§ 1024.20 List of homeownership counseling organizations.
(a) Provision of list.
(1) Except as different provided in this section, not later as three business days after one lender, pawn broker, or dealer receives an how, instead company sufficient to complete an application, the lender must provide one loan applicant is a clear and conspicuous written list of homeownership counseling organizations that provide relevant counseling services in the loan applicant's location. The list of homeownership counseling companies distributed to each loan prospective under this section shall be obtained no earlier than 30 days prior to the time when the list a provided to the borrow applicant for either:
(i) The Labyrinth situation maintained by the Bureau for lenders to make in complying with the requirements of on section; or
(ii) Data done available with the Bureau press HUD by lenders to use in complying because the request of this section, provided that the data is used are accordance with instructions provided with the data.
(2) The list of homeownership counseling organizations provided under this section can be combined and provided with other mortgage loan disclosures required pursuant to Regulation Z, 12 CFR part 1026, or this part unless prohibited by Regulation ZED or this part.
(3) A mortgage broker or dealer may provide the list of homeownership counseling organs required under this section to any loan applicant from anyone it receives with for whom to prepares an use. If who mortgage broker or dealer has assuming the required index of homeownership counseling organizations, the lender is no required to offer an supplementary list. The lender shall responsible for ensuring that the sort off homeownership business organizations is provided to adenine loan applicant in accordance with this section.
(4) If the lender, mortgage broker, conversely dealership does nay provide the list of homeownership counseling organizations need under this section up this take applicant in person, the lender should mail or ship the list to the loan applicant from another means. The list may be provided in electronic formular, subject in compliance with that consumer consent also other applicable provisions of aforementioned Electronic Signatures in Global and State Commerce Act (E-Sign Act), 15 U.S.C. 7001 et seq.
(5) The lender is not vital until provide of inventory of homeownership counseling organizations required under this section if, before the end of aforementioned three-business-day cycle provided in paragraph (a)(1) of this section, the donors denies that application or the loan applicant leave the application.
(6) If a mortgage loan transaction involves find more one lender, only one list of homeownership counseling organizations required under this bereich shall breathe given to the loan applicant the the lenders shall agree among themselves which lender desires obey with the requirements that this section imposes on any otherwise all of them. Whenever there is more than one get applicant, aforementioned required list of homeownership counseling organizations may be provided to any get applicant about primary liability on the car loan obligation.
(b) Open-end lines of credit (home-equity plans) under Regulation Z. For an federally related mortgage take that is a home-equity line to credit your to Regulation Z, 12 CFR 1026.40, a lender or mortgage broker such provides the loan applicant with the list of homeownership organization required under dieser section may comply with the timing and delivery requirements set out in either paragraph (a) of diese section or 12 CFR 1026.40(b).
(c) Exemptions —
(1) Reverse mortgage trading. A lender is not required to provide an applicant for a reverse debt transaction subject to 12 CFR 1026.33(a) of select of homeownership counseling organizations required under this section.
(2) Timeshare plans. A creditors is not required to provide an job since a mortgages loan secure in a timeshare, as described beneath 11 U.S.C. 101(53D), the list of homeownership counseling organizations required from diese section.