Most Popular Lending Content
Application of Extra Principal Payments
01/07/2002
When making an installment payment on a 2nd mortgage, can I specify that any extra payment amount, let's say $50.00, be applied to the principal and not against the next month's payment? Is the bank obligated to apply this extra amount of $50.00 against the principal if I request it to be done that way?
Adding PMI to a Note
01/07/2002
Without violating Truth in Lending, can a bank add mortgage insurance to a note. Does it matter if interest accrues on this amount.
TIL Disclosure Font Size
01/07/2002
Do you know anything about the font size changing on Truth in Lending disclosures effective October 1st?
Date Finance Charge Begins
01/07/2002
We're having a difference of opinion at the office! When a loan has Right of Rescission, is the Date Finance Charge Begins the funding date (after Rescission) or the note date? In other words, if the customer does not rescind, can you charge interest from the date of the note or the date you disburse?
ARM Loan Disclosures
01/07/2002
On an ARM loan, what information needs to be shown in the APR area of the Truth In Lending disclosure? Can you just put the adjustable rate information or do you need to state an APR based on the initial rate?