property, as a negative number, labeled “Deposit”?      
40(d)(ii) for all other transactions, disclosed as $0? (§ 1026.37(h)(1)(iv) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) )      
40(e) Funds for Borrower - Disclosed as the amount of funds for the consumer, labeled “Funds for Borrower.” Determined in accordance with § 1026.37(h)(1)(v) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) by subtracting the sum of the loan amount disclosed under § 1026.37(b)(1) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) 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) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) (excluding any closing costs financed disclosed under § 1026.37(h)(1)(ii) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) ) 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) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) , as applicable:      
40(e)(i) If the calculation yields a positive number, that amount is disclosed under the heading “Down Payment/Funds from Borrower,” (§§ 1026.37(h)(1)(iii)(A)(2) or (B), as applicable (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) ) and $0 is disclosed under the heading “Funds for Borrower,” under § 1026.37(h)(1)(v) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) ? (§ 1026.37(h)(1)(v)(A) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) )      
40(e)(ii) If the calculation yields a negative amount, the credit union discloses that amount as a negative number under the heading “Funds for Borrower,” (§ 1026.37(h)(1)(v) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) ) and as $0 under the heading “Down Payment/Funds from Borrower under §§ 1026.37(h)(1)(iii )(A)(2) or (B), as applicable (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) )? (§ 1026.37(h)(1)(v)(B) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) )      
40(e)(iii) If the calculation yields “0,” is $0 disclosed under both headings under §§ 1026.37(h)(1)(iii)(A)(2) or (B), as applicable (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).)  and (h)(1)(v) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) ? (1026.37(h)(1)(v)(C) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) )      
40(f) Seller Credits - Determined by totaling the amount the seller will pay for Total Loan Costs under § 1026.37(f)(4) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) and Total Other Costs under § 1026.37(g)(5) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) ), 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) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) )      
40(g) Adjustments and Other Credits - Determined by combining the Total Loan Costs (determined under § 1026.37(f) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) ) and Total Other Costs (determined under § 1026.37(g) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) ) 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) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) 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) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) , or pursuant to a purchase and sale contract, labeled “Adjustments and Other Credits?” (§ 1026.37(h)(1)(vii) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) )      
40(h) Estimated Cash to Close - The sum of the amounts of the components required for Calculating Cash to Close disclosed as under §§ 1026.37(h)(1)(i) - (vii) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) ? (§ 1026.37(h)(1)(viii) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) ).      

Closing Cost Details: Optional Alternative Calculating Cash to Close Table for Transactions without a Seller or for simultaneous subordinate financing - § 1026.37(h)(2) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) (Page 2 of the Loan Estimate)

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

Optional Alternative Calculating Cash To Close Table for Transactions Without a Seller or for simultaneous subordinate financing. If the transaction does not involve a seller or for Simultaneous Subordinate Financing, and the credit union has chosen to provide the optional alternative Cash to Close table modeled in Form H-24(G) in Appendix H (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) , 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) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) ):

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

Closing Cost Details: Adjustable Payment (AP) Table - § 1026.37(i) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) (Page 2 of the Loan Estimate)

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

Closing Cost Details: Adjustable Interest Rate (AIR) Table - § 1026.37(j) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) (Page 2 of the Loan Estimate)

Closing Cost Details: Adjustable Interest Rate (AIR) Table
Item Description Yes No N/A
43 Adjustable Interest Rate (AIR) Table.  If the interest rate may increase after consummation, does the credit union disclose, as a separate table under the master headings “Closing Cost Details” and “Adjustable Interest Rate (AIR) Table,” the following information and satisfied the following requirements: (§ 1026.37(j) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) )      
43(a) Index + Margin - Disclosed if the interest rate may adjust and the product type is not a “Step Rate” under § 1026.37(a)(10)(i)(B) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) ?  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) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) )      
43(b) Interest Rate Adjustments - If the product type is a “Step Rate” and not also an “Adjustable Rate” under § 1026.37(a)(10)(i)(A) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) ?  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) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) )      
43(c) Initial Interest Rate? The disclosure must show the initial interest rate at consummation of the loan transaction, labeled “Initial Interest Rate”  (§ 1026.37(j)(3) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) )      
43(d) Minimum and Maximum Interest Rates?  The disclosure must show the minimum and maximum interest rates for the loan, after any introductory period expires, labeled “Minimum/Maximum Interest Rate” (§ 1026.37(j)(4) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).)      
43(e) Frequency of Adjustments? The following information, under the subheading “Change Frequency” is disclosed:      
43(e)(i) The month when the interest rate after consummation may first change, calculated from the date interest for the first scheduled periodic payment begins to accrue, labeled “First Change”; and      
43(e)(ii) The frequency of interest rate adjustments after the initial adjustment to the interest rate, labeled, “Subsequent Changes” (§ 1026.37(j) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) (5)      
43(f) Limits on Interest Rate Changes? The following information, under the subheading “Limits on Interest Rate Changes,” is disclosed:      
43(f)(i) The maximum possible change for the first adjustment of the interest rate after consummation, labeled “First Change”; and      
43(f)(ii) The maximum possible change for subsequent adjustments of the interest rate after consummation, labeled “Subsequent Changes.” (§ 1026.37(j) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) (6)      

Additional Information About This Loan; Contact information - § 1026.37(k) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) (Page 3 of the Loan Estimate)

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

Additional Information About This Loan: Comparisons - § 1026.37(l) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) (Page 3 of the Loan Estimate)

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

Additional Information About This Loan: Other Considerations - § 1026.37(m) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) (Page 3 of the Loan Estimate)

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

Additional Information About This Loan: Confirm Receipt – § 1026.37(n) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) (Page 3 of the Loan Estimate)

Additional Information About This Loan: Confirm Receipt
Item Description Yes No N/A
47 Confirm Receipt. If the credit union chooses to provide a signature statement, does the credit union accurately provides the following: “By signing, you are only confirming that you have received this form. You do not have to accept this loan because you have signed or received this form.”  If the credit union does not include a line for the consumer's signature, the credit union discloses the following statement, labeled “Loan Acceptance:” “You do not have to accept this loan because you have received this form or signed a loan application.”? (§ 1026.37(n) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) )      

Form of Disclosures -  § 1026.37(o) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).)

Form of Disclosures
Item Description Yes No N/A
48

Form of disclosures.  Does the credit union make the disclosures required by § 1026.37 (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) 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) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) , 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 (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) ? (§§ 1026.37(o)(1) and (2)) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) :

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) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) )

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

Closing Disclosure – § 1026.38(a) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).)

Closing Disclosure
Item Description Yes No N/A
49 Does the credit union accurately complete the Closing Disclosure? (§ 1026.38(a) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) )      
50 Does the Closing Disclosure include the form purpose with the statement: “This form is a statement of final loan terms and closing costs - Compare this document with your Loan Estimate”? (§ 1026.38(a)(2) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) )      

Closing Information - § 1026.38(a)(3) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) (Page 1 of the Closing Disclosure)

Closing Information
Item Description Yes No N/A
51

Are all the following Closing Information fields complete and accurate:

NOTE:  If the credit union has not obtained an appraisal, the credit union may disclose the estimated value of the property, using the label “Estimated Prop. Value”? (Comment 1026.38.(a)(3)(vii)-1 (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) )

     
51(a) Date Issued. Indicating the date disclosures are delivered? (§ 1026.38(a)(3)(i) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) )      
51(b) Closing Date? (§ 1026.38(a)(3)(ii) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) )      
51(c) Disbursement Date? (§ 1026.38(a)(3)(iii) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) )      
51(d) Settlement Agent? (§ 1026.38(a)(3)(iv) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) )      
51(e)  File #. – Disclosing the identification number assigned to the transaction by the settlement agent? (§ 1026.38(a)(3)(v) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) )      
51(f) Property. The address or location of the property as disclosed in the Loan Estimate? (§ 1026.38(a)(3)(vi (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) ))      
51(g) Sale Price. For transactions where there is a seller, the sale price, labeled “Sale Price,” and where there is no seller, the appraised property value, labeled “Appraised Prop. Value.”? (§§ 1026.38(a)(3)(vii)(A)-(B) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) )      

Transaction Information - § 1026.38(a)(4) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) (Page 1 of the Closing Disclosure)

Transaction Information
Item Description Yes No N/A
52 Are all the following Transaction information fields complete and accurate: N/A N/A N/A
52(a) Borrower. The consumer’s name and mailing address, labeled “Borrower?” (§ 1026.38(a)(4)(i) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) )      
52(b) Seller. Where applicable, the seller’s name and mailing address, labeled “Seller?” (§ 1026.38(a)(4)(ii) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) )      
52(c) Lender.  The name of the credit union making the disclosure, labeled “Lender?” (§ 1026.38(a)(4)(iii) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) )      

Loan Information - § 1026.38(a)(5) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) (Page 1 of the Closing Disclosure)

Loan Information
Item Description Yes No N/A
53 Are all of the following Loan Information fields complete and accurate: N/A N/A N/A
53(a) Loan Term? (§ 1026.38(a)(5)(i) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) )      
53(b) Purpose? (§ 1026.38(a)(5)(ii) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) )      
53(c) Product? (§ 1026.38(a)(5)(iii) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) )      
53(d) Loan Type?  (§ 1026.38(a)(5)(iv) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) )      
53(e) Loan ID #? (§ 1026.38(a)(5)(v) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) )      
53(f) MIC #. The case number for any mortgage insurance policy, if required by the credit union? (§ 1026.38(a)(5)(vi) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) )      

Loan Terms - § 1026.38(b) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) (Page 1 of the Closing Disclosure)

Loan Terms
Item Description Yes No N/A
54 Does the credit union disclose, in a separate table labeled “Loan Terms,” the information required to be disclosed on the Loan Estimate under § 1026.37(b) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) reflecting the terms of the legal obligation at consummation? (§ 1026.38(b) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) )      

Projected Payments - § 1026.38(c) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) (Page 1 of the Closing Disclosure)

Projected Payments
Item Description Yes No N/A
55 Does the credit union disclose, in a separate table labeled “Projected Payments,” the projected payments or range of payments (in the same manner as required on the Loan Estimate under §§ 1026.37(c)(1) through (4)(v) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) ) reflecting the terms of the legal obligation at consummation?       
56 Does the credit union refer to the Escrow Account disclosure required by § 1026.38(l)(7) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).)      
57 Does the credit union calculate escrow payments: (1026.38(c)(1)-(2) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) )      
57(a) For transactions subject to RESPA, under the escrow account analysis described in Regulation X, § 1024.17 (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) ? (§ 1026.38(c)(1)(i) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) )      
57(b) For transactions not subject to RESPA, either calculated under the escrow account analysis described in Regulation X, § 1024.17 (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) , or in the manner set forth in § 1026.37(c)(5) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) ? (§ 1026.38(c)(1)(ii) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) )      

Costs at Closing - § 1026.38(d) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) (Page 1 of the Closing Disclosure)

Costs at Closing
Item Description Yes No N/A
58 Does the credit union accurately disclose Closing Costs as the sum of the dollar amounts disclosed on page two of the Closing Disclosure, pursuant to §§ 1026.38(f)(4) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) (Loan Costs), 1026.38(g)(5) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) (Other Costs), and 1026.38(h)(3) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) (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) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) ), “Other Costs” (§ 1026.38(g)(5) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) ), and “Lender Credits” (§ 1026.38(h)(3) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) ), and a statement referring the consumer to the “Closing Cost Details” table described in §§ 1026.38(f)-(g) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) ? (§§ 1026.38(d)(i)(A)-(E) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) )      
59 Does the credit union accurately disclose Cash to Close as the sum of the dollar amounts calculated in accordance with the Calculating Cash to Close table (§ 1026.38(i)(9)(ii) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) ), 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) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) ? (§§ 1026.38(d)(ii)(A) – (B) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) )      
60 For simultaneous subordinate financing, does the credit union accurately disclose the amount calculated according to § 1026.38(e)(5)(ii) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) , 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) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) ? (§§ 1026.38(d)(2)(i) – (iii) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) )      

Closing Costs Details: Loan Costs – § 1026.38(f) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) (Page 2 of the Closing Disclosure)

Closing Costs Details: Loan Costs
Item Description Yes No N/A
61 Does the credit union disclose all costs associated with the transaction with columns stating whether the charge was borrower-paid at or before closing, seller-paid at or before closing or paid by others, under the following subheadings:      
61(a) Origination Charges. Itemized amounts paid for charges disclosed on the Loan Estimate (§ 1026.37(f)(1) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) ) and the total of borrower-paid amounts paid at or before closing; together with:      
61(a)(a) The compensation (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) paid by the credit union (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) to a third-party loan originator (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) ?      
61(a)(b) The name of the third-party loan originator (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) receiving payment?  (§ 1026.38(f)(1) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) )      
61(b) Services Borrower Did Not Shop For.  Itemized costs for each settlement service the credit union (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) required but did not allow the consumer (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) 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) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) ) are disclosed here if the consumer (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) was provided a written list of settlement service providers under § 1026.19(e)(1)(vi)(C) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) and the consumer (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) selected a settlement service provider from that written list? (§ 1026.38(f)(2) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) )      
61(c) Services Borrower Did Shop For. Itemized costs for each service required by the credit union (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) , that the consumer (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) shopped for in accordance with § 1026.19(e)(1)(vi)(A) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) , 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) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) , they are disclosed here if the consumer (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) 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) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) )      
61(d) Total Loan Costs (Borrower-Paid). The sum of the amounts disclosed under § 1026.38(f)(5) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) 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) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) )      
61(e) Loan Costs Subtotals. Calculation of the total borrower-paid costs at or before closing, showing each subtotal for the origination charge, services the borrower did not shop for, and services the borrower did shop for? (§ 1026.38(f)(5) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) )      

Closing Cost Details: Other Costs - § 1026.38(g) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) (Page 2 of the Closing Disclosure)

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

Closing Cost Details: Total Closing Costs - § 1026.38(h) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) (Page 2 of the Closing Disclosure)

Closing Cost Details: Total Closing Costs
Item Description Yes No N/A
63 Are Total Closing Costs, paid by the borrower, disclosed in a table showing description, labeling, and ordering requirements? (§ 1026.38(h)(4) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) )      
64 Does the credit union accurately disclose the following closing cost totals:      
64(a) Total Closing Costs (Borrower Paid) - The sum of subtotals for Closing Costs (§ 1026.38(h)(2) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) ) and Lender Credits (§ 1026.38(h)(3) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) ) (i.e., the following two items in this list)? (§ 1026.38(h)(1) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) )      
64(b) Closing Costs Subtotals. Consisting of the sum of “Loan Cost Subtotals” (§ 1026.38(f)(5) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) ) and the “Other Costs Subtotals” (§ 1026.38(g)(6) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) ), 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) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) and (g)). (§ 1026.38(h)(2) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) )      
64(c) Lender Credits. For general credits from the credit union for closing costs (as described in § 1026.37(g)(6)(ii) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) , shown as a negative number, and designated as Borrower-Paid at closing. (§ 1026.38(h)(3) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) )      

Calculating Cash to Close - § 1026.38(i) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) (Page 3 of the Closing Disclosure)

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

Adjustments and Other Credits - Under the subheading “Loan Estimate,” the amount disclosed on the Calculating Cash to Close table on the most recent Loan Estimate under § 1026.37(h)(1)(vii) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) , compared to the amount listed pursuant to §§ 1026.38(j)(1)(v) through (x) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) (to the extent these amounts were not included in the calculation required by §§ 1026.38(i)(4) or (6) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) ), and § 1026.38(j)(1)(vi) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) (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) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) (see exam procedures below on Itemization Of Amounts Already Paid By Or On Behalf Of Borrower)? (§§ 1026.38(i)(8)(i)-(ii) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) )

NOTE: If the calculation yields a negative number, the amount is disclosed as a negative number. (Comment 1026.38(i)(8)(ii)-1 (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) )

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

Alternative Cash to Close Table for Transactions Without a Seller or for Simultaneous Subordinate Financing- § 1026.38(e) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) (Page 3 of the Closing Disclosure)

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

Does the credit union properly uses the optional Alternative Cash to Close table? (§ 1026.38(e)) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).)

     
67

Is the table is disclosed under the heading “Calculating Cash to Close,” together with the statement “Use this table to see what has changed from your Loan Estimate?” (§ 1026.38(e)) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).)  

     
68 Does the table include:      
68(a) Loan Amount?  Labeled “Loan Amount:”      
68(a)(i) Under the subheading “Loan Estimate,” the loan amount disclosed on the most recent Loan Estimate under § 1026.37(b)(1) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).)      
68(a)(ii) Under the subheading “Final,” the loan amount disclosed under § 1026.38(b) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) , Disclosed more prominently than other disclosures in this section, under the subheading “Did this change?”      
68(a)(ii)(A) If the amounts are different (unless due to rounding), a statement of that fact along with a statement of whether this amount increased or decreased.      
68(a)(ii)(B) If there is no change, a statement of that fact. (§§ 1026.38(e)(1)(i) – (iii) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) )      
68(b) Total Closing Costs?  Labeled “Total Closing Costs”: (§ 1026.38(e)(2) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) )      
68(b)(i) Under the subheading “Loan Estimate,” the amount disclosed on the most recent Loan Estimate under § 1026.37(h)(2)(ii) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) ;      
68(b)(ii) Under the subheading “Final,” the final Total Closing Costs disclosed under § 1026.38(h)(1) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) , disclosed as a negative number if the amount disclosed under § 1026.38(h)(1) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) is a positive number and disclosed as a positive number if the amount disclosed under § 1026.38(h)(1) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) is a negative number; and      
68(b)(iii) Disclosed more prominently than other disclosures, with the question “Did this change?”:      
68(b)(iii)(A) If there is a change because of differences in itemized charges that are included in either or both subtotals, a statement that the consumer should look at the Total Loan Costs and Total Other Costs subtotals disclosed below, together with references to those disclosures (§ 1026.38(e)(2)(iii)(A)(2) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) ); and      
68(b)(iii)(B) If the increase exceeds the legal limits for increases in closing costs under § 1026.19(e)(3) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) ; 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) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) , or if applicable, a statement directing the consumer to the principal reduction disclosure under § 1026.38(t)(5)(vii)(B) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) . (§ 1026.38(e)(2)(iii)(A)(3) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) )      
68(c) Closing Costs Paid before Closing?  Labeled “Closing Costs Paid Before Closing:” (§ 1026.38(e)(3) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) )      
68(c)(i) Under the subheading “Loan Estimate,” the amount of $0;      
68(c)(ii) Under the subheading “Final,” any amount designated as Borrower-Paid before closing under § 1026.38(h)(2) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) , disclosed as a positive number;      
68(c)(iii) Disclosed more prominently than other disclosures, under the subheading “Did This Change?” (§ 1026.38(e)(3) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) )      
68(c)(iii)(A) If the amount disclosed under § 1026.38(e)(3)(ii) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) is different than the amount disclosed under § 1026.38(e)(3)(i) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) , 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) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) ); or      
68(c)(iii)(B) If the amount disclosed under § 1026.38(e)(3)(ii) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) is equal to the amount disclosed under § 1026.38(e)(3)(i) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) , a statement of that fact. (§ 1026.38(e)(3)(iii)(B) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) )      
68(d) Total Payoffs and Payments?  Labeled “Total Payoffs and Payments.” (§ 1026.38(e)(4) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) )      
68(d)(i) Under the subheading “Loan Estimate,” the amount disclosed on the most recent Loan Estimate under § 1026.37(h)(2)(iii) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).)      
68(d)(ii) Under the subheading “Final,” the total amount of payoffs and payments made to third parties not otherwise disclosed under § 1026.38(t)(5)(vii)(B) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) , to the extent known, disclosed as a negative number if the total amount disclosed under § 1026.38(t)(5)(vii)(B) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) is a positive number and disclosed as a positive number if the total amount disclosed under § 1026.38(t)(5)(vii)(B) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) is a negative number.      
68(d)(iii) Are these disclosures more prominent than other disclosures under this paragraph under the subheading “Did This Change?”      
68(d)(i)(A) If the amount disclosed under § 1026.38(e)(4)(ii) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) is different than the amount disclosed under § 1026.38(e)(4)(i) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) (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) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) ) (§ 1026.38(e)(4) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) ); or      
68(d)(i)(B) If the amount disclosed under § 1026.38(e)(4)(ii) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) is equal to the amount disclosed under § 1026.38(e)(4)(i) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) , a statement of that fact.  (§ 1026.38(e)(4)(iii)(B) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) )      
68(e) Cash to or from consumer.  Labeled “Cash to Close”: (§ 1026.38(e)(5) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) ).      
68(e)(i) Under the subheading “Loan Estimate,” a statement of whether the estimated amount is due from or to the consumer, as disclosed under § 1026.37(h)(2)(iv) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) on the most recent Loan Estimate; and      
68(e)(ii) Under the subheading “Final.”  a disclosure of the final amount due from or to the consumer, disclosed as a positive number. (§§ 1026.38(e)(5)(i) – (ii) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) )      
68(f) Closing Costs Financed (Paid from your Loan Amount). Labeled “Closing Costs Financed (Paid from your Loan Amount).” Disclosed as the sum of the amounts disclosed under §§ 1026.38(e)(1)(ii) and (e)(4)(ii) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) (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) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) (Total Closing Costs) minus the sum disclosed under § 1026.38(h)(2) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) designated as Borrower-Paid before closing. (§ 1026.38(e)(6) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) )      

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

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

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

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

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

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

NOTE: For purposes of § 1026.38(k), (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) “closing funds” means funds collected and disbursed at real estate closing. (§ 1026.38(k)(4)(ii) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) )

     

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

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

Loan Calculations (Page 5 of the Closing Disclosure)

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

Other Disclosures (Page 5 of the Closing Disclosure)

Other Disclosures
Item Description Yes No N/A
85 Does the credit union accurately provides the following other disclosures:      
85(a) Appraisal. For transactions subject to 15 U.S.C. 1639h (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) or 1691(e) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) , as implemented in this part or Regulation B, Part 1002 (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) , respectively, under the subheading “Appraisal:”? (§ 1026.38(p)(1) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) )      
85(a)(i) If there was an appraisal of the property in connection with the loan, does the credit union provide the consumer with a copy at no additional cost to the consumer (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) at least three days prior to consummation (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) ? (§ 1026.38(p)(1)(i) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) )      
85(a)(ii) If the consumer (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) has not yet received a copy of the appraisal, a statement that the consumer (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) should contact the credit union (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) using the information disclosed in the Closing Disclosure? (§ 1026.38(p)(1)(ii) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) )      
85(b) Contract Details. A statement that the consumer (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) 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 (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) may accelerate the maturity of the obligation, and prepayment rebates and penalties? (§ 1026.38(p)(2) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) )      
85(c) Liability after Foreclosure. A brief statement of whether, and the conditions under which, the consumer (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) may remain responsible for any deficiency after foreclosure under applicable State (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) law, a brief statement that certain protections may be lost if the consumer (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) refinances or incurs additional debt on the property, and a statement that the consumer (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) should consult an attorney for additional information? (§ 1026.38(p)(3) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) )      
85(d) Refinance. The statement required on the Loan Estimate by § 1026.37 (m)(5) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) 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)) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).)      
85(e) Tax Deductions.  A statement that, if the extension of credit (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) exceeds the fair market value of the property, the interest on the portion of the credit (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) 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 (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) should consult a tax adviser for further information? (§ 1026.38(p)(5)) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).)      
85(f) Loan Acceptance.  If the credit union does not provide a line for the consumer (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) '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)) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).)      

Questions notice (Page 5 of the Closing Disclosure)

Questions notice
Item Description Yes No N/A
86 Does the credit union provide a separate questions notice?       
87 If so, does the credit union include a prominent question mark, a statement directing the consumer (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) 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)) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).)      

Contact Information (Page 5 of the Closing Disclosure)

Contact Information
Item Description Yes No N/A
88 Does the credit union provide the required contact information for each lender, (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) mortgage broker, consumer (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) 's real estate broker, seller's real estate broker, and settlement agent participating in the transaction, the name of the person (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) , address, NMLSR ID number, or if none, State and “License ID,” the name of the natural person (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) 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) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) )      

Confirm Receipt (Page 5 of the Closing Disclosure)

Confirm Receipt
Item Description Yes No N/A
89 If the credit union choses to provide a signature statement, does the credit union disclose above the signature line the statement: “By signing, you are only confirming that you have received this form. You do not have to accept this loan because you have signed or received this form.”? (§ 1026.38(s)(1) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) )

NOTE: If the credit union does not provide a line for the consumer (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) 's signature, the credit (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) 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) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) )

     

Form of Disclosures

Form of Disclosures
Item Description Yes No N/A
90 Does the credit union follow the format and content of form H-25, set forth in appendix H (1026.38(t)(1) and (3)), changes formatting only if there is an exception, including acceptable modifications in appendix H for transactions without a seller or for simultaneous subordinate financing (§ 1026.38(t)(5) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) )?      
91 Does the credit union comply with the following rounding rules for dollar amounts and percentages:      
91(a) Rounding - nearest dollar. The following dollar amounts are rounded to the nearest whole dollar (§ 1026.38(t)(4)(i) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) ):      
91(a)(i) The dollar amounts for Loan Terms (required to be disclosed by § 1026.38(b)) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) that are required to be rounded by § 1026.37(o)(4)(i)(A) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) when disclosed under §§ 1026.37(b)(6) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) and (7) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) (i.e., adjustments after consummation and details about prepayment penalty and balloon payments)?      
91(a)(ii) The dollar amounts for projected payments or range of payments required by § 1026.38(c) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) that are required to be rounded by § 1026.37(o)(4)(i)(A) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) when disclosed under § 1026.37(c)(1)(iii) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) (i.e., minimum and maximum amounts of principal and interest for projected periodic payments or range of payments)?      
91(a)(iii) The dollar amounts required to be disclosed by § 1026.38(e) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).)  (alternative calculating Cash to Close table for transactions without a seller or for simultaneous subordinate financing) and § 1026.38(i) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) (calculating Cash to Close table) under the subheading “Loan Estimate”?      
91(a)(iv) The dollar amounts required to be disclosed by § 1026.38(m) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) (adjustable payment table)?      
91(a)(v) The dollar amounts required to be disclosed by § 1026.38 (c) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).)  (projected payments) that are required to be rounded by § 1026.37(o)(4)(i)(C) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) when disclosed under § 1026.37(c)(2)(iv) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) (i.e., total monthly payment)?      
91(b) Percentages. Are the percentage amounts required to be disclosed under §§ 1026.38(b), (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) 1026.38 (f)(1) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) , 1026.38 (n) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) , and 1026.38 (o)(4 (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) ) 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) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) )      
91(c) Loan amount. The dollar amount required to be disclosed by § 1026.38(b) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) as required by § 1026.37(b)(1) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) 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)) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).)      

Construction or Construction-Permanent Loan Disclosures

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

Closed-End Credit Forms Review

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

Closed-End Credit (ARM) Forms Review

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

Disclosure at Time of Application: Special Early Disclosures
Item Description Yes No N/A
129 Does the credit union provide variable-rate program disclosures at the time of application or before the consumer pays any nonrefundable fee, whichever is earlier, or if the application is received from a mortgage broker or over the telephone, are they mailed within three business days following receipt of the application? (§ 1026.19(b) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) )

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 (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) )

     
130 Do variable rate program disclosures provide:      
130(a) The booklet titled “Consumer Handbook on ARMs” or a suitable substitute? (§ 1026.19(b)(1) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) )      
130(b) A statement that interest rate, payment, or the term can change? (§ 1026.19(b)(2)(i) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) )      
130(c) The index/formula with source of information disclosed? (§ 1026.19(b)(2)(ii) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) )      
130(d) An explanation of the interest rate/payment determination and margin? (§ 1026.19(b)(2)(iii) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) )      
130(e) A statement that consumers must ask for the current margin and interest rate? (§ 1026.19(b)(2)(iv) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) )      
130(f) The fact that interest rate is discounted, if applicable, and a statement that the consumer must ask about the amount of discount? (§ 1026.19(b)(2)(v) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) )      
130(g) The frequency of interest rate and payment changes? (§ 1026.19(b)(2)(vi) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) )      
130(h)

The rules relating to changes in the index, outstanding balance, and limits on increases or decreases of the interest rate and payment amount? (§ 1026.19(b)(2)(vii) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) )

Note: A credit union must disclose, where applicable, the possibility of negative amortization. (Comment § 1026.19(b)(2)(vii)-2 (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) )

     
130(i) A historical example or the maximum interest rate and payment? (§ 1026.19(b)(2)(viii) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) )      
130(j) An explanation of how the loan payment can be calculated based on the (above) example? (§ 1026.19(b)(2)(ix) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) )      
130(k) The fact that the loan program contains a demand feature? (§ 1026.19(b)(2)(x) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) )      
130(l) Information on, and timing of, adjustment notices? (§ 1026.19(b)(2)(xi) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) )      
130(m) A statement that disclosures for other variable rate loan programs are available? (§ 1026.19(b)(2)(xii) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) )      

Disclosures Before Consummation

Disclosures Before Consummation
Item Description Yes No N/A
131 Is there a disclosure that the note contains a variable rate feature before consummation? (§ 1026.18(f)(2)(i) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) )      
132 If the credit union provides the special early disclosures as required under § 1026.19(b)(2) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) , is there a statement that the credit union provided variable rate disclosures earlier? (§ 1026.17(b) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) , 1026.18(f)(2)(ii) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) )      

Disclosures After Consummation:

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

A table explaining the current interest rate and payment, the new interest rate and payment, and the date the first new payment is due? (§ 1026.20(d)(2)(iii) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) )

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) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) )

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

If the adjustment of interest rates under the loan contract results in a corresponding adjustment to the payment (including an ARM conversion to fixed-rate if payments change), does the credit union, assignee, or servicer provide the following disclosures, unless otherwise exempt: (§  1026.20(c) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) )

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 (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) 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) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) )

     
136(a) An explanation that, by the loan terms, the current rate is scheduled to expire, the new rate’s effective date and the resulting payment change, when future rate adjustments are scheduled to occur, and any other changes to loan terms, features or options? (§ 1026.20(c)(2)(i) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) )      
136(b) A table explaining the current and new interest rates and payments, and the date the first new payment is due? (§ 1026.20(c)(2)(ii) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) )

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) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) )

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

Closed-End Credit File Review

Closed-End Credit File Review
Item Description Yes No N/A
139 Except for private education loans and mail or telephone orders, does the credit union, assignee, or servicer provide disclosures before consummation? (§ 1026.17(b) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) )

Note: There are special timing requirements for certain residential mortgage transactions and variable rate mortgage transactions. (§§ 1026.19(a) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) , 1026.19(b) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) , 1026.20(c) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) , and 1026.20(d) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) )

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

Note: If the transfer of ownership has not been recorded in public records at the time the disclosure is provided, the covered person complies with this paragraph by stating this fact. (§ 1026.39(d)(4) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) )

     
166(g) At the option of the covered person, any other information regarding the transaction? (§ 1026.39(e) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) )

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) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) )

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

Closed-End Credit—ARM File Review

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

Note: This disclosure notice may be combined with the RESPA servicing transfer notice (Comment § 1026.39(b)(1)-1 (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) ).

     
187 If a consumer credit transaction secured by the principal dwelling of a consumer is acquired by a covered person and subsequently sold, assigned, or otherwise transferred to another covered person and a single disclosure notice is provided on behalf of both covered persons, did the disclosure notice satisfy the timing (§ 1026.39(b) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) ) and content (§ 1026.39(d) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) ) requirements applicable to each covered person? (§ 1026.39(b)(4) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) )      
188 If an acquisition involves multiple covered persons who jointly acquire the consumer credit transaction secured by the principal dwelling of a consumer, was a single disclosure notice provided on behalf of all covered persons? (§ 1026.39(b)(5 (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) ))      

Subsequent Disclosures

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

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) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) )

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

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) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) )

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

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) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) )

     
193 Did the credit union provide the rate adjustment disclosures required under § 1026.20(c) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) 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) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) )      
193(a) If the payment changes with a rate change, the credit union must provide the disclosures to consumers between 60 and 120 days before the first payment at the new rate is due?      
193(b) If the payment change is caused by a rate change that is uniformly scheduled every 60 days (or more frequently), the credit union must provide the disclosures to consumers between 25 and 120 days before the first payment at the new rate?      
193(c) If the ARM was originated before January 10, 2015, where the interest rate and payment are calculated based on an index that is available less than 45 days before the change, the credit union must provide the disclosures between 25 and 120 days before the first payment at the new rate is due?      
193(d) If the payment adjustment occurs within 60 days of consummation and the new interest rate after adjustment provided at consummation was an estimate, disclosures are required as soon as practicable, but no later than 25 days before the first payment at the new rate is due?      
194 Has the credit union kept evidence of compliance with TILA for two years after the date it was required to make disclosures or take action? (§ 1026.25(a) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) )      

Right of Rescission File Review

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

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

     
201 Has the credit union kept evidence of compliance with TILA for two years after the date it was required to make disclosures or take action? (§ 1026.25(a) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) ) 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) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) , has the credit union retained evidence of these material disclosures for three years after consummation? (§§ 1026.23(a)(3)(ii) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) and 1026.25(c)(3) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) )      

Open-End Not Home-Secured Credit Forms Review

General Disclosures

General Disclosures
Item Description Yes No N/A
202 Did the credit union make the disclosures clearly and conspicuously and, unless subject to an exception listed at §§ 1026.5(a)(1)(ii)(A) or (B), (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) in a form that the consumer may keep? (§ 1026.5(a)(1) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) )      
203 Is the terminology used in providing the disclosures required by the open-end credit provisions of TILA (§ 1026.5 (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) ) consistent? (§ 1026.5(a)(2)(i) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) )      
204 If disclosures are required to be presented in a tabular format under § 1026.5(a)(3) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) , 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 (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) )      

Account-Opening Disclosures

Account-Opening Disclosures
Item Description Yes No N/A
205 Are the disclosures required in steps 5––9, steps 12–17, and steps 19–26 in the form of a table with headings, content, and format substantially similar to any of the applicable tables in G-17 in appendix G, including proper font and bolded text, where applicable? (§ 1026.6(b)(1)(i) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) )

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) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) that is not an annualized amount and (2) other APRs or fee amounts disclosed in the table. (§ 1026.6(b)(1)(i) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) )

     
206 Is each periodic rate that may be used to compute the finance charge on an outstanding balance for purchases, a cash advance, or a balance transfer expressed as an APR, disclosed; when more than one rate applies for a category of transactions, did the credit union disclose the range of balances to which each rate is applicable; and is the APR for purchases disclosed according to this paragraph in at least 16-point type, except for a penalty rate that may apply upon the occurrence of one or more specific events? (§ 1026.6(b)(2)(i)) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).)      
207 If the rate is a variable rate, did the credit union also disclose the fact that the rate may vary and how the rate is determined (i.e., identify the type of index or formula used in setting the rate)? (§ 1026.6(b)(2)(i)(A) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) )      
208 If the initial rate is an introductory rate, did the credit union disclose the rate that would otherwise apply to the account; where the rate is not tied to an index or formula, did the credit union disclose the rate that applies after the introductory rate expires; and for a variable rate account, did the credit union disclose a rate based on the applicable index or formula according to the accuracy requirements? (§ 1026.6(b)(2)(i)(B) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) )      
209 If the initial rate is temporary and is higher than the rate that will apply after the temporary rate expires, did the credit union disclose the premium initial rate; and is the premium rate for purchases in at least 16-point type? (§ 1026.6(b)(2)(i)(C) (You will be leaving NCUA.gov and accessing a non-NCUA website. We encourage you to read the NCUA's exit link policies. (opens new page).) )      
210 Except for introductory rates and employee preferential rates, if the rate is a penalty rate, did the credit union disclose, as part of the APR disclosure, the increased rate that may apply, a brief description of the event or events that may result in the increased rate, and a brief description of how long the increased rate