I am new to the bank that I am at now. I have been reviewing some of the TRID loans and have found that on the closing disclosures if the bank closed the loans they have left the settlement agent and file # blank. What can be done to fix those loans? The only disclosures that have those filled out are the ones that the title company did the closing.
In regards to the new TRID disclosures, we choose not to issue the seller CD on a purchase transaction. Thus, we are not disclosing seller incurred fees on our borrower's CD. We are being told that this is incorrect and that we should be disclosing those fees. Again, this is seller incurred fees, not borrower fees that the seller paid. Your thoughts on this.
I have an investor that is wanting me to issue a final closing disclosure (CloD) with the sellers fees. This would be fine, but they are asking for it to be on my buyers closing disclosure. We normally issue a final CLoD for the buyer and get a CLoD from escrow for the seller. Is my investor correct in asking for the fees to be on my buyers CLoD (fees include Realtor commissions, Owners Title, Transfer Tax, Realtor processing fees, etc.)?
We recently found a fee that was charged to a borrower and needs to be cured. The closing has already happened and we charged too much. Could you tell me the proper steps on how to cure a loan post consummation and where do we place the cured amount on the cd?
We have a TRID, 62-month balloon loan that has gone past its maturity. Do we now have to treat this loan as a refinance? Does the borrower have to complete a new application or can we issue a Loan Estimate with the earlies, issue the CD (comply with the 7-day waiting period) and have the borrower sign an extension?
How can we verify a Closing Disclosure APR for an adjustable rate consumer purpose loan that is secured by residential real estate? The terms in question are a 30 year mortgage with a 10/1 ARM.
The closing Information box on our disclosure has "Settlement Agent & File#." If the lender is the settlement agent, (for a refinance) are they listed as the agent and the file number or can it be the loan number used?
Our state pays real estate taxes semi-annually. Can we charge a "life of loan" fee on consumer real estate loans for performing a real estate tax check? If we can charge such a fee, must it be incorporated into the loan origination fee (which we currently do not charge) or can it be a separate line item? If a separate line item, where does it get placed on the LE/CD?
Do we need to send a Good Faith Estimate on a new HELOC, or would this need a loan estimate and a closing disclosure?
We have a loan that is going to be secured with acreage and a modular home. The value of the land is greater than the value of the modular home. The land is used for agricultural purposes but the modular home is going to be the primary residence. Would this fall under a consumer TRID loan or an agricultural loan?