11/01/2015
How do I treat multiple borrowers on the HMDA LAR and where is it
written?
11/01/2015
Regarding the Loan Estimate under Estimated Taxes, Insurance and Assessments: We were told that we had to estimate taxes, insurance including flood and other assessments In order to complete the monthly payment. How are we going to know if they are in a flood zone within 3 days of application with out running a determination? I would like to not incur that expense until we get back the intent to proceed.
11/01/2015
We have a loan application that was taken face to face. The LO marked the GMI sex box as female when the borrower was male. Obvious mistake. The loan closed without being corrected. We have had contradicting information from auditors and regulators that say that we report exactly what was put on the application and that we should report the correct sex as we know it was an error.... which way do we go here?
11/01/2015
How do lenders disclose specific Lender Credits on the Loan Estimate? My bank does NOT offer GENERAL lender credits for secured home improvement loans but we do not charge the borrower for a title search ($60) or for a flood report ($10). Which of the following ways do we disclose such SPECIFIC credits?
(1) The bank should itemize these fees on page 2 of the Loan Estimate and then show a Lender Credit of -$70 to offset these fees. Later, the Lender Credit row on the Closing Disclosure will be blank since these two specific credits would show under the column "Paid by Others." Thus, Lender Credits will be -$70 on the Loan Estimate but later blank on the Closing Disclosure.
(2) Since these two lender credits are specific and are equal to the fees the bank pays to the title company, the two fees would NOT appear on the Loan Estimate and Lender Credits would be blank on the Loan Estimate. However, the Closing Disclosure will itemize these two fees as "Paid by Others" with the Lender Credit row on the Closing Disclosure being blank.
(3) Some other way instead of option 1 or 2.
10/26/2015
Where should I list a verification of employment fee?
10/25/2015
We are trying to create an ARM loan and it will be on a 15-year note with rate changes every 5 years, basically changing twice. Is there a maximum ceiling rate/floor rate we can charge?
10/18/2015
A customer provided hazard insurance and there is a deficiency in the dwelling coverage. Is there a model letter available for deficient coverage amount to send to the customer?
10/18/2015
We have a customer who is refinancing his primary residence to purchase a vacant house and lot. Since we had a right of rescission with this loan the customer cancelled the transaction. Can we charge the customer for his fees incurred with the loan request?
10/11/2015
Is there a model letter that is available to send to borrowers to extend the offer to escrow for flood insurance on their loans, if the loan is still outstanding on 12/31/15?
09/27/2015
What disclosures are required for an interim construction loan?