In regards to HMDA reporting, how are we supposed to code an Interest Rate Reduction Loan (IRRL) where no income was required?
A spouse dies on a jointly owned CD. Can the name of the deceased be removed and the CD continued to maturity? OR do you let it mature and then change the ownership? Is there a penalty for changing only the name due to the death?
If we change the escrow rate for our escrow accounts, do we have to send the customers a notification of the rate change like we do when, for example, the rate on an adjustable rate mortgage changes? If so, how long do I have to send it to the customers?
Participating lender stating we are in violation of a reg because we didn't include "INTEREST CALCULATION METHOD. Interest on this Note is computed on a 365/360 basis; that is, by applying the ratio of the interest rate over a year of 360 days, multiplied by the outstanding principal balance, multiplied by the actual number of days the principal balance is outstanding. All interest payable under this Note is computed using this method. This calculation method results in a higher effective interest rate than the numeric interest rate stated in this Note" in our note. Is she correct?
The rule prohibits compensation to a Loan Originators for a transaction based on the interest rate. Does this apply to dealer reserve payments, in which the dealer receives a reserve payment based on the interest rate. i.e. if the interest rate is higher than the best tiered rate that the borrower could have obtained, the larger the reserve payment.
A loan modification for delinquent and/or hardship has a loan with a fixed rate note. The rate is being reduce to a lower rate the for two years, and after the two years, the modified rate will be increased by 1.00% for an additional three years. After the three years, the interest rate will revert back to the note rate. Would this change in rate be considered a refinance?
Are "bonus" interest rate checking accounts required to have a base interest rate?
I attended the Lending Compliance Roundup Seminar in Tulsa on March I. I understand that the easiest way to comply with the Risk Based Pricing Notice was to give the two pages from the credit bureau report- Your Credit Score and the Price You Pay for Credit. If we do give The Risk Based Pricing Notice stating that the interest rate would be effected, then must it be given to only the people it effects and not every customer?
Is there an order in quoting CD/Deposit yields and interest rates? Is yield before rate?
Should the interest payment frequency be included into APY calculation?