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Latest Compliance - Real Estate Lending Topics

Purchase/Renovate Home: Bridge Loan and RESPA?

09/27/2015

Is this a bridge loan? The loan is to purchase and renovate a home, only using the home being purchased for collateral. Term 180 days, closed -end line (for improvements). The loan will be paid off with the sale of current home. Does RESPA apply?

Existing Balloon Loans Maturing After 1/9/16

09/20/2015

The ability for small banks to make balloon loans is set to expire on 1/9/16. If we have existing balloon loans maturing after 1/9/16, can we modify the balloon loan and keep it as a balloon loan or will we still have to convert that loan to an ARM or loan term fixed rate product? We would not be extinguishing the note and not initiating a new loan.

Does RESPA Apply to a Mortgage on over 25 Acres?

09/07/2015

I am making a loan on real estate and I am taking a mortgage on two tracts of land. One tract consists of 30+ acres and the other consists of 1.04 acres and a primary residence. Would this loan be subject to RESPA since I am taking a mortgage on over 25 acres?

Reviewing a Loan to Possible Purchase

08/31/2015

If the initial GFE did not list the name, address & phone number of originator can they do a revised one and be okay or will they have to use $0.00 on the HUD-1 comparison and pay the borrowers the difference between $0.00 and the actual cost?

How to Report Loan on LAR

08/31/2015

I have read conflicting discussions about how to report a loan on the LAR. We have a loan secured by the primary residence, proceeds used to purchase a piece of rental property. Which property should we report?

Redisclose If Within 3 Day Disclosure Period

06/28/2015

A lender sent initial disclosures today after taking mortgage application. He realized after the fact that he didn't enter two fees. Since he is within the 3 day disclosure period, can we re-disclose?

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Old account, New Account Hold

08/13/2023

If a credit union allows a member to establish a new transaction account after they pay back the amount owed from a closed, charged off account, would the newly established account be subject to Reg CC's new account definition? This would mean applicable checks deposited into that account to would be subject to new account holds. Could we determine that the member's actions causing the the charge-off means they forfeit the benefit of the previous account for Reg CC, and this newly opened account would be a "new account" holds under Reg CC, or would this be a misapplication of Reg CC's new account exception?

Oral Disputes Allowed

08/06/2023

Are financial institutions required to have a cardholder sign a dispute letter when filing a Reg E dispute on a debit card, or can a dispute be filed verbally and with no signature?

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