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Centrax

Balloon Loans and Terms

06/28/2010

On our balloon loans, the amortization period of the loan is longer than the term of maturity, so what term should we use when calculating rate spread?

Temporary Financing

06/14/2010

Our bank has a construction only loan that has been in the pipeline for eighteen months. Because this loan is now over a year old, should we report this on our HMDA LAR?

Is this Steering?

05/24/2010

Our Mortgage loan officers are required to inform the borrowers of any similar Bank or other similar line of business loans that the borrowers may qualify for at the time. However, a majority of borrowers tend to select a fixed rate loan offered on the secondary market as opposed to an ARM product that is offered by the Bank.How can I prove to the regulators that this is borrower's choice and not the loan officers?

GMI and Loan Servicing Systems

05/17/2010

When our loan system automatically passes the borrowers information including the government monitoring information (GMI), to the bank's loan servicing system, should management be concerned?

Mortgage or Refinance?

04/26/2010

An applicant is refinancing a mortgage, which was secured by a dwelling. However, now the borrower is taking it out of his personal name and putting it in the business. No money is changing hands. Would this be reported as a purchase or not at all?

What is Rate Lock Day?

04/19/2010

When a loan is locked in with an investor, and the bank closes the loan, but then was unable to sell the loan to the investor, the loan is subsequently relocked with another investor. The lock day now shows that the file was locked after the origination date. What date do we use when figuring the rate spread? The rate does not change, just the investor.

Mobile Home Park

04/19/2010

Would we report a mobile home park as a multi-family or as manufactured housing?

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