Loan Amounts Increase Conforming

A Little Present for the Holidays!

Loan Dollar Amounts INCREASE

Caroline Gerardo NMLS 324982  phone   949   784- 9699

Fannie Mae and Freddie Mac Mortgage Loan Limits UP for California

Some Counties Loan Amounts Increased $15000.+

 COUNTY NAME CA  /Single Family Duplex Triplex Four Units

 ALAMEDA CA $418600 $ 636,150 $ 814,500 $ 984,525 $ 1 ,223,475

 ALPINE CA $ 463,450 $ 593,300 $ 717,150 $ 891,250

 AMADOR CA $ 424,100 $ 543,000 $ 656,350 $ 815,650

 BUTTE CA 17020 $ 424,100 $ 5 43,000 $ 6 56,350 $ 8 15,650

 CALAVERAS CA $ 424,100 $ 5 43,000 $ 6 56,350 $ 8 15,650

 COLUSA CA $ 4 24,100 $ 5 43,000 $ 6 56,350 $ 8 15,650

 CONTRA COSTA CA 41860 $ 6 36,150 $ 8 14,500 $ 9 84,525 $ 1 ,223,475

 DEL NORTE CA 18860 $ 4 24,100 $ 5 43,000 $ 6 56,350 $ 8 15,650

 EL DORADO CA 40900 $ 4 88,750 $ 6 25,700 $ 7 56,300 $ 9 39,900

 FRESNO CA 23420 $ 4 24,100 $ 5 43,000 $ 6 56,350 $ 8 15,650

 GLENN CA $ 4 24,100 $ 5 43,000 $ 6 56,350 $ 8 15,650

 HUMBOLDT CA 21700 $ 4 24,100 $ 5 43,000 $ 6 56,350 $ 8 15,650

 IMPERIAL CA 20940 $ 4 24,100 $ 5 43,000 $ 6 56,350 $ 8 15,650

 INYO CA $ 4 24,100 $ 5 43,000 $ 6 56,350 $ 8 15,650

 KERN CA 12540 $ 4 24,100 $ 5 43,000 $ 6 56,350 $ 8 15,650

 KINGS CA 25260 $ 4 24,100 $ 5 43,000 $ 6 56,350 $ 8 15,650

 LAKE CA 17340 $ 4 24,100 $ 5 43,000 $ 6 56,350 $ 8 15,650

 LASSEN CA 45000 $ 4 24,100 $ 5 43,000 $ 6 56,350 $ 8 15,650

 LOS ANGELES CA 31080 $ 6 36,150 $ 8 14,500 $ 9 84,525 $ 1 ,223,475

 MADERA CA 31460 $ 4 24,100 $ 5 43,000 $ 6 56,350 $ 8 15,650

 MARIN CA 41860 $ 6 36,150 $ 8 14,500 $ 9 84,525 $ 1 ,223,475

 MARIPOSA CA $ 4 24,100 $ 5 43,000 $ 6 56,350 $ 8 15,650

 MENDOCINO CA 46380 $ 4 24,100 $ 5 43,000 $ 6 56,350 $ 8 15,650

 MERCED CA 32900 $ 4 24,100 $ 5 43,000 $ 6 56,350 $ 8 15,650

 MODOC CA $ 4 24,100 $ 5 43,000 $ 6 56,350 $ 8 15,650

 MONO CA $ 5 29,000 $ 6 77,200 $ 8 18,600 $ 1 ,017,300

 MONTEREY CA 41500 $ 5 75,000 $ 7 36,100 $ 8 89,800 $ 1 ,105,800

 NAPA CA 34900 $ 6 36,150 $ 8 14,500 $ 9 84,525 $ 1 ,223,475

 NEVADA CA 46020 $ 4 77,250 $ 6 10,950 $ 7 38,500 $ 9 17,800

 ORANGE CA 31080 $ 6 36,150 $ 8 14,500 $ 9 84,525 $ 1 ,223,475

 PLACER CA 40900 $ 4 88,750 $ 6 25,700 $ 7 56,300 $ 9 39,900

 PLUMAS CA $ 4 24,100 $ 5 43,000 $ 6 56,350 $ 8 15,650

 RIVERSIDE CA 40140 $ 4 24,100 $ 5 43,000 $ 6 56,350 $ 8 15,650

 SACRAMENTO CA 40900 $ 4 88,750 $ 6 25,700 $ 7 56,300 $ 9 39,900

 SAN BENITO CA 41940 $ 6 36,150 $ 8 14,500 $ 9 84,525 $ 1 ,223,475

 SAN BERNARDINO CA 40140 $ 4 24,100 $ 5 43,000 $ 6 56,350 $ 8 15,650

 SAN DIEGO CA 41740 $ 6 12,950 $ 7 84,700 $ 9 48,500 $ 1 ,178,750

 SAN FRANCISCO CA 41860 $ 6 36,150 $ 8 14,500 $ 9 84,525 $ 1 ,223,475

 SAN JOAQUIN CA 44700 $ 4 24,100 $ 5 43,000 $ 6 56,350 $ 8 15,650

 SAN LUIS OBISPO CA 42020 $ 5 86,500 $ 7 50,800 $ 9 07,550 $ 1 ,127,900

 SAN MATEO CA 41860 $ 6 36,150 $ 8 14,500 $ 9 84,525 $ 1 ,223,475

 SANTA BARBARA CA 42200 $ 6 25,500 $ 8 00,775 $ 9 67,950 $ 1 ,202,925

 SANTA CLARA CA 41940 $ 6 36,150 $ 8 14,500 $ 9 84,525 $ 1 ,223,475

 SANTA CRUZ CA 42100 $ 6 36,150 $ 8 14,500 $ 9 84,525 $ 1 ,223,475

 SHASTA CA 39820 $ 4 24,100 $ 5 43,000 $ 6 56,350 $ 8 15,650

 SIERRA CA $ 4 24,100 $ 5 43,000 $ 6 56,350 $ 8 15,650

 SISKIYOU CA $ 4 24,100 $ 5 43,000 $ 6 56,350 $ 8 15,650

 SOLANO CA 46700 $ 4 31,250 $ 5 52,050 $ 6 67,350 $ 8 29,350

 SONOMA CA 42220 $ 5 95,700 $ 7 62,600 $ 9 21,800 $ 1 ,145,600

 STANISLAUS CA 33700 $ 4 24,100 $ 5 43,000 $ 6 56,350 $ 8 15,650

 SUTTER CA 49700 $ 4 24,100 $ 5 43,000 $ 6 56,350 $ 8 15,650

 TEHAMA CA 39780 $ 4 24,100 $ 5 43,000 $ 6 56,350 $ 8 15,650

 TRINITY CA $ 4 24,100 $ 5 43,000 $ 6 56,350 $ 8 15,650

 TULARE CA 47300 $ 4 24,100 $ 5 43,000 $ 6 56,350 $ 8 15,650

 TUOLUMNE CA 43760 $ 4 24,100 $ 5 43,000 $ 6 56,350 $ 8 15,650

 VENTURA CA 37100 $ 6 36,150 $ 8 14,500 $ 9 84,525 $ 1 ,223,475

 YOLO CA 40900 $ 4 88,750 $ 6 25,700 $ 7 56,300 $ 9 39,900

Call C G if you want to know conforming loan amount for any county in the

United States

https://www.carolingerardo.eaglehm.com

call  949 -- 784  -9699 

South Coast Plaza Office

Fannie Mae and Freddie Mac Maximum Loan Limits for Mortgages 

Acquired in Calendar Year 2017 and Originated

after 10/1/2011 or before 7/1/2007

(These limits were determined under the provisions of the 

Housing and Economic Recovery Act of 2008)

November 2016

TRID Tolerance Rules Test and Answers

TRID TEST

What fees can change 

Tolerances

TRID, or the TILA-RESPA Integrated Disclosure rule, aims to simplify and standardize mortgage disclosures for consumers. It also includes tolerance rules, which allow for some flexibility in the disclosed amounts compared to the final charges. Here are some examples of TRID tolerance rules:

10% Tolerance: This applies to most origination charges (Section A), services you did not shop for (Section B), and prepaids (Section F). It means the final charges can be up to 10% higher or lower than what was disclosed on the Loan Estimate. For example, if the Loan Estimate showed a $500 origination fee, the actual fee could be between $450 and $550.

Zero Tolerance: This applies to certain fees, such as government recording fees, taxes, and title insurance. These must be disclosed accurately on the Loan Estimate and Closing Disclosure.

Unlimited Tolerance: This applies to services you did shop for (Section C). This means there is no limit on how much the final charges can differ from the Loan Estimate, as long as you received a good faith estimate from multiple providers.

APR Tolerance: The disclosed APR on the Loan Estimate is considered accurate if it falls within a certain tolerance of the actual APR. This tolerance depends on the loan amount and whether the finance charge is overstated or understated.

Aggregate Tolerance: This applies to all fees in Section A, B, and F. Even if individual fees fall within their respective tolerances, the total of these fees cannot be more than 10% higher than the total disclosed on the Loan Estimate.

Timing Tolerance: The Closing Disclosure must be provided to the borrower at least three business days before closing. However, a corrected Closing Disclosure can be provided later if the changes are within certain tolerances, such as minor fee adjustments or interest rate changes due to market fluctuations.

These are just some examples, and the specific tolerances may vary depending on the type of fee and loan. It's always best to consult with a mortgage professional to understand how TRID tolerances apply to your specific situation.

 

What constitutes a loan application?

• Name
• Income
• Social Security Number
• Property Address
• Estimated Value of Property
• Mortgage Loan Amount sought

Any amount in the charges that cannot change (zero variation) charged beyond the amount disclosed on the LE will be charged to the consumer.

Select one:

True

False

 

The appraisal fee is what percent tolerance item?

Select one:

a. 0%

b. 5%

c. 3%

d. 10%What date does TRID become effective for applications?

Select one:

a. October 03, 2016

b. October 03, 2015

c. October 13, 2015

d. October 23, 2015

 

What does the Loan Estimate (LE) replace? (select all that apply):

Select one or more:

a. TIL

b. GFE

c. Cash to Close

d. HUD-1

 

The consumer must receive the Closing Disclosure (CD) no later than 3 business days before consummation of the loan.

Select one:

True

False

 

Which of the following charges can change without any tolerance limit (select all that apply)?

Select one or more:

a. Transfer taxes that are paid by the consumer

b. Homeowners Insurance

c. Prepaid interest

d. Amounts placed in Escrow/Impounds/Reserve

Applications taken prior to October 3, 2015 must continue to use TIL
Disclosure, GFE and HUD-1 settlement statement.

Select one:

True

False

 

The consumer has the right to request a revised Closing Disclosure (CD) one business day before consummation.

Select one:

True

False

Select the correct meaning for the acronym TRID.

Select one:

a. TRID-RESPA Integrated Disclosure

b. TILA-RESPA Integrated Document

c. TILA-RESPA Invoice Disclosure

d. TILA-RESPA Integrated Disclosure

What is the consummation date?

Select one:

a. The recording date

b. The disclosure date

c. The signing date

d. October 3, 2015

The Loan Estimate (LE) and the Closing Disclosure can be issued on the same day.

Select one:

True

False

 

 

 

 

•RED is Zero tolerance

Application Fee

•

Appraisal Waiver fee

•

Assumption Fee

•

Broker compensation

•

Commitment Fee

•

Doc Prep fee - for lender (note, mortgage)

•

Du Underwriting Fee

•

Escrow waiver fee

•

Lenders inspection Fee

•

Loan handling fee

•

Loan level price adjustments

•

Mortgage Broker Fee

•

Origination fee

•

Overnight, wire, courier

•

Paid by borrower

•

Points

•

Processing fee

•

Rate Lock Extension

•

Rate Lock Fee

•

Tax Transcript fee (4506T fee)

•

Underwriting Fee

•

Verification of Employment Fee

•

Warehouse Fee

•

Blue no tolerance fee

All other escrow deposits

•

Escrow deposit – homeowners ins

•

Escrow deposit – flood insurance

•

Escrow deposit – MIP/PMI

•

Escrow deposit – taxes

 

•

Blue no tolerance limit

Commission - Real Estate

•

Credit Life & Disability Insurance

•

Debt cancellation coverage

•

Debt suspension coverage

•

Homeowners Association and Condominium fees associated with transfer of ownership (optional)

•

Inspection fees not required by lender but paid for by borrower under real estate contract

•

Payments to Seller for purchasing personal property under RE sales contract

•

Title Insurance - Owner (optional)

•

Warranties for home appliances and systems (optional)

•

Appraisal Fee

•

Appraisal Management Company Fee

•

Attorney Fees –lender

•

Credit Report Fee

•

Flood Determination

•

Flood Monitoring Fee

•

Homeowners Association Certification fee

•

MERS Registration fee

•

Notary fees

•

RD guaranty fee

•

Subordination fee

•

Survey (required and selected by Lender)

•

Tax Monitoring Fee

•

Tax Status Research Fee

•

Termite inspection (lender selects)

•

Title - closing protection letter fee Upfront FHA MIP

•

Title Review fee

•

Transaction fee

•

USDA guarantee fee

•

VA Funding Fee

•

GREEN 10% Tolerance

Inspection Fee

•

Settlement or Closing Fee

•

Survey (Required by lender, borrower selects)

•

Termite inspection fee (borrower shops)

•

Title - underwriter portion of fee

•

Title Agents Portion of Title Insurance

•

Title Insurance – Lender

•

Title Search

•

Title services & Lenders title policy

•

Assignment Recording Fee

•

County deed stamps

•

Other recording fees

•

Revenue Stamps paid by Seller

•

Subordination Recording Fee

•

Earthquake Insurance (if required)

•

Earthquake Insurance (optional)

•

Flood Insurance

•

Homeowners Insurance

•

Interest – prepaid

•

LPMI (Lender Paid Mortgage Insurance)

•

Mortgage Insurance Premium (Paid at closing)

•

Real Estate Taxes

•

 

•

Tax Transfer Fee

 

One final type of fee subject to zero tolerance is transfer taxes. In general, transfer taxes are State and local government fees on mortgages that are based on the loan amount or sales price. Note that the name used under State or local law to refer to these amounts is not indicative of whether they are disclosed as transfer taxes or as recording fees and other taxes. With respect to transfer taxes, the Consumer Financial Protection Bureau has commented that those schedules are readily accessible and amounts don’t often fluctuate. Therefore, it is believed that creditors should be able to disclose transfer taxes accurately and not need any tolerance cushion.

 copyright Caroline Gerardo