As you likely know, in November 2013 the CFPB for the first time included a definition of “application” in Regulation Z as part of its TILA-RESPA Integrated Disclosures Rule (TRID Rule). Before then, Regulation Z had incorporated the definitions in Regulation X into its Good Faith Estimate requirements.
The definition it included in 2013 states that for purposes of Loan Estimates, Closing Disclosures, and Special Information Booklets, an “application” consists of the submission of six pieces of information:
(1) the consumer’s name,
(2) the consumer’s income,
(3) the consumer’s social security number to obtain a credit report,
(4) the property address,
(5) an estimate of the value of the property, and
(6) the requested mortgage loan amount.
In developing a response to your question, I would like to approach it by discussing a recent decision of the U.S. Court of Appeals for the 3d Circuit, which specifically considered the timing of disclosure in relation to information involving the property address. The case is Nelson v. Acre Mortgage & Financial Inc.
Nelson, a retired, disabled military veteran, contracted with Classic Quality Homes to buy a house and used Acre Mortgage to obtain a mortgage loan. Nelson sued Acre, alleging that it violated TILA and RESPA by failing to disclose all material terms, improperly representing that Nelson would not have to pay property taxes, failing to make a reasonable and good faith determination of Nelson’s ability to repay, and failing to provide notice of the transfer of servicing rights to The Money Source, the servicer of the loan.