CFPB TRID Sec. 6 - If the six pieces of information exist in the creditor’s system or its file, does that trigger the requirement to provide a Loan Estimate?

Compliance > Regulation Z - TILA / TRID Specific > Loan Estimates
Q:  If the six pieces of information exist in the creditor’s system or its file, does that trigger the requirement to provide a Loan Estimate?
 
A:  No. The obligation to provide the Loan Estimate is only triggered upon submission of the six pieces of information for purposes of obtaining credit, and the information is not deemed submitted simply because it exists on a creditor’s system or in its file.
 
For example, if the consumer starts filling out an application online, completes and saves the six pieces of information required, but does not submit the application, the obligation to provide a Loan Estimate is not triggered.
 
 
This Loan Estimate / LE information can be found in the CFPB's TILA-RESPA Integrated Disclosure rule compliance guide - http://www.consumerfinance.gov/regulatory-implementation/tila-respa/
 

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