01/18/2010
I have a real estate transaction with a buyer and seller. We have prepared the TIL and the disbursement disclosure. My processing department has put on the buyer's documents that the proceeds of the loan will be paid to the seller’s bank in the amount of $51,094.34, and to the seller in the amount of $8,905.66. These amounts totaling $60,000.00 Do I itemize these amounts on the TIL to the buyer, or do we just show a total amount of $60,000 to the seller. Compliance is telling me that it should be itemized to the buyer, and I disagree.
01/11/2010
With MDIA, the regulation states in section 226.17 that early disclosures are required if the APR changes by more than 1/8%. Does the word "varies" indicate upward only or both upward and downward movement in APR?
01/04/2010
We have never charged a document preparation fee in the past, but are thinking of doing so in the future. What are the compliance guidelines that go along with a document preparation fee? Are there any disclosures involved?
01/04/2010
Currently we are redisclosing when the APR is out of tolerance, either the .125 for fixed rate loans or .25 for adjustable rate loans (either up or down). Please explain to me when we have overdisclosed and are not required to send a new TIL?
09/21/2009
Before we force place flood insurance, we verbally notify the customer. I realize this leaves no documentation to prove we notified them, but that has always been our practice. The examiner is saying that the notice must be in writing. We disagree, as the regulation only says notify. Other places in the regulation it specifies a written notice for other things, but it does not say written here. Can you give me something to back up our position that this is not a violation? We do not use the MPPP, which does use written notifications.
09/14/2009
Regulation B - for business loans (all sizes) or commercial real estate loans (CRE), are we required to have a credit decision (approved, denied, or counter-offer, etc.) within 30 days after receipt of a completed package, same as for consumer credits?
08/31/2009
A customer dies and the executor of estate changes certificate of deposit to a CD titled: The Estate of Deceased Customer, then wants to cash in the CD before maturity. Can we charge an early withdrawal penalty? I know if the CD had still been in deceased's name and social we would not charge a penalty.
07/13/2009
We have issued a commitment letter on a real estate related loan. The applicant now wishes to withdraw. Is the loan a withdrawal or approved not accepted? Is a denial notice required?
07/13/2009
We require that our members have an escrow account to pay their real estate taxes, homeowners insurance and PMI bills. When a member pays off his first mortgage, are we allowed to deduct the escrow balance from the payoff amount or do we have to refund the balance of the escrow account to the member? We have attended compliance seminars that advise us to refund the balance to the member however, our system is set up to deduct the escrow balance from the payoff amount.
06/08/2009
I need information regarding the rules for appraisals. We were told that we need a new appraisal on every real estate transaction we do, or we have to have some type of third review. Can you please let me know where I can find this information?