We are doing a refinance of a primary residence. The initial disclosure was three weeks ago. The rate increased today, and therefore, needs a re-disclosure due to the APR being over .125 tolerance. If the borrower picks this up today, is there a 3 day or 7 day waiting period? There is some confusion on the waiting period for re-disclosures that are hand delivered and not mailed.
We have a borrower who has in recent months divorced from his wife, and had deeded the property entirely to her several months ago. The deed was originally in both names and the mortgage was therefore signed by both borrowers, but the husband was the only borrower on the note. At this point the wife would like to assume the note, as she's been making the mortgage payments herself since long before the property was transferred solely into her name. Neither borrower qualifies for a regular refinance, so an assumption seems to be the only way out of the note for the husband. What disclosures need we present to the wife along with the assumption agreement in order to complete this transaction? Do ROR, TIL, RESPA, and HOEPA apply?
If the bank makes a consumer related loan and refers to the Future Advance Clause of a previous mortgage that secures the borrowers primary residence, is the new loan subject to RESPA and HPML regulations?
Is a loan on property of twenty-five acres or more exempt from MDIA requirements?
Do construct to perm loan mods need to meet MDIA guidelines, comparing the Construction TIL to the Permanent Loan TIL?
We are confused about when MDIA applies on two loan types. Does MDIA apply when you are taking a mobile home without the land as collateral? Does MDIA apply when you are taking a consumer's principal dwelling as collateral for the purpose of business capital?
If the APR changes during the application process, and the APR actually decreases by more than .125%, is a new disclosure still required to be sent? Are the redisclosure requirements for primary residence only or for all dwellings? I've went through a few webinars, but this issue is still confusing.
Do we need to provide a TIL disclosure within three business days of receiving an application for a construction loan on applications received after July 30, 2009? Our construction loan term is twelve months or eighteen months. Are we allowed the temporary financing Reg Z exemption under the new MDIA ruling?
With MDIA, the regulation states in section 226.17 that early disclosures are required if the APR changes by more than 1/8%. Does the word "varies" indicate upward only or both upward and downward movement in APR?
Currently we are redisclosing when the APR is out of tolerance, either the .125 for fixed rate loans or .25 for adjustable rate loans (either up or down). Please explain to me when we have overdisclosed and are not required to send a new TIL?