02/06/2012
I have a loan where the purpose is to purchase a residential dwelling. The loan is being secured by three other properties that does not include the property being purchased. Which property do I report on for HMDA?
01/16/2012
Do the provisions of the Servicemembers Civil Relief Act on maximum interest rate apply to a service member's non-owner occupied 5-family rental property?
12/05/2011
Notice to co-signer? If the debtor is the wife and the creditor is the financial co. does this mean the husband signs as the co-signer, because his name is not listed as a borrower?
11/14/2011
If we as the lender own the real estate that has two houses and is less then 25 acres, does RESPA apply when an applicant requests a loan on the owned real estate?
10/24/2011
Who does the right of rescission apply to? If a husband and wife own a home and the husband's mother lives with them but is not on the deed, would the mother have ROR if the house was being used as collateral on a car loan the mother was applying for?
08/29/2011
In reviewing the FAQs from HUD concerning Early Disclosures (GFE), a loan originator must issue a GFE no later than 3 business days after the loan originator receives an application or information sufficient to complete an application. Application is defined as the submission of a borrower's financial information in anticipation of a credit decision relating to a federally related mortgage loan, which shall include the following: (1) borrower's name, (2) borrower's monthly income; (3) borrower's social security number to obtain a credit report; (4) property address; (5) estimate of value of the property; (6) loan amount and (7) any other information deemed necessary by the loan originator. When we receive an application online, it does not contain all the documents listed in our "application" (sales contract). Are we still required to send the GFE based on the information received that is considered "sufficient to complete the application".
08/08/2011
Are we required to send any type of notification to our members once they have paid off a signature loan? Typically, we send a copy of the security agreement marked paid. Is this considered a courtesy or is it a requirement?
07/18/2011
I recently attended a Harland Laser Pro Regional Conference. It was indicated that the SAFE ACT states that mortgage lenders must register for a NMLSR. Does this include loan officers that just take Home Equity Loan and HELOC applications?
07/18/2011
A Loan term is for 35 months. On the HOEPA Worksheet, do I select the two year Treasury Security Term or the three year?
05/30/2011
I am reviewing a loan that was done for our City to purchase equipment. I'm wondering what documents they need for this loan, because we do not have a checklist, and there are no promissory notes, security agreements, or joint intent.