05/02/2011
Does an initial escrow disclosure have to be mailed out with the early disclosures for residential property?
05/02/2011
A 120 day single pay loan has the purpose of home improvement and to sell. Would the loan be subject to RESPA or is it exempt because it falls under temporary financing?
04/25/2011
Do the Preliminary Truth in Lending and Good Faith Estimate (RESPA) forms need to be signed by the consumer and returned to the financial institution?
04/04/2011
We have a borrower who has in recent months divorced from his wife, and had deeded the property entirely to her several months ago. The deed was originally in both names and the mortgage was therefore signed by both borrowers, but the husband was the only borrower on the note. At this point the wife would like to assume the note, as she's been making the mortgage payments herself since long before the property was transferred solely into her name. Neither borrower qualifies for a regular refinance, so an assumption seems to be the only way out of the note for the husband. What disclosures need we present to the wife along with the assumption agreement in order to complete this transaction? Do ROR, TIL, RESPA, and HOEPA apply?
03/14/2011
Our bank has chosen to give early RESPA disclosures on all construction loans in an effort to minimize any slipping through that were not exempt. Can we be cited for errors that may be on these documents even though the documents were not required by the Reg and we have made this our policy?
03/14/2011
Can I modify a first mortgage to include balance owing on a second mortgage?
02/21/2011
We are making a loan to a consumer to purchase a residence and to do some renovations. The loan will be for one year until the improvements have been made and then it will be financed on the secondary market. Is this considered a RESPA loan and will need all the early disclosures.
02/21/2011
We are making a secured real estate loan to an estate to pay property taxes. The trust owns the property that will secure the loan and the son of the deceased lives in the property and pays rent albeit below market. The house is for sale and the proceeds will pay the note off. There is plenty of equity. The term is for one year and they would like to have the interest and principal due upon sale or 12 months. Is this covered by compliance regulations? Would you disclose?
02/14/2011
With regard to the risk-based pricing regulation, when our mortgage department does a mortgage prequalification, a credit report is pulled, but an application has not been made. Since an application has not been made, I am assuming a credit score disclosure (this is the method we choose to use) does not have to be provided. Is this correct?
01/24/2011
Does RESPA apply to a loan that is made to a customer who is purchasing a lot and mobile home used for rental purposes? The primary source of income is from other employment, not from the rental income.