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We have a fixed rate residential mortgage loan borrower. We provided a loan modification of both the rate and payment for 5 years. After this period the rate will return to the higher original rate.
Once the 5 year modification term is up, are we required to provide any rate/payment change disclosures under Reg Z?
I have always been told that if you have a bonefide discount fee (point) that the discount fee does not need to be included in the APR. It seems as if everyone is including in the APR (the discount fee). Is there a way to not include it in the APR?
I am new to lending compliance and have an advertising question. My bank wants to advertise the following:
"Enjoy our special 20-year financing offer. Ask us for details."
I am of the opinion that "20 year financing" is a trigger term and therefore requires APR, down payment and repayment terms. My predecessor disagrees
because an interest rate is not quoted.
Along the same lines, if an advertisement says, "15 and 30 year fixed rate loans available" would we have to disclose rate and payment options for both
terms assuming this is a trigger term?
We have had an internet banking platform for several years and are preparing to roll out the mobile banking interface to internet banking customers. Through both the online platform and the mobile platform, customers are able to access account statements. We currently also provide paper statements to all customers, including those who are enrolled in internet banking. Customers are not able to choose between paper statements and electronic statements in the internet banking platforms (i.e. internet banking customers with access to electronic statements also receive a paper statement).
Are we required to be compliant with E-SIGN due to the internet banking customers being able to access account statements electronically, even though they are receiving paper statements?
We have a farmer who has all of his payments set up to pay annually when the crops are harvested. He is purchasing his primary residence. Can he have this set up on annual payments? I was thinking that all primary residence loans had to be set up on monthly payments?
We have a customer that has occupied a residence that they are purchasing, and they do not have another residence. Does the right of
rescission apply to early occupancy in a purchase transaction? We have gone round and round with differing opinions.
Our state pays real estate taxes semi-annually. Can we charge a "life of loan" fee on consumer real estate loans for performing a real estate tax check? If we can charge such a fee, must it be incorporated into the loan origination fee (which we currently do not charge) or can it be a separate line item? If a separate line item, where does it get placed on the LE/CD?
Can you require a principal pay down on a consumer real estate loan?
What does a customer need to do to waive the three-day rescission period?
For Reg D excessive transfers purposes from savings account, can a bank choose to use calendar month for one customer and statement cycle for another customer when both have the same account type, such as a money market deposit, so long as we use this consistently per customer?