Defining IRETA
03/31/2008
Can someone give me a definition/explanation of an interest on real estate trust account?
You can reach Randy via email at: careyrandy@comcast.net
03/31/2008
Can someone give me a definition/explanation of an interest on real estate trust account?
03/31/2008
Are there any differences in the time requirement of a check versus a payable through draft when making a decision between paying or not paying an item?
03/31/2008
We participate in several trade shows each year including home shows and business fairs. At each one we conduct a prize drawing where anyone who stops by our booth can enter to win a prize with no purchase necessary. Should we include a disclosure on the entry cards or on the sign?
03/31/2008
If a customer refinances their 1-4 family rental property for the purpose of replenishing their personal funds that were used to purchase the home would the loan be subject to right of rescission, RESPA and Reg Z?
03/31/2008
If we provide a copy of the 1003, GFE, TIL and broker business contract to the borrower 3 business days prior to the closing date and the borrower has reviewed the documents, but did not sign them since they will sign these documents at closing, is this acceptable? Does the borrower have to sign 2 sets of 1003, GFE, TIL and broker business contracts- one before the closing date and one on the day of closing?
03/24/2008
At my bank, we are trying to decide if inactive accounts and dormant accounts are the same. What are your ideas on this? We are trying to determine for yearly unclaimed funds reporting purposes.
03/24/2008
Would you need a balloon rider on a second mortgage (it is a balloon) and why would that be different than a first mortgage?
03/24/2008
An interest-free balloon mortgage granted to a former spouse pursuant to a property settlement agreement is preventing the borrower from refinancing the subject residential property, even though the former spouse has agreed to subordinate the balloon mortgage to the new lender. The new lender advises that such a refinancing, notwithstanding the subordination of the balloon mortgage, would violate Fannie Mae requirements. Is this accurate, and if so, what modifications to the interest-free balloon mortgage would enable the lender to make a conforming loan?
03/24/2008
Are guarantors included in loans to one borrower limitations?
03/24/2008
Is there specific language that should be referenced in the note when extending credit to an insider and if so, where can I find examples? What are the qualifications of an insider?