How do we know when a cushion is allowed?
Can we collect property taxes during construction based on the completed value of the home?
What is a loan application?
If we take a loan app over the phone, web page or in person, how long do we have to keep each?
If we use the standard Closing Disclosure form for a transaction involving a seller, do we have to use the standard form for the Closing Disclosure for a simultaneous subordinate loan that finances the down payment?
Can we now use a revised Closing Disclosure to adjust a closing cost that’s increased after we’ve delivered the Closing Disclosure, and not have to absorb the increase?
How should we disclose construction loan inspection and handling fees?
Two years ago we granted a new loan and took a first mortgage on a piece of vacant land as collateral. The loan is now going through a renewal. While completing the evaluation, we learned that the borrower; using his own cash, built a home on the property that’s encumbered. The way our mortgage reads, we have interest in ... all existing or subsequently erected or affixed buildings, improvements, and fixtures...
When we complete the valuation report, should the value of the home be included in the report and furthermore, if so, should the report be mailed to the borrower under Regulation B?
Can we now use a revised Loan Estimate to adjust a closing cost that’s increased after we’ve delivered the Closing Disclosure, and not have to absorb the increase?
When a loan moves from "interim servicing," to "servicing," is a short year statement required under RESPA?
As an example, say a loan closed and was purchased by an investor 15 days later. The investor takes entire escrow balance with the deal, so would short year end escrow statement be required?
In another example, if we as the original lender collect first payment and the investor leaves one month of mortgage insurance to pay from escrow balance, are we required to send a short year escrow statement to the borrower?
Is there a specific regulations that clearly states interim servicing vs servicing?