Most Popular Lending Content
Is your institution one of the 1,700 new HMDA reporters? Start here.
12/15/2024
Are you one of the 1,700 HMDA reporting institutions that was required to start collecting and reporting data ? Here’s where to start.
45 day letter/forceplacement time frames
12/15/2024
We have a question on the 45 day letter/forceplacement time frames. Can you give an example of the timing when a policy expires on 12:01 am on April 1st. The 45 day letter would go out on the 1st, when would you actually forceplace; the 46th day after the date of your letter? Please also clarify the FEMA lapses due to funding. Were you saying that if we have a FEMA policy in place and the government lapses the program, we are required to have them obtain a private policy or we need to start our 45 day forceplace process until the government reinstates the program?
Life of the loan
12/15/2024
What does the phrase “life of the loan” refer to?
TRID Question
12/08/2024
We closed a refinance transaction on Monday and gave the 3 day right of rescission. The loan was for $250,000 and is a 15 year. This morning he contact us and they are starting to worry about the payment amount on the 15 year. They are asking if they can pay down $50,000 and change the term to a 30 year. We have not ever had this happen. Our question is does this trigger then to use the 3 day and cancel the transaction and start over or do we fund the loan into our MPF program, wait the 60 days and then do a modification?
Milestones and the life of the loan
12/08/2024
What are some key milestones in the life of a typical loan?