02/21/2011
We are making a secured real estate loan to an estate to pay property taxes. The trust owns the property that will secure the loan and the son of the deceased lives in the property and pays rent albeit below market. The house is for sale and the proceeds will pay the note off. There is plenty of equity. The term is for one year and they would like to have the interest and principal due upon sale or 12 months. Is this covered by compliance regulations? Would you disclose?
02/14/2011
If an account is open in a trustee's name, for the benefit of another person: 1. Does the trustee have the right to spend the money for his own private needs. 2. If there are no trust papers, and the bank sets it up anyway, is the bank liable if the trustee spends all the money.
02/14/2011
A local attorney has informed one of our bank officers that the SAFE Act would require a lender to be a registered mortgage loan originator in order to close loans for lot purchases (land only). I haven't heard that in any of the seminars I have attended. Is this true?
01/31/2011
Do I have to put the address of the real estate being taken as collateral (primary residence) in the Fed box on the Preliminary Disclosure Statement or can I just put "I'm giving a security interest in real estate"?
01/17/2011
To comply with Section 311 "Risk Based Pricing Notices" of the FACT Act, we are opting to provide the credit score disclosure to applicants. For one-to-four family real estate transactions, does the Sec 311 "Notice to the Home Loan Applicant" replace the Sec 212 "Notice to the Home Loan Applicant?" Section 212 states the notice has to be provided with a Notice of Action. Section 311 states adverse action is an exception to the notice requirement. Should we provide the Credit Score Notice with the Notice of Action anyway?
01/03/2011
We are not a HMDA reportable institution. Our bank was under FDIC receivorship. We were a State Chartered Bank, and we are now a National Bank. Since we are not required to report HMDA at this time, are we allowed to gather GMI on the initial 1003 for a real estate loan, or is this a violation of Reg B?
11/29/2010
On real estate construction loans, do I have to show taxes and insurance amounts on the HUD 1A POC?
11/22/2010
On the new Good Faith Estimate and the HUD, since we are now escrowing on mobile homes, do we disclose and escrow the mobile home ad valorem taxes?
11/15/2010
Does Reg D apply to estate money markets the same as personal money market limitations on preauthorized debits/transfers?
10/25/2010
What documents are required for an open-end home equity line of credit?