Most Popular Lending Content
HMDA LAR-Residence or Investment
02/13/2022
We are doing a new loan to refinance an existing loan at another bank. The borrower owns the home and the co-borrower lives in the home. The borrower rents to his son. For HMDA purposes do we consider this an investment property or primary residence? To the borrower it is investment property but the co-borrower it is primary residence.
HMDA Purpose Help
02/13/2022
What is the HMDA purpose classification when refinancing a construction loan and converting it to permanent financing - purchase or refinance?
Loan Assistants and Customers
02/06/2022
When would a loan assistant interact with a customer?
Reg Dictating Interest Basis for a Second Mortgage
02/06/2022
What regulation dictates the interest basis for a second mortgage?
Adding Bank to Flood Policy as Loss Payee
02/06/2022
Does a bank need to be added to a flood insurance policy as loss payee if they are making a 3rd lien mortgage loan for home improvement? In this case the 1st & 2nd lien loans have larger balances than the required minimum of ($250,000) so our bank may not see payment since balances for 1st & 2nd liens are larger than flood insurance value. Does the FDPA require the bank to add themselves as loss payee even though they would not see payment in the event of a claim?