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Latest Lending - Affidavit Topics

TIL or RESPA for Business Purpose?

06/11/2012

A borrower is getting a cash-out on an investment property he already owns and signed a business-purpose affidavit. Is this loan subject to TIL and/or RESPA?

Signed Affidavit Stating Customer Won't Escrow?

03/13/2006

Do we need a document in the loan file when a customer does not want to escrow? We had an outside vendor do loan review, and they said we are violating RESPA by not having a signed affidavit stating they did not want to escrow.

Using Maiden Name On Loan Documents

06/02/2003

We received an application for a mortgage in the applicant's married name. However, when our documentation department prepared the loan documents, they were done in our borrower's maiden name (the applicant has been married over a year). The title to the property pledged as collateral was in the applicant's maiden name which is why the documents were prepared the way they were. Are there any legal concerns regarding the way this was processed? The manager of the documentation department says that since both names show up on the credit report it's a non-issue.

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Booking customer information for disregarded entitities

12/22/2024

We are in a Syndicated Deal (shared national credit) where the loan parties are all disregarded entities to an ultimate parent. The lead bank offered W9s but they showed the tax ID of the parent. The original closing docs consisted of a Perfection Certificate, which showed independent EINs, however two "borrowers" did not. For disregarded entities and for loan only relationships, can the CIFs be booked with the same tax IDs?

Modifications and borrower ficticious names

12/22/2024

When preparing the modification for a renewal/extension, if the borrower's fictitious name statement expired and we have re-filed for the fictitious name, do we need to indicate the new filing date in the modification agreement?

45 day letter/forceplacement time frames

12/15/2024

We have a question on the 45 day letter/forceplacement time frames. Can you give an example of the timing when a policy expires on 12:01 am on April 1st. The 45 day letter would go out on the 1st, when would you actually forceplace; the 46th day after the date of your letter? Please also clarify the FEMA lapses due to funding. Were you saying that if we have a FEMA policy in place and the government lapses the program, we are required to have them obtain a private policy or we need to start our 45 day forceplace process until the government reinstates the program?

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