09/15/2014
I have a loan located in a flood zone. The appraisal is $105,000 with a $102,000 land value leaving the one building on the site a value of $3,000. I know flood insurance is not required on loans of $5,000 or less and a term of one year. Is there anything in the regulation that has a threshold for the building's value? If so, what is that value?
09/15/2014
Do mortgage loans follow the sames rules/regulations as checking accounts in regards to offering a cash or gift card when an account is opened. For example, could we book a mortgage with up before 12/31/14 and receive a $100 Home Depot gift card? Does this violate anything, and if not, what kind of disclosures would have to be paired with such a statement?
09/08/2014
Borrower is building a camp on pilings and flood insurance is not available until elevation is determined. Can any funds be issued before flood coverage is in place?
08/25/2014
What are the new amendment regulations for the SAFE ACT going forward?
06/23/2014
If we originate a reportable loan and subsequently sell it, servicing released, is it reportable on our HMDA LAR?
06/16/2014
Our bank is financing the purchase of a home. Buyers are currently renters and are now purchasing from the estate. Buyers do not have the required 20% down payment so they are entering into a second mortgage loan with the Sellers/Estate.
The initial disclosures did not mention the $30.00 mortgage recording fee for the mortgage the Buyers and Sellers will have between them.
Do we have to re-disclose because we did not list the private party loan expenses?
06/09/2014
Does the homeownership counseling notice need to be provided on open-end home equity lines of credit? This is a RESPA requirement, and our HELOCs are not subject to RESPA.
06/09/2014
Regarding the new ECOA Valuation Rule that amends the appraisal provision of ECOA's Regulation B. Would it apply to home builders? I can't find anything in the regulation that it wouldn't.
06/09/2014
We are having a debate regarding ATR and verifying employment with pay stubs. The reg states you may use third party records and the definition of a third party in the regs state a document or other record prepared or reviewed by an appropriate person. Is using the most current pay stubs acceptable as verifying employment?
06/02/2014
Where can I find a listing of escrow vs non escrow states?