12/15/2003
Is it possible to charge an appraisal fee on a construction loan and the fee not be a finance charge? If I understand correctly, appraisal fees are excluded from the finance charge if the appraisal is done before closing. However, on a construction loan, an appraisal cannot be done before closing.
12/15/2003
Parents cosign for a purchase money mortgage for their son and pledge their residence as additional collateral. Is a separate cosigner's disclosure required? If so, under what regulation?
12/15/2003
Is there a 3 day right of rescission on a Home Equity Line of Credit?
12/15/2003
On an open end home equity line mortgage, is it necessary to provide an early TIL?
12/15/2003
We are doing a 2nd real estate loan secured by the customer's old home being sold AND a new home they are purchasing. (We are also doing the 1st on the new) Does the right to rescind apply to the old residence?
12/01/2003
We have a borrower that is frequently past due 30 days or more on her conventional mortgage. In all of the Homeownership Counseling material we've read, we can't seem to determine if the counseling letter is necessary every time the loan is 30 days delinquent or not. Is is like the Right to Cure, where it only needs to be sent once, or should it go out every time?
12/01/2003
Recently our bank began verifying tax records and the company being used charges a fee. This fee is paid to a third party and the bank does not retain any portion of the fee. It does not apply to customers whose income is verifiable by W-2 records but does apply to most of our other customers. The question is, should this $19.00 fee be considered as a finance charge under Reg. Z?
12/01/2003
Does right of recission apply in rolling a construction loan on a personal residence to permanent financing, no new funds, no new note? I say no. But, if we are advancing additional funds, still under the same note, does ROR apply?
12/01/2003
How do you disclose and perform the calculations for APR for a construction loan?
12/01/2003
What is the definition of a multifamily dwelling? Do the buildings have to be attached?
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