Most Popular Lending Content
Prior Appraisals & RESPA
11/18/2002
We have a discussion going on regarding RESPA as to having to disclose an appraisal fee as POC when lenders use a prior appraisal on file or one the customer may have obtained year(s) ago or when lenders do an in-house appraisal/evaluation. There is no cost to the customer. Lenders state they are not requiring an appraisal but use the appraised value in their credit analysis. The key word here is REQUIRE. An FDIC Examiner stated that if you use a prior appraisal or do an in-house evaluation(we do not charge) that you should show a cost as POC. His reasoning is there was a cost to the customer at one time. The Examiner referred me to FIL-45-2000, Q and A #7,#4, #8. One of our lenders attended a seminar on RESPA and ask this question. The instructor stated he had never heard of such a thing.
Combined Note & Disclosure
11/18/2002
I remember reading article concerning a combined note and disclosure. I am unable to locate the article on the site. Could you please assist me in finding the article?
Sample Form For The Past Due Mortgage Loan Notice
11/18/2002
Do you have a sample form for the notice HOUSING AND URBAN DEVELOPMENT ACT for past due mortgage loans?
Referral Fees For Commercial Loans
11/18/2002
Do you know of any regulations that would prohibit a thrift from paying referral fees (equal to 25 basis points) to a lumber company for referring speculative construction loan business to the thrift? These are commercial ventures.
Flood Insurance Cheat Sheet
11/13/2002