01/05/2025
Our institution does bridge loans where we take both the property being purchased and the borrower’s current primary residence as collateral. Both properties get listed on the Note and Mortgage. These are treated as a purchase. Do we need to disclose both addresses for this type of transaction on the LE and CD, or would that only be the case if they were refinancing multiple properties or purchasing multiple properties in one transaction?
Would the fact that they are purchasing a new home using the equity in the current home that will be sold make it so we would not have to disclose both addresses and only the property being purchased? Currently, I think we would have to disclose both, but want to ensure I am interpreting comments 1026.37(a)(6)-3 and 1026.38(a)(3)(vi)-2 correctly.
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?
10/01/2017
We have interest only lines of credit in our commercial portfolio. Will those be the ones we flag as having an interest only feature?
09/24/2017
Do we complete the loans costs field and the points and fees field?
10/09/2016
We have a customer who wants to finance the construction of a barn on his homestead property. The loan officer says this is business purpose because the customer will have a horse operation in the barn and earn additional income (he has a full time job). I disagree and believe TRID applies. Which do you think it would be and why?
08/07/2016
Under TRID rules, what disclosures and timing requirements apply if our bank agrees to modify or amend an existing home loan? Do different rules apply if the maturity date changes beyond (more than) the original?
06/12/2016
Loan Terms, Interest Rate: disclose up to two or three decimal places...rate is 5.30%; can it be disclosed as 5.3% or must it be 5.30% (two places)? We have seen some software disclosing as 5.3%.
06/05/2016
If there is no Mortgage insurance at all should it be disclosed with a zero or a dash?
06/05/2016
If we have issued a CloD and the rate expires and we need to extend it, then what do we need to do? The CloD does not show the expiration date.
05/22/2016
I have a question concerning the Rate Lock disclosure on the Loan Estimate. If we disclose “NO” for the Rate Lock and don’t set the rate until the Closing Disclosure is provided do we have to provide a Revised Loan Estimate before the loan closing? What if the interest rate does not change from the Loan Estimate to the Closing Disclosure?