Does the 3 day right of rescission apply if we are refinancing the land only and the customer lives in a mobile home on the land? The mobile home is not pledged as collateral.
We have been hoping for this ever since the changes to Regulation C were published.
I am refinancing a first mortgage for a customer. The customer is married and the loan is to only one party. The spouse is going to sign the mortgage and right of rescission. I am being told by the purchaser of the loan that the spouse also has to sign the truth in lending. Is that correct?
When a customer obtains a loan in which 40% of the proceeds will be used to refinance an existing loan secured by their primary residence and 60% of the proceeds will be used to consolidate debt, do you obtain government monitoring information?
Reg. C states that the following loans or applications for loans are excluded from HMDA reporting: Do not report loans or applications for loans of the following types: <ol><li>Loans that, although secured by real estate, are made for purposes other than home purchase, home improvement, or refinancing (for example, do not report a loan secured by residential real property for purposes of financing college tuition, a vacation, or goods for business inventory). <li>Loans made in a fiduciary capacity (for example, by your trust department). <li>Loans on unimproved land. <li>Construction or bridge loans and other temporary financing. <li>The purchase of an interest in a pool of loans (such as mortgageparticipation certificates). <li>The purchase solely of the right to service loans. </ol>Although, this is very helpful, I would like a few "real life" examples of loans that are not HMDA reportable.
On APR Calculation for traditional conv. fixed rate/term refinancing. Will attorney's fees (line 1107 of HUD) affect the final APR calculation?The amount of $275 was excluded from the APR that was reflected on the signed TIL at closing and has since been discovered. The investor insists this affect the APR, my memory tells me it doesn't.
On October 1, 2002, the new rules and lowered triggers for HOEPA loans took effect. It is a good idea to take a lending compliance tune-up.
Bankers Compliance Consulting Real Estate Loan Matrix. I found on this web site indicates that a closed end home equity loan is not HMDA reportable. I would like to know the reason the author made that decision. I find the reg excludes open end lines of credit only...
Is there a simplified summary of the current, pending HOEPA changes/regulations, pertinent to a mortgage nondepository lender?
<a href="http://www.bankersonline.com/regs/202/202.html">Regulation B</a> Loan issued to an individual for the purpose of refinancing commercial property. Are we required to provide the "Right to Receive Copy Of Appraisal Notice"?