Indiana Origination Reference Guide
- Kacey Olson (Unlicensed)
Owned by Kacey Olson (Unlicensed)
| Citation | Topic | Requirement |
| Real Estate Appraisals / Ind. Code Ann. §24-5-23.5-8 | Homeowner Protection Notice | Must be on a form prescribed by the homeowner protection unit and must be provided not later than 3 business days after receiving a completed written application for a mortgage loan from a borrower or prospective borrower. There are 2 versions of this promulgated form depending on whether the transaction is applicable to a Closing Disclosure, or a HUD-1. |
| Loan Brokers Act / Ind. Code Ann. §23-2-5-9 | Loan Broker Agreement | A loan broker must provide a written contract for loan brokerage services which must be signed by the contracting parties within 3 business days of the time of an application for a loan. The loan broker must provide a copy of the signed contract to each of the other parties to the contract at the time it is signed and the original must be placed in the file of the borrower or proposed borrower. |
| Home Loan Practices / Ind. Code Ann. §24-9-4-1 | Loan Product Choice Disclosure | A lender may not include a prepayment penalty fee in a high cost home loan unless the lender offers the borrower the option of choosing a loan product without a prepayment fee. The terms of the offer must be made in writing and must be initialed by the borrower. However, in no event may a lender contract for or charge a prepayment fee or penalty with respect to a high cost home loan, or the refinancing or consolidation of a high cost home loan, that: (1) is closed after June 30, 2009; and (2) has an interest rate that is subject to change. |
| Mortgage Lenders and Originators Regulations / Ind. Admin. Code tit. 750, r 9-4-1(b) | NMLS Unique Identifier | The NMLS unique identifier of any person originating a mortgage transaction must be clearly shown on all mortgage transaction application forms and any other documents as required by the Department of Financial Institutions. |
| Home Loan Practices / Ind. Code Ann. §24-9-4-11 | Notice to Borrower | A lender may not make a high cost home loan unless the lender has given this notice, in writing, to the borrower not later at least 3 business days prior to the close of the loan. |
| Uniform Consumer Credit Code / Ind. Code Ann. §24-4.5-3-202(2) | Optional Insurance Disclosure | Lender may contract for and receive an additional charge for consumer credit insurance providing life, accident, unemployment or other loss of income, or health coverage, if: (1) the insurance coverage is not a factor in the approval by the lender of the extension of credit and this fact is clearly disclosed in writing to the borrower; and (2) in order to obtain the insurance in connection with the extension of credit, the borrower gives specific affirmative written indication of the desire to do so after receiving a written disclosure of the cost of the insurance. |
| Uniform Consumer Credit Code / Ind. Code Ann. §24-4.5-3-202(2) | Right to Choose Insurance Provider | A lender must furnish a clear and specific statement, in writing, to a borrower identifying the cost of any property insurance obtained from or through the lender, and stating that the borrower may choose the person, subject to the lender's reasonable approval, through whom the insurance is to be obtained, or the insurance cost will be considered a loan finance charge. |
| Uniform Consumer Credit Code / Ind. Code Ann. §24-4.5-3-606(1) | Solicitation of Loans Using Negotiable Check | A lender soliciting loans using a negotiable check, facsimile, or other negotiable instrument that may be used by a consumer to activate a new loan must disclose the following: "This is a solicitation for a loan. Read the enclosed documents before signing this agreement." This notice must be printed in at least 10-point type and must appear conspicuously on the offer. |