If I email the disclosures to the client and they acknowledge receipt, can I order the appraisal on the same day?
With the talk of changes in flood compliance, I am finding myself confused about calculating adequate flood coverage. Are we currently to use appraisal minus land or insurance replacement? I know it would be one of those two or then the total of all loans or the maximum NFIP available. I am just not sure on the appraisal minus land or insurance replacement cost.
Are appraisal reviews required on all new real estate loans that require an appraisal?
When doing a commercial loan on a restaurant, is the right to receive a copy of appraisal disclosure required?
We have a borrower who rescinded his loan within the 3 day period and all funds collected were refunded. He has now re-applied and our compliance officer states we cannot charge him for the appraisal since it was the appraisal also completed for the rescinded loan. The new application was made within two weeks of rescission.
My question deals with Adverse Action Notices...section # 5 the disclosure of use of information obtained from an outside source. I fully understand the first block for denials based on a credit report and all the information that now must be included. I am confused at the last box that is saying our decision is based on information obtained from another source other than a credit reporting agency. If we have to decline a client for the condition of their real estate and we received that information through an appraisal report should we be utilizing that box? Again this is when the denial decision was NOT based on any part of a credit report or credit score?
In Settlement Statement (HUD-1A), Secion 804 Appraisal fee Question. Normally, lenders receive appraisal fees at the loan application. In Good Faith, the fee will be disclosed. What is the proper method in recording the appraisal fee in the HUD-1 OR HUD-1A? Is it correct to record "the fee to ABC Appraisal Co in Section 804 as P.O.C." and in Comparison of Good Faith Estimates (GFE) and HUD-1A Charges, to record the fee in Good Faith Estimate and HUD-1A, althought the automatic software will not record the fee in HUD-1A)?
I read online a Right to Receive a Copy of an Appraisal notice is not required on a renewal note when pulling forward an existing appraisal/evaluation. Is this correct?
I have a question in relation to Section 202.9(a)(1) of Regulation B which states that a creditor shall notify an applicant of action taken within 30 days after receiving a completed application concerning the creditor's approval of, counteroffer to, or adverse action on an application. Example: August 1st: Application is taken and loan receives preliminary approval subject to verification of income, property value, etc. September 6: Receive the tax returns from the client, income is much less than indicated by the client and it is determined that Debt-to-income ratio is too high and the loan will be denied. How should we handle this situation? Most of our 1st mortgages don't close within 30 days of application. If we are still waiting on info from the client when we are nearing the 30 day mark, should we be sending a letter of incompleteness? Reg states we can give them a reasonable period of time to provide the info. What do you think is reasonable?
What method(s) are being used to determine insurable value when calculating the appropriate amount of forced placed insurance?