02/16/2025
We have a situation where a customer owns a Texas property which is their homestead, and the only property they own. They are purchasing a home in Kansas and want to do a bridge loan for this purchase where by a lien is taken on the Kansas property and an additional collateral deed of trust is taken on the Texas homestead property. Since the deed of trust on the
additional collateral does not become valid until the Texas property ceased to be homestead property and the property being purchased is not in Texas, is the lien on the additional collateral valid?
02/16/2025
When reviewing a loan for CRA credit, should we use income from form 4835 (Farm Rental Income and Expenses) as part of the gross annual revenue? Per the customer, rents in FYE 2022 are from leasing out the rice ground as they did not farm it themselves in 2022 due to water shortage.
02/09/2025
If an extension is built into a Security Agreement for a construction loan allowing a 6-month extension, would this constitute a MIRE event for a flood determination? The property is in a flood zone and the borrower does have flood insurance.
02/09/2025
I have a loan that will be secured by a mobile home only. Will this be considered a HMDA reportable loan?
02/02/2025
Can you please point me to the Fannie Mae definition of an "early payment default" in the Fannie Mae guide? I haven't been able to find the section in the guide that tells the specific number of months.
02/02/2025
Our management team wants to charge a Technology Fee on mortgages to recoup a portion of the cost of our technology costs (things like our LOS, POS, and verification services). The want to make it a blanket fee of around $275. I cannot seem to find any specific regulatory guidance on what a "Technology Fee" can include, but I am unsure whether we can charge to recoup the cost for tools we use for processing. Please advise!
01/26/2025
Is the Military Lending Act disclosure required on loan renewals? Does it have an expiration date of when it should be pulled? For example, if the loan was prepared in October, but didn't close until February would I need to pull another MLA status report?
01/26/2025
We have a commercial loan to an LLC for a purchase/construction loan for 18 months. the loan will be paid off when the property is sold. would this be HMDA reportable? if so, would we report this as a purchase?
01/12/2025
Currently our Cascade Alerts only provide that a customer did an application for a Mortgage or Home Equity at another bank, but does not provide any details as to what they applied for. If we were to utilize an option with Cascade Alerts on our Mortgage and Home Equity customers where we would be able to know what type of loan the customer applied for at another bank (Mortgage or Home Equity), what would we then be required to provide disclosure wise to the customer?
01/12/2025
I have a customer application for a home loan to be used for home improvements. We have run the credit report and approved the application, and she has signed the intent to proceed. We just got back the appraisal.
Now, she has says that her contractor may be 5-6 months away from beginning her project and she wants to wait until then to do the loan. Am I able to let this sit that long? How long can we sit on this same application? I've never had something like this
happen before.