For most covered U.S. mortgage applications, a lender must provide a Loan Estimate after you give it six pieces of information: your name, income, Social Security number, the property address, the property’s estimated value, and the mortgage amount you want to borrow. The lender generally has three business days after receiving all six to deliver the estimate or put it in the mail. A Loan Estimate shows expected loan terms and costs; it is not an approval.
The six pieces of information that trigger a Loan Estimate
Under the federal integrated mortgage disclosure rules, a creditor generally has a complete application—and the Loan Estimate deadline begins—once it has these six items. The CFPB’s Regulation Z disclosure rules specify the trigger.
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- Your name. Provide the name of the person applying for the mortgage.
- Your income. Report your income; supporting documents are not required just to trigger the estimate.
- Your Social Security number. The lender uses it to obtain a credit report. If you do not have an SSN, the CFPB’s official interpretation permits the unique identifier the creditor uses to obtain a credit report; a Tax Identification Number is one example. See the CFPB’s interpretation of the rule.
- The property address. Give the address of the property for which you are seeking the mortgage.
- An estimate of the property’s value. You can provide an estimated value; an appraisal is not one of the six trigger items.
- The mortgage amount you want to borrow. Tell the lender the loan amount you are requesting.
What you do not need to provide first
Verification documents
You do not need to submit a W-2, pay stub, or other income-verification documents just to receive a Loan Estimate. A lender may ask for documentation to verify your information after you tell it you want to proceed. Providing additional details voluntarily may help make the estimate more accurate. The CFPB explains this in its guidance, “Can a lender make me provide documents like my W-2 or pay stub in order to give me a Loan Estimate?”
A signed purchase contract
You do not need a signed purchase agreement to trigger the estimate. The lender needs the property address and an estimated value, but a contract is not among the six items. The CFPB addresses this in “What information do I have to provide a lender in order to receive a Loan Estimate?”
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When the lender must send the estimate
For a covered transaction, the creditor generally must deliver the Loan Estimate or place it in the mail no later than the third business day after receiving all six items. The deadline is tied to receipt of the complete six-item application, not to your submission of verification documents or a signed purchase contract. The CFPB’s Regulation Z disclosure provision sets this general timing requirement.
A Loan Estimate is not mortgage approval
The estimate is a disclosure of expected loan terms and costs, not a commitment to lend or a decision that your application has been approved. Underwriting and verification take place as the process continues. The CFPB’s consumer overview explains what the form does and when it applies: Loan Estimate and Closing Disclosure.
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Loan types that may use different disclosures
The six-item trigger described here applies to transactions covered by the integrated mortgage disclosure requirements; it should not be assumed to govern every housing-related credit product. CFPB guidance says borrowers do not receive a Loan Estimate or Closing Disclosure for reverse mortgages, HELOCs, manufactured or mobile-home loans not secured by real estate, and certain subordinate loans through homebuyer-assistance programs. Disclosure rules can differ by loan type. See the CFPB’s consumer guidance on Loan Estimates and Closing Disclosures.
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Compare estimates using the same loan scenario
Once you have estimates, request offers from multiple lenders and compare them on a like-for-like basis: the same loan amount, property, and other assumptions. Focus on the interest rate, monthly payment, closing costs, and cash to close. The CFPB says shopping among lenders can potentially save homebuyers $600 to $1,200 per year; that is a potential reported saving, not a guarantee for an individual borrower. See the CFPB’s homebuying guidance.
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- CONFIDENTLY AND EASILY SOLVE: Clients' financial questions whether they're buyers, sellers, investors or renters. Increase your perceived professionalism as a new agent, experienced broker or seasoned loan officer. Close more home sales and impress your clients with fast, accurate answers to all their real estate finance questions from PITI Payments to IRR, NPV and Cashflows
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- FIGURE OUT THE RIGHT LOAN: For your client at the press of a button for jumbo, conventional, FHA/VA, or even 80:10:10 or 80:15:5 combo loans; check to see if ARMs or bi-weekly loans, quarterly payments or if interest-only payments are the answer; giving your client more choices; easily perform what if loan or TVM calculations find loan amount, term, interest or PITI or PI payments
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