Most Popular Lending Content
Is email receipt for the LE sufficient?
01/01/2023
We mailed the borrower’s Loan Estimate and they emailed us that it was received, and they want to proceed with the loan. Can we act on this emailed notice?
Exclusion from Points and Fees
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?
Are Employee Loans ARMs?
12/25/2022
Regarding (possible) ARM loan disclosures and terms, we effectively give employees a lower rate on their loan while they are employed here. What we do is disclose the fixed contract rate and they pay those scheduled payments. The system however, is programmed with the lower discounted employee rate and the loan just prepays and when paid long enough, pays off early. If the borrower leaves our bank, we remove the discount from the system and revert to the contractual rate. The payment never changes except for the final payment which may then be less than scheduled. Would this be considered an adjustable rate mortgage? Is this an acceptable way to handle employee loans?
Are all deposits income for a loan?
12/25/2022
If the borrower receives funds as the rep payee for his disabled brothers, can that money be counted as income for the borrower when completing underwriting?
Military Lending Rules
12/25/2022
Hasn’t military lending been quiet this year?