Most Popular Lending Content
Rolling Out Biweekly Payment Mortgages
01/05/2004
We are in the process of rolling out a biweekly payment mortgage product. We have determined that we will draft the customers account every other Friday on a set schedule. So every biweekly pays on the same day. The first payment will be one of those Fridays. Is there an issue of odd days interest and how far in advance the 1st payment can be?
Obligation to Fund Loan
01/05/2004
Is a lender obligated to fund a loan after the three day rescission period?
Determining Flood Insurance For Condo Units -- John M. Floyd & Associates
01/05/2004
We are having some difficulty determining flood insurance coverage for condo units. For example, loan is $500,000, condo association indicates coverage for $666,000 for the 4 units in the condo building. We obtain an appraisal that reflects a value of $175,000. Obviously, the land where the condo has significant value since it is a beachfront property. The insurance company will not issue additional insurance as they indicate there is enough coverage based on the replacement value, which the insurance company indicates is $159,000. We're inclined to require the customer to get the additional coverage to have at least the value of the unit. Are we determining this correctly?
Papering Renewals and Extensions
01/05/2004
What type of disclosure documents are necessary when you are doing a 3 year renewal of a first mortgage, and also for a 6 month extension of a first mortgage?
Funding Loan After Borrower Rescinds
01/05/2004
What happens if you fund the loan weeks after the borrower rescinded?