Most Popular Lending Content
Rescission on Renewed & Increased Amount
12/06/2004
I have asked several people this question and have not received the same answer, nor a clearly defined answer. If we lend a customer $60,000 for a home purchase, and five years and $10,000 in principal reductions later, they want to refinance and borrow $60,000 again and use the $10,000 for improvements, does rescission apply on the $10,000 since it is cash out, or does it not apply since they are borrowing the original amount? There is some confusion over refinancing and paid down amounts with rescission.
Life of Loan Designation
12/06/2004
Is there any requirement that the Standard Flood Hazard Determination form indicate that Life of Loan coverage is in effect on that property's status?
Inclusion of Which Fees for HOEPA
12/06/2004
Could you please provide some detailed information regarding when to include title charges that are paid to an affiliate in the HOEPA calculation?
Are Internet Applications Like Mail Applications
12/06/2004
I've seen several opinions on this, and I'm hoping you can clarify it for me. It is my understanding based on reading Official Staff Commentary to REG B and REG C , that loan apps taken over the Internet are treated as mail applications. That is also the answer I got in response when posing the question on BOL. However, I've now been told that the usual exceptions for delayed disclosure do not apply to Internet applications. I'm confused, any wisdom you can provide would be appreciated.
Regulator's Address for Adverse Actions
12/06/2004
We recently switched regulatory agencies from the FDIC to the Federal Reserve Bank and I would like to know where I can get the correct address for my credit denial forms for the Federal Reserve.