Reflecting voluntary escrows on the CloD
05/15/2016
If the borrower is voluntarily increasing their monthly escrow amount, do you list that on the CloD issued? (For example, real estate taxes)
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05/15/2016
If the borrower is voluntarily increasing their monthly escrow amount, do you list that on the CloD issued? (For example, real estate taxes)
05/15/2016
If I send the CloD three days prior to closing, on the date of closing should the closing disclosure be dated the day of closing (issue date)?
05/15/2016
On a construction loan where the lot is owned free and clear, what value do you use on the LE and CD? The lot value or the full estimated value as if complete?
05/15/2016
How do you know if a low value building has an insurable value? Do you determine this by if it is insured on their hazard policy?
05/08/2016
Can we rely on a market value appraisal to determine “insurable value”?
05/01/2016
If we modify a loan that we are servicing and it is already in a Special Flood Hazard Area, do we have to provide another flood notification?
04/24/2016
What is an acceptable timeframe for our flood vendor to send life of loan monitoring updates for map changes? It seems our vendor sends them out once a month, but they are dated throughout the past 30 days. Would it be acceptable to send notices to customers within 1 week of receipt of life of loan update?
04/17/2016
We are closing a loan and the borrower already has a flood policy, but our bank is not listed as a loss payee on the policy. Can we close the loan?
04/10/2016
We are taking a non-residential property as collateral for a commercial loan. Do we need to give a flood notification if the property is in a Special Flood Hazard Area?
04/03/2016
If our flood vendor notifies us of a map change, does this mean we need to order a brand new flood determination?