10/08/2023
Could you provide a copy of a standard Modification Agreement? We want to extend a Construction loan for another six months.
10/01/2023
We have a HELOC secured by a home in a flood zone. We are holding a junior lien behind another lender. How much flood insurance is needed?
09/24/2023
Is flood insurance still required on a loan where the balance has fallen below $5,000?
09/17/2023
Are we required to monitor for flood compliance after a loan is made?
09/17/2023
Can you do a HELOC on a home a customer is buying? The first draw will be to complete the purchase.
The house has a purchase price of $90,000 and they need to borrow $30,000. They don't want all the expenses and hassle a regular mortgage entails. They want to just take out a HELOC on that new home. A HELOC is not TRID so we would not need all the documention either.
09/10/2023
If we are charging a modification or change in terms fee, and call it an administrative fee on a consumer dwelling secured loan, and the LOS prints and customer signs the document, I understand that this is allowed because the modification is not considered a refinancing under Reg Z. However, I am being asked how charging a fee payable to the bank does not affect the APR and require new disclosures?
08/27/2023
Long ago, I was told by our credit report provider that we can't charge for credit updates for our mortgage customers relating to originating a mortgage. I see that FCRA prohibits charging for rescoring but if a tradeline needs to be updated or a non-reporting account needs to be verified, can we do a changed circumstance and charge the customer?
08/20/2023
Generally a bank charges a set flood certification fee around $18.00. It is identified as flood certification on the Loan Estimate and Closing Disclosure. No other flood fees are assessed. The actual flood amount charged is $13.25. The FDIC has never had a problem with this. Is that markup a violation of RESPA or another requirement?
07/30/2023
If borrower rescinds a loan, what loan documents must be kept and how long does the bank need to keep them?
07/23/2023
This question is on rescindable mortgage transactions. Let's assume one borrower comes in to sign all the loan documents today, with a coborrower scheduled to sign later that same day. But that second borrower doesn't come in until the following day to sign. Does rescission period start the next day after all those signatures were made and all documents have been signed, that being consummation?