03/31/2024
Is there a specific recordkeeping requirement for a lender/credit union to keep mortgage and home equity rate sheets? If there is not a reg, is there a best practice?
07/09/2023
What Interest accrual method used on consumer loans?
06/11/2023
If a lender is doing a cash-out refinance on a residential mortgage loan, can they include the accrued interest into the new loan, or must the borrower pay those out of pocket?
12/25/2022
We have a builder in one of our markets who is the seller on one of our transactions. He wants to pay to buydown for the borrowers interest rate. This would cause us to go over the points and fees threshold. My question is, would a seller paid amount to take the rate down be exempt from the points and fees calculation?
05/22/2022
What documentation or approval is needed to be able to advance interest payments on a construction loan? For monthly payments is it allowed to draw that month's payment from the available credit balance?
04/12/2020
If a mortgage loan is refinanced, are we required to report points on the 1098?
04/05/2020
XYZ is our service provider for mortgage loans. They are telling us that there is no way to split out the daily interest to only calculate it based on the initial draw at closing. The system is going to calculate interest owed on the total available balance of the HELOC.
Our core provider cannot charge prepaid interest on the full amount of a HELOC, just the total of the first advance. So they are both different and it does not seem permissible to charge a customer money on something they have not borrowed yet.
Please let me know if XYZ can even accrue on the full amount?
01/27/2019
We have a customer with whom we charged off a loan and interest accrued. The principal balance is now paid and the customer is paying the interest. Can we charge interest on the interest balance of a charge-off loan?
02/11/2018
On a renewal loan (a loan that has matured that is already on the books),. can you finance the unpaid interest that has accrued on the loan you are renewing? What is the answer if you change the loan number and if you don't if there is a difference. I have received conflicting answers on this and would like to know if it is a violation if you roll the unpaid interest in on a note that you are renewing.
11/26/2017
Once the principal is paid on a charged off loan, is it best practice to collect the interest first or any fees associated with the charge off?