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?
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 recently switched credit bureau vendors. This vendor automatically includes the credit score disclosure exception notice with the credit report. We in turn provide this disclosures to those who apply for consumer credit. There are times when a lender will use a consumer report for a business purpose loan. If we provide the credit score disclosure exception notice on a business purpose transaction/application are we asking for trouble with examiners? Could we be subject to fines?
Can you add force placed insurance to a non-accrual loan that is well collateralized? State laws and the contract allow it for it.
I have a mortgage that has been approved, commitment signed and returned, all conditions have been met by the borrower. Borrower has now decided to withdraw. How do I code this? It is not a withdrawal, not a decline. Would it be approved not accepted?