02/05/2007
Are commercial loans secured with personal guarantees HMDA reportable?
02/05/2007
We have a customer who paid his principal down and would like to reamortize his payments with the rate and term staying the same. Are new TIL disclosures needed?
11/13/2006
When we do a consumer loan extension, does Reg Z apply and a new fed box need to be disclosed? We've previously used extension agreements for adjusting rates, exchanging collateral, moving maturity and payment dates. Our software recommends a new loan be done to comply with Reg Z and the fed box disclosure.
10/02/2006
A home loan application was completed on a consumer loan refinance on their dwelling and Credit Life Insurance was financed on the loan. Is the government monitoring information required or prohibited on the home loan application? (Is a refinance with cash out (ie credit life insurance) or cash out for personal use, medical, etc., subject to government monitoring information?)
06/19/2006
I have two flood certificate questions:<ol><li>Do you need to get a new certificate if you are refinancing a loan and giving additional funds, if you purchased one for life of loan? <li>Do you need to get a flood certificate if the property is going to be used for the construction of homes in the future with another loan?</ol>
06/05/2006
With the new definition of refinance loans being collateral driven only, does that mean that Agricultural Purpose loans that have a dwelling on them need to be reported as well? We have agricultural loans that involve 100-5000 acres where the dwelling is a very small portion of the property. Are these types of loans HMDA reportable when they are being refinanced?
03/27/2006
How would you treat the refinancing of a home improvement loan (no new money), where both the old and new loans are CD secured? A non-reportable HMDA refinance, or a reportable home improvement loan?
03/20/2006
If a borrower is refinancing their 2nd home (cashout), is it subject to Right of Rescission?
03/20/2006
I am a finance broker for several financial institutions, and have agreements in place to do business with them. We currently do financing and refinancing on chattel loans with several investors. My contract with one of the institutions states that I will not solicit any of their customers for refinancing. My question is as follows: Would it be breaking the Fair Lending or Fair credit Laws to deny someone the opportunity to refinance through my organization because they, who came to me direct, are financed with a company I do business with currently? I have a lender that is asking me to do this to my customer, and I feel like this is wrong and do not want to participate in this activity. Is this against the law? Where could I find information on this to prove to the lender that this is an improper activity, and is not treating the customer fairly and equally?
03/13/2006
I am refinancing a loan secured by a building that is partially commercial and partially residential. How do I determine if it is HMDA reportable? I know in the past we compared the square footage of the commercial portion to that of the residential. Can we still use that for determination?