Most Popular Lending Content
Timing on HOEPA Disclosures
02/02/2004
When disclosing a HOEPA loan we are required to provide borrower with HOEPA disclosures 3 days prior to closing the loan. If the loan has a 3 day right of recission, are we in compliance by disclosing at the time the loan is closed if funding of loan is not until 3 days?
Reporting HELOCs on HMDA Report
02/02/2004
When preparing the HMDA report and reporting HELOCs, do you report the total amount approved or the total amount the borrower has used?
Right of Rescission
02/02/2004
I saw the question on HELOC's and if you need a 3 day ROR.The answer was "Yes always", what if it is secured with rental property that is not the applicants primary residence?
Double Interest During Rescission Period
02/02/2004
This question is in relation to Reg Z's right of rescission. On a loan that is subject to right of rescission, we can start to accrue interest as of the date of the loan, not the rescission date. However, if we pay the loan off as of the date the loan comes out of recission, the customer will be paying double interest during that rescission period. Is this allowable?
Altering Collection Notes
02/02/2004
We have a system on which notes on collection activities can be stored. Currently, the system will not allow us to change the notes, not even if we misspell a word. There is talk about having our programmers change this screen to allow a collector to change the notes. Is it against any regulation/ruling to allow collection notes to be changed?