10/18/2010
We qualify loan applicants based on gross income. Our credit officer says that tax free income from SSI or VA Disability is the gross income and shouldn't be grossed up. I say the income is net and should be. Who's right? If we don't gross tax SSI up, are we discriminating?
10/04/2010
Manufactured housing loans where the MH is permanently attached to real estate per FHA guidelines and where the MH titles have been vacated - these loans clearly are subject to RESPA. The lender is secured by a real estate mortgage as the MH is considered as being a part of the real property and is no longer personal property. Here is where some confusion lies: RESPA appears to be clear that MH loans are exempt unless the MH has been permanently affixed to the real estate, so what is the definition of permanently affixed? It used to be that for a MH to be considered as being permanently affixed to real estate, the MH had to be set up per FHA’s foundation requirements, tong, axles, etc., removed and titles vacated by the state. However, there is confusion in cases where a lender finances a manufactured home that has titles, is not affixed to the real estate per FHA permanent foundation requirements, but is simply set up per local requirements and where the lender takes a mortgage on the land where the MH is placed. A MH with land does not mean that the MH is permanently attached to the real estate, so the heart of the question is simple: if a lender takes a lien on a MH and also takes a mortgage (as additional collateral) on real estate where the MH is located, but not permanently affixed, is this covered by RESPA or not?
09/13/2010
I need to know where can I locate the regulation that instructs me on the specific disclosures that I need to gather in order to compile a disclsoure checklist for a compliance review. This would pertain to first lien residential mortgages for purchase and refinance transactions.
08/30/2010
Through an internal audit we found a real estate loan in which the preliminary APR was understated, so corrected disclosures were provided at closing. The issue is, the customer received the corrected disclosures at closing instead of three business days prior to closing. Is this a reimbursable violation?
08/23/2010
Even though a monthly payment is disclosed on early disclosures, are monthly payments actually required on a single pay note tied to residential real estate, or can all be collected at maturity?
08/09/2010
With regard to the new disclosures for higher education loans, I have a borrower who would like to borrower money to give to his nephew to pay for tuition. Is this considered an education loan, and would the disclosures be required? Our borrower is not the one going to school and the student is not the one that will be repaying the loan.
06/28/2010
What fees should be disclosed under Recording Fees on the truth-in-lending statement? Example, on a purchase, should the amount be the recording fee for the deed and the deed of trust, or just the deed of trust (to perfect the lien)?
06/21/2010
We have a business revolving line of credit secured by an Assignment of a Mortgage and Note. Do we need to check for flood insurance on the property that the mortgage is securing?
06/07/2010
What is the definition of Supervisory LTV? I find many articles on what they can do, but what is the actual definition?
05/31/2010
Is the new HUD settlement statement to be used in all real estate transactions, or only RESPA-related transactions with a GFE?