Mortgage -- Applying for a mortgage or refinancing an existing mortgage -- Complaint #5064398

Complaint Overview

Complaint ID: 5064398

Company: Neighborhood Assistance Corporation Of America ("Naca")

Product: Mortgage

Sub-Product: Conventional home mortgage

Issue: Applying for a mortgage or refinancing an existing mortgage

State: Georgia

ZIP Code: XXXXX

Date Received: 2022-01-03T12:00:00-05:00

Date Sent to Company: 2022-01-18T12:00:00-05:00

Company Response: Closed with explanation

Timely Response: Yes

Consumer Disputed: N/A

Submitted Via: Web

Consumer Narrative

TILA violations 1. Company removed contract out of the system to avoid TILA and it is notated that in my file with NACA. 2. I did not get anything in writing within the three-day time frame and NACA works on Saturday. 3. I also did not get anything in writing about XXXX accommodation. I had no frustration with my housing counselor, and she was wonderful, but my complaints came from management with my loan file. Providing Loan Estimates to Consumers- 1. When is a creditor required to provide a Loan Estimate to a consumer? Hide Generally, a creditor is responsible for ensuring that a Loan Estimate is delivered to a consumer or placed in the mail to the consumer no later than the third business day after receipt of the consumers application for a mortgage loan subject to the TRID Rule. 12 CFR 1026.19 ( e ) ( 1 ) ( iii ). For transactions subject to the TRID Rule, an application consists of the submission of the following six pieces of information : The consumers name ; The consumers income ; The consumers social security number to obtain a credit report ; The property address ; An estimate of the value of the property ; and The mortgage loan amount sought. 12 CFR 1026.2 ( a ) ( 3 ) ( ii ). If the consumer submits these six pieces of information, the requirement to provide a Loan Estimate is triggered, and the creditor must ensure that the Loan Estimate is delivered or placed in the mail within three business days. The creditor or, if a mortgage broker receives a consumers application, either the creditor or the mortgage broker may mail or deliver the Loan Estimate. Because the definition of application refers to the submission of the six pieces of information, merely maintaining such information from a previous transaction or business relationship does not constitute receipt of an application ( unless the consumer indicates that the information maintained by the creditor should be used as part of an application ). Additionally, if a consumer starts filling out a form online, enters the six pieces of information that constitute an application for purposes of the TRID Rule, but then saves the form to complete at a later time, the consumer has not submitted the six pieces of information that constitute an application for purposes of the TRID Rule. See 78 Federal Register 79730, 79768 ( Dec. 31, 2013 ). https : //www.consumerfinance.gov/compliance/compliance-resources/mortgage-resources/tila-respa-integrated-disclosures/tila-respa-integrated-disclosure-faqs/

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This analysis is AI-generated based on publicly available CFPB complaint data. It does not constitute financial or legal advice.

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• Neighborhood Assistance Corporation Of America ("Naca") Company Profile
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