10/29/2017
If we are doing a modification for an ARM Loan and the payment increases, some of our staff believe this is a "refinance", some do not. Thoughts? If so, -What do we need to provide to the consumer? There would be no costs associated - just the new terms with the new (current rate)? It doesn't seem like a CD would be appropriate - If not - then we would use our normal modification agreement.
10/25/2015
We are trying to create an ARM loan and it will be on a 15-year note with rate changes every 5 years, basically changing twice. Is there a maximum ceiling rate/floor rate we can charge?
05/27/2013
My loan officers are questioning the maturity date that should go on a mortgage when the loan is a balloon loan. Should we be putting the date of the balloon or the date in which the loan is amortized over? (10/30 would have a maturity out 30 years) If we do not use a date the mortgage is only good for 15 years. If we use the amortized date (30 years) does this imply that we will renew the balloon each time it is due?
01/28/2013
A borrower receives a GFE and TIL within 3 days - it's a 5 year ARM with a floor of 3. Initial TIL based on index at time. Final TIL is updated with new index and is not within tolerance of initial. Do we need to redisclose and wait 3 days before closing?
04/23/2012
If the initial ARM disclosure given at application has a floor rate different than the floor rate on the note, is there a violation? Do I have to redisclose? Do I have to change the note to match the disclosure?
02/20/2012
Do you know where I might go or who I would contact to ask questions concerning the High Priced Mortgage Loan requirement? We have a first mortgage loan that re-prices every 60 months with a 30 year maturity. The loan is based on WSJP + index. The parameters set up in the APOR do not fit our loan type?
09/19/2011
Are new disclosures and High Price Mortgage APR comparisons required when real estate balloon notes come due, and instead of refinancing, loan extensions are given (every 3 yrs for remaining of original amount)?
08/29/2011
We have a HELOC open end that matured last month. The loan officer wants to set this up as a 30-year ARM with a 1-year maturity. What documents must we have? Does RESPA apply?
03/21/2011
If we have a 5/1 ARM when we use the ARM table do we use 5 yr APOR rate or the 30 yr? A lot of people are saying we should use the 30 yr versus the change date because the rate can actually go down depending on rates?
01/24/2011
If we receive a closed end consumer residential ARM loan application via email, when are we supposed to send the CHARM booklet and ARM early disclosures: the day we gave the application to the customer to be filled out or the day we received the application from the customer?