Question: We are making a loan secured by a condominium unit. The condo association has a flood insurance policy that covers all the units.
Question: We are making a home improvement loan to a customer. Can we prepare disclosures the way we would for construction loans?
Question: What are the RESPA implications if the creditor makes a late payment from an escrow account and because the payment was late, the insurer increases the price of insurance?
I just read the 10/14/02 answer from Mary Beth Guard regarding Hazard Insurance Disclosure and RESPA. This confirmed our thoughts about the hazard insurance disclosure question, but opened a new can of worms when it was stated that property taxes must be disclosed in a similar matter. Title companies in this area never include the annual amount of taxes on the HUD. Would you point us to the actual reg where this is spelled out? </strong>
When completing an escrow analysis, our company's internal audit procedure verifies that the effective date of each analysis is within 12 months. Recently, I reviewed the RESPA guidelines and find that I interpret this differently. The guideline indicates that a servicer must provide an escrow analysis within 30 days of the ending computation from the last analysis. If I understand this, would it be correct in stating that if my last analysis was effective January and ran through December, the subsequent analysis must be completed by January 30 the following year? If this is true, do my effective dates of each analysis have any bearing on this compliance guideline?
2003 was a banner year for Civil Money Penalty (CMP) assessments relating to flood hazard insurance at banks across the nation.
Does the escrow fee affect the APR? Can you provide a list of fees that affect the APR?
Is there a specific cure when it is discovered that the initial escrow account disclosure was not provided at closing or within 45 days?
On a mortgage TruthInLending disclosure, there are two boxes to check that i am not sure about. One is the "REQUIRED DEPOSIT: The APR does not take into account your required deposit." The other box is "DEMAND FEATURE: This loan has a demand feature." Does the "required deposit" refer to the items deposited with the lenderthe escrow account. or does it refer to the downpayment on a purchase transaction? Does the "demand feature" refer to a balloon loan?
At our bank we open Escrow Trust Accounts. Our customer is the Escrow Company and they are opening accounts under their client's name and social security number as a trust. We are only obtaining the name and social security number of these individuals. Are we obligated to ask the escrow companies for more information on their clients, such as their address and date of birth and identification?