Will you explain the difference between a prequalification and a preapproval for HMDA, RESPA and OCC purposes?
Can you help me understand the difference between prequalify and preapprove for HMDA purposes?
Several years ago, HUD published a proposal to revise the Good Faith Estimate required by RESPA. The proposed changes were significant.
What is the defintion for prequalification under HMDA? Is there any instance in which a refinance could be considered a prequalification? Should a prequalification include a property address?
I recently changed employment and while at the bank I was previously from we had examiners tell us that on the HUD settlement statement lines 1109 and 1110 for title insurance coverage, we should show the part of the title insurance premium that was for lenders and owners here, not the amount of the loan that is covered. We even got critized for not having the premium amount filled in here. Could you please let me know your take on this.
I am having a horrible time trying to get the concept of figuring the fee's on a loan, to verify that it's not, or is, a HOEPA loan. Is there a calculator that can do this for us? (other then the worksheet!) I have a very difficult time, trying to figure out which fees need to be where.....thank you for taking the time to read this!! And thank you in advance for the help!
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.
Are document preparation fees which are charged by the lender included in the APR and prepaid finance charge?
Is there a simplified summary of the current, pending HOEPA changes/regulations, pertinent to a mortgage nondepository lender?
Filling out the Good Faith Estimate and the HUD-1s is a lot like math exercises in elementary school.