This form is used by a loan broker when arranging a mortgage, to disclose all estimated settlement charges the borrower will incur on closing.
Your use of RPI Form 204-5
New CFPB forms
Beginning October 3, 2015, the RESPA lender provides the buyer with:
- a Loan Estimate of all mortgage terms quoted by the lender within three business days of the lender’s receipt of the buyer’s mortgage application [See RPI Form 204-5];
- a special information booklet published by the CFPB to help the buyer understand the nature and scope of real estate settlement costs within three business days after the lender’s receipt of the buyer’s application;
- a Closing Disclosure, which summarizes the “final” mortgage terms and details, provided by the lender at least three days before the consumer closes on the mortgage [See RPI Form 402]; and
- a list of homeownership counseling organizations.
If the buyer is arranging financing through a mortgage broker, the broker, not the lender, provides a copy of the special information booklet to the buyer.
However, the booklet does not need to be given to the buyer if the mortgage funds:
- the refinance of an existing mortgage;
- a closed-end mortgage in which the lender takes a subordinate lien;
- a reverse mortgage; and
- any federally related mortgage used to fund the purchase of other than a one-to-four unit residential property.
Revision history
Form navigation page published 12-2015.
Last revised 10-2014.
