Most Popular Lending Content
ARM Disclosure Results
04/19/2004
The program we have for loan documentation can assume that the rate will adjust up over time or adjust down over time. If we select the adjust-down assumption, the APR disclosed is lower than the actual note rate. This doesn't seem correct although I've seen other companies do it. Would this be a proper disclosure?
Interim Construction Inspections
04/19/2004
As part of our controls for a new interim construction product, we require a minimum of three inspections during the construction. Are there any guidelines as to who is allowed to perform these inspections, whether they must be certified, or can employees independent from the loan periodically complete the inspections?
Time to Complete an Incomplete Application
04/19/2004
If a lender issues a Notice of Incomplete Application (Reg B), don't they have to give the borrower 30 days to respond?
Rescission, No New Money
04/19/2004
If a customer refinances their mortgage with our bank and gets no new money will there be a rescission? Do you have a citation for this?
Internal Appraisal Fees=Finance Charges
04/19/2004
Are fees for appraisal reviews performed internally included in the APR calculation?