Most Popular Lending Content
Is new information required on every application?
08/18/2003
We do not always get a new written application with each request for credit, esp. with our investors. If the required information (income, race and sex) was collected on a previous transaction, can we rely on that information? If so, does it ever expire? I mean I know ones income can fluctuate, but ones race and sex seldom do.
Fees For In-House Flood Determination - Mary Beth Guard
08/11/2003
Fees For In-House Flood Determination
by Mary Beth Guard, BOL Guru
Inadvertent Monitoring Information Collection
08/11/2003
by Mary Beth Guard, BOL Guru
Settlement Date, Closing Date, and Note Date
08/11/2003
On the HUD1, I've always understood that the Settlement/Closing date must be no later than the note date. Recently, a lending officer gave me a differing opinion. To get a definitive answer, I called one very knowledgable person who told me that "The completed HUD1 must be given to the borrower no later than settlement, with settlement occurring when the note and trust deed are signed by the borrower". To get a second opinion, I called another very knowledgable person who told me that the settlement/closing date may be later than the note date because settlement occurs when the funding happens.
1098 Reporting & Motor Home Loan
08/04/2003
I need some information pertaining to 1098 reporting. Can a large motor home loan be coded for a 1098 as a second home?