05/03/2010
Is an Early Truth in Lending disclosure required on an owner occupied one-to-four family purchase that includes over twenty-five acres of property?
04/12/2010
Can you tell me which loan documents are required by law to be signed by the borrower/borrowers?
01/25/2010
I have a question regarding the three day wait after giving a customer a TIL. Our customer applied, and we had her sign all early docs. The only change in fees from the early docs is a $10 increase in Title Insurance Premium. Do we need to issue a new GF/TIL and wait an additional three days, or is there a certain allowance we have for situations like that? Also, once we receive the Final HUD from the Title Co., if fees are changed, do we have to reissue and wait an additional three days?
10/26/2009
At a grand opening or moving project, we would like to use a prize wheel. The prize wheel would only have items that range in value from $1.00 to $25.00. The $25 items obviously being the single panel on the wheel. If anyone who spins the wheel is guaranteed some specialty object or prize, can we use it at an event? In other words, there would be no “Lose Turn” or “Bankrupt” as seen on TV. Prize wheel gifts will be changed on a regular basis. And, in order to be able to spin the wheel you have to bring in the direct mail piece. No account existing or new account is necessary in order to participate. Is this a problem?
10/05/2009
When does the new seven day waiting period for real estate loans begin? Is it the date we put them in the mail or the date the customer receives the TIL?
10/05/2009
If we can't close on a loan until seven business days (relative to the Reg Z Early Disclosure rules that were effective July 30, 2009) after the application and disclosure date (at the earliest), do we need to add an additional three days onto that for loans with rescission?
09/21/2009
Concerning the latest changes in Reg. Z with Early TIL Disclosures, which of the following examples would be correct in accordance with the seven day waiting period before consummation? <ul><li>Application received on Monday. Deliver early TIL and give three days for delivery by mail (Thursday). Loan can be originated on the following Monday. <li>Application received on Monday. Deliver early TIL and give three days for delivery by mail (Thursday). Loan can be originated seven days from the expected day of delivery, so the loan could not originate until the following Thursday.</ul> We are currently waiting ten days from application just to be certain, but I would really appreciate a clarification.
08/31/2009
Does a bank have to provide a billing notice for closed-end loans, and is there a requirement to provide a periodic statement to identify payment transactions on closed-end loans?
12/15/2008
Do we need to be concerned if we do not receive a notice of intent to apply for joint credit for internet based loan applications? Our current loan applications have a separate check box to be initialed or this document is signed independently of the loan application.
06/30/2008
If loan documents are sent to a borrower via Fedex, can the Right of Rescission period arbitrarily be extended to account for mail time or must the dates span three business days from date of execution to date of rescission expiration?