07/01/2002
Is there a simplified summary of the current, pending HOEPA changes/regulations, pertinent to a mortgage nondepository lender?
07/01/2002
We are auditing home improvement files. Here is the situation: An advancing line of credit is issued on a home improvement loan secured by the dwelling for approximately 3 months. A renewal (not a refinance) of the loan is done at the completion of the improvement. The changes to the loan agreement consist of payments and maturity date. The interest rate remains the same.<ol><li> How and what do we disclose on an early TIL when the loan opens at a zero balance and no advance dates or amounts are known?<li>If so, what do we disclose on the renewal?<li> Can you point us to the part(s) of Regulation Z that addresses this situation?</ol>
02/04/2002
Where can I find a mortgrage calculator that will tell me how much my interest-only payments would be if I choose that option?
01/01/2002
Compliance isn't enough. Consumers need help. You can help them. By helping consumers, you provide better service and make your institution more valuable to the consumer.
11/05/2001
I have a question about late payment interest (not a late fee). Example: grace period 10 days payment due 01-01-01 payment paid 01-12-01 Would most lenders charge the regular interest due on the payment plus 11 days of extra "late" interest at the current interest rate of the loan? If they have a fee, say a set percentage of the loan payment, would most lender still charge the extra "late" interest too?
10/01/2001
I have a question about late payment interest (not a late fee). Example: grace period 10 days payment due 01-01-01 payment paid 01-12-01 Would most lenders charge the regular interest due on the payment plus 11 days of extra "late" interest at the current interest rate of the loan? If they have a fee, say a set percentage of the loan payment, would most lender still charge the extra "late" interest too?
09/27/2001
(The SCRA amends/rewrites the SSCRA)
07/16/2001
02/05/2001
Regarding RESPA: I need to know what is the "proper" way to base fees on mortgage loans so that we do not violate any laws. Is it proper to base "points" (we are the mortgage broker in these cases) on the amount of the loan request? I think it is, instead of based on the interest rate. For example: Up to $150,000------1% $150,000 to $300,000------.75%Over $300,000-------.50% I think that is a safer way to price, rather than basing the fee on the interest rate (higher rate = higher fee)
01/15/2001
I am reviewing an Adjustable Rate Mortgage initial disclosure and I do not find a statement that the interest rate will be discounted or a statement that the loan contains a demand feature (the Note does contain a demand feature). I am wondering if both of these disclosures are required on every initial ARM disclosure or only loans that have an interest rate discount and a demand feature.