Most Popular Lending Content
When to Disclose ETIL on Construction Loan
08/29/2011
We are doing a primary residence construction loan on 102 acres of land. The borrower already owns the land the home is being constructed on and we are using it for collateral. We have committed to end financing already. Do we disclose ETIL at the time of consummation of the construction loan? It will be an open-end line of credit until home completion.
Documents for HELOC Open End that Matured
08/29/2011
We have a HELOC open end that matured last month. The loan officer wants to set this up as a 30-year ARM with a 1-year maturity. What documents must we have? Does RESPA apply?
Numbers not Matching on GFE and HUD
08/29/2011
We have read in the Federal Register that the amounts to be inserted in the comparison chart on the HUD form are only those for services that were purchased or provided as part of the transaction. We disclose on purchase transactions owner's title Insurance, which is rarely purchased. Does this make the GFE and HUD #'s not match?
Sufficient Info to Complete Application (GFE)
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".
Paying off Lot for Construction-Perm Loan: ROR?
08/29/2011
Is a ROR required on a construction-perm loan if we are paying off the lot that is owned by the borrower?