What happens if a lender chooses not to read the HMDA Telephone Script when required to an applicant?
Is an RCBAP master policy an acceptable form of insurance for a property that is legally a planned unit development (P.U.D.) and not a condo? FEMA guidelines seem to indicate RCBAP's can only be written on condos but we are seeing insurance agents issue these on P.U.D. properties with the insured name being the HOA.
If we give a lender credit on a refinance transaction and the credit exceeds the cost on the refinance, where do the excess funds (credit) go? Can the lender just reduce the credit, or does it have to be applied to a principal reduction?
Are we required to have an intent to proceed on commercial purpose loans?
For Reg C, which date do you use as the beginning date to calculate the intro rate period, the origination date of the loan or the first payment date?