Maryland Financing Agreement Disclosure


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Pursuant to S.B. 392, mortgage lenders may meet the above requirements of the Maryland Financing and Undertaking Agreement for transactions subject to TRID by providing borrowers with a copy of the credit estimate and remittance available to borrowers. However, for non-triD operations (for example. B mortgages and reverse mortgages), lenders must continue to comply with the Maryland-specific financing agreement and obligations, if any. Until now, the borrower had to be granted a financing agreement within a set period, a written agreement between a borrower and a lender setting out the terms of a purchase/refinancing loan. However, the adopted amendments now allow for an alternative option. If the borrower must disclose the credit estimate (“LE”) in connection with the requirements of the C.F.R. Closed disks that are made available to the borrower and that comply with section 1026.38 of the C.F.R. are a satisfactory alternative option for a commitment. If all the provisions of the financing agreement cannot be amended, the financing agreement shall constitute the final agreement between the parties on the elements contained therein. If information can be changed in the financing agreement, the lender must give the borrower an obligation performed by the lender at least 72 hours before the settlement date. However, if, after the conclusion of the financing contract, the 72-hour requirement by the lender proves to be inapplicable, the borrower may waive the 72-hour pre-presentation obligation in writing and accept the billing obligation.

Typically, a Maryland lender must present the borrower with a financing agreement executed as part of the first mortgages secured by self-used homes of one to four families within ten business days from the date the credit application was made. The financing agreement must include: (a) the duration and amount of the capital of the loan; (b) an explanation of the nature of the mortgage offered; (c) the interest rate that will apply to the loan and, if the interest rate may change, whether it is a variable interest rate or whether it is definitively fixed at a later date on the basis of an objective standard, a specific presentation of those facts; (d) where applicable, the points to be paid by the borrower, the seller or both; and (e) the period for which the financing agreement remains in force. The full text of S.B 392 is available at mgaleg.maryland.gov/2017RS/bills/sb/sb0392T.pdf.

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