A borrower is getting a cash-out on an investment property he already owns and signed a business-purpose affidavit. Is this loan subject to TIL and/or RESPA?
Do we need a document in the loan file when a customer does not want to escrow? We had an outside vendor do loan review, and they said we are violating RESPA by not having a signed affidavit stating they did not want to escrow.
We received an application for a mortgage in the applicant's married name. However, when our documentation department prepared the loan documents, they were done in our borrower's maiden name (the applicant has been married over a year). The title to the property pledged as collateral was in the applicant's maiden name which is why the documents were prepared the way they were. Are there any legal concerns regarding the way this was processed? The manager of the documentation department says that since both names show up on the credit report it's a non-issue.