Most Popular Lending Content
HMDA Mobile Home Loan - Title is Being Retired
04/10/2006
I have a HMDA loan on a mobile home where the title is being retired. The title is being retired because the mobile home is now permanently affixed to the property and will be classified as a 1-4 family dwelling. I need to know how to classify this loan for HMDA, 1-4 or Mobile home? Also I was wondering where I could find some literature on the retirement of a title.
Is the 3 Day Right of Rescission Applicable?
04/10/2006
We have a loan that is for acquisition of a commercial property. However, the loan will be collateralized by the commercial building and a second mortgage on the guarantor's primary residence. Is the 3 day right of rescission applicable?
Over-disclosing on the TIL
04/10/2006
Our mortgage lending firm over-discloses the TIL on all loans so that we do not have a potential under-disclosure issue causing us to re-draw documents or refund the borrower. A buyer of our loans in the secondary market just told us that we couldn't do this as a practice. Are they right? Are we doing something wrong?
Bridge Loan Secured by an MMA-HMDA Reportable?
04/10/2006
Would a 12 month loan secured by an assignment of a money market account for the purpose of a bridge loan be HMDA reportable?
Annual Mortgage History Statements
04/10/2006
What are the requirements for sending annual mortgage history statements to customers? We send the 1098 as required, but we are also sending a mortgage history statement to every account secured by real estate. Is this necessary?