For example, if the consumer informs the creditor that the consumer will choose a settlement agent not identified by the creditor on the written list provided under 1026.19(e)(1)(vi)(C), and the creditor discloses an unreasonably low estimated settlement agent fee of $20 when the average prices for settlement agent fees in that area are $150, then the under-disclosure does not comply with 1026.19(e)(3)(iii) and good faith is determined under 1026.19(e)(3)(i). A creditor is not required to collect the consumer's name, monthly income, social security number to obtain a credit report, the property address, an estimate of the value of the property, or the mortgage loan amount sought. For example, the creditor might state: The first adjustment to your interest rate and payment will occur no sooner than 6 months and no later than 18 months after closing. Furthermore, the written list is a referral under 12 CFR 1024.14(f). 1. If the actual amounts paid by the consumer for the four itemized charges subject to 1026.19(e)(3)(i) exceed their respective estimates on the disclosures required under 1026.19(e)(1)(i) by $30, $25, $25, and $15, then the total would exceed the limitations prescribed by 1026.19(e)(3)(i) by $95. Examples of waivers made after the seven-business-day waiting period. The term mortgage broker, as used in 1026.19(e)(1)(ii), has the same meaning as in 1026.36(a)(2). 1026.20 Disclosure requirements regarding post-consummation events. 1026.54 Limitations on the imposition of finance charges. 1026.55 Limitations on increasing annual percentage rates, fees, and charges. However, a type of loan would be appropriately defined if both products had a relatively normal distribution of recording fees, even if the distribution for each product ranges from below $80 to above $130. In covered transactions, 1026.19(e)(1)(i) requires the creditor to provide the consumer with good faith estimates of the disclosures in 1026.37. Timing and use of estimates. 2. Except as otherwise provided in 1026.19(f)(3)(ii), a creditor violates 1026.19(f)(3)(i) if the amount imposed upon the consumer exceeds the amount actually received by the service provider for that service. 2. See also comment 19(f)(2)(iii)-1.iii for another example in which corrected disclosures must be provided to the seller. If your mortgage doesn't close within the lock period, you can discuss extending the mortgage rate . 1. The average rate on a 15-year mortgage was 5.98%, while 30 . 1. Charges that vary with loan amount or property value. However, in some cases the initial rate may be higher. If the creditor fails to provide early disclosures and the transaction is later consummated on the original terms, the creditor will be in violation of this provision. The creditor must make corrected disclosures such that the consumer receives them on or before Monday, June 8. In calculating the maximum payment under this paragraph, a creditor should assume that the interest rate increases as rapidly as possible under the loan program, and the maximum payment disclosed should reflect the amortization of the loan during this period. Section 1026.19(e)(3)(ii) provides that if the creditor requires a service in connection with the mortgage loan transaction, and permits the consumer to shop for that service consistent with 1026.19(e)(1)(vi), but the consumer either does not select a settlement service provider or chooses a settlement service provider identified by the creditor on the list, then good faith is determined pursuant to 1026.19(e)(3)(ii), instead of 1026.19(e)(3)(i). If an application reaches the creditor through an intermediary agent or broker, the application is received when it reaches the creditor, rather than when it reaches the agent or broker.