Does the monthly life insurance policy fee need to be disclosed on the loan estimate and closing disclosure on 1st and 2nd mortgages? The policy is offered by the lender but it is not a requirement of the loan. This one is on a 2nd closed-end mortgage and the monthly fee is included with the P & I payment for the mortgage.
This question pertains to lender credits on California loans. We have an SB2 charge from title on all refi's which is always estimated at the max fee of $225.00. This doesn't get updated until after closing when majority of the time it is lowered to $75.00. If the lender discloses a credit for this fee upfront at $225, can the lender credit be reduced if/when the fee is reduced at closing (after funding)?
When Title Fees are disclosed on the Loan Estimate in Section C (Services you CAN shop for) but the borrower chooses the vender on our provider list, we know that TRID rules now clarify that these fees must be moved to Section B (services you did not shop for) on the Closing Disclosure. However, TRID also says that we if offer the option to shop and the borrower chooses our providers, there is a 10% tolerance allowance, but in section B, the tolerance is $0. How can we correctly apply the 10% tolerance when the borrower can shop but chooses our provider?
When escrow provided a Master Settlement statement with fees for us, the lender to disclose to our buyer on a purchase, they had transfer
taxes and owners title being paid by the seller. They have now sent out an amendment changing those 2 fees to be paid by the buyer because that is how
the contract was drawn up. Is this a valid change of circumstance? Or a tolerance violation?
We are moving to offer higher rates and eliminate origination fees to include broker fees when a broker is involved. Instead we would pay the broker upfront, and hopefully collect that fee in interest over the next several years. Do we have to disclose the broker fee as a lender paid item POC, or do we eliminate it all together?
May a lender credit be lowered on a closing disclosure if it exceeds the prepaids and closing costs?
What are the benefits of an integrated dormant account management system?