If a Rate Lock Extension Fee was incorrectly disclosed on a revised CD as Origination Points, can this be corrected with another revised CD before closing, or corrected on the final consummation CD?
What might happen if we don't have a system to track complaint resolutions?
On a down payment assistance 2nd mortgage, can a lender charge $40 application fee to the borrower?
Our borrower is an individual. The purpose of the loan is refinancing a first lien with another lender. The property owner is Trust. Is this acceptable and do you have any recommendations for dealing with this scenario?
We issued a Loan Estimate for a bridge loan to purchase a home to be secured with the purchased property and the applicant's current residence. Due to timing circumstances with the applicant and the sellers, the applicant now wants to expedite the purchase by using an investment account and use the TRID loan to get reimbursed. Can I use the same application and re-disclose the LE as a refinance or home equity purpose?
I have questions that bother me when I dealing with a commercial real estate transaction where a residential property is taken as collateral. When does the Notice of Right to Receive a copy of an Appraisal apply? I have seen many different concepts in the internet regarding to dwelling:
- A 1-4 residential property which is the borrower or guarantor's principal residence;
- Any 1-4 residential property which is the borrower's principal residence, and it is going to be refinanced; or
- Any 1-4 residential property taken as collateral in the commercial real estate transaction.
I would like somebody clarify which is in compliance. I am in Florida if that matters.
With the SAFE Act, how are we required to handle the NMLS number when an originator leaves before their loan closes? Does their number remain on the documents as they were the Loan Originator or are we required to use a different originator number even though they didn't negotiate the loan?
I have two questions regarding TRID.
1. A fee that should have been disclosed on the Loan Estimate section “Services You Cannot Shop For” (FHA Upfront MIP) was inadvertently disclosed in the “Other Costs” section. It was disclosed in the correct section on the Closing Disclosure. What is the violation and cure for this error?
2. A fee of $555 was disclosed for the appraisal on the Loan Estimate for an FHA loan. This estimate was in good faith and considered the likelihood that repairs be requested as a result of the appraisal. On the Closing Disclosure the fees were listed as Appraisal - $400 and Inspection Fee/Additional Appraisal Fee - $100. Is this subject to a cure?
Do we have to disclose the actual MAPR to all borrowers?
We had a customer ask to start a voluntary escrow account on an existing loan. Do we need a new agreement?