12/13/2010
Can you provide an example "goodby" letter (selling our loan to another lender)? What Reg dictates the format for this?
11/15/2010
How do I determine the amount to credit a customer when my charges have exceeded the 10% tolerance? For example, the GFE showed $957 and HUD-1 was $1,407.85 - difference $450.85
11/08/2010
On the GFE, the lender discloses an origination charge that the borrower will have to pay. However, before closing, the bank decides to cover this fee for the borrower. Would this credit from the lender go in the 200 series on page one of the HUD, or would it be shown as a credit for the specific interest rate chosen on line 802? My concern is that we are not giving the credit based on the interest rate chosen, simply as a courtesy to the customer.
11/01/2010
We are refinancing an in-house loan. The borrowers currently have an escrow account. Is it okay to list the current escrow balance as a credit on the new HUD?
10/18/2010
The amount in Block 4 of the GFE is $60. The actual amount in Line 1101 on the HUD is $125. However, on the comparison of the GFE to the HUD on the last page of the HUD, the amounts listed for GFE Block #4 and HUD-1 Line 1101 do not agree to either document. The borrower chose a closing attorney that is not on the bank's approved list. Does the fact that the closing attorney was not on the approved list have any implications on the incorrect tolerance calculation on the last page of the HUD, or on the fact that the tolerance was violated? Does the fact that the attorney was not on the bank's approved list have any impact on any on the situation at all?
10/11/2010
Where does the mortgage document preparation fee go on the GFE and HUD if an attorney prepares the mortgage for our bank?
10/11/2010
We have a refinance loan (paying off a different mortgage, and they are refinancing with us). During the application process, there was a borrower and a co-borrower, but the co-borrower was to be removed because his credit score would have required that the borrower pay points for credit risk. Now, the loan is stated to be just a single applicant loan, but both borrowers are on the signed Deed of Trust (DOT)(Mortgage). They are listed and have signed the Final Truth in Lending and the Final HUD Settlement Statement. The co-borrower's name was still provided at closing and added to the closing documents almost fifteen days after the co-borrower was to be removed. HMDA also reflects the loan to be a single applicant loan. The final application has been signed by both parties, but the co-borrower's name was not disclosed on the final application; the co-borrower just added a signature. In the file, there is only a Right of Rescission (ROR) for the primary borrower, but the file indicates to us there should be a co-borrower also, due to both borrowers being listed and having signed the DOT. The closer failed to remove the co-borrowers information from the final closing documents. There are some documents that only have the primary borrower disclosed. Should there be a ROR for the co-borrower since they are both listed on the DOT and all the final closing documents with both signatures?
08/16/2010
A loan is modified from a HELOC to a fixed rate second mortgage. Is a TIL disclosure to be given to the borrower?
07/19/2010
Would a settlement/closing fee from the title company be a pre-paid finance charge? I say no, but another bank officer says yes. Please advise. Also, using the new GFE/HUD, if we are doing re-fi of an existing loan, using the original flood and credit report, would it be necessary to still show fees for those services, but show POC? Again, I say no, but other officer says yes.
07/19/2010
Does RESPA apply to HELOCs under new rules for 2010?