Most Popular Lending Content
CIP & Purchased Loans -- Primary Payment Systems, Inc.
10/06/2003
How does CIP affect loans purchased from other banks?
CIP and Business Loans
10/06/2003
If a partnership or a corporation wants a loan, do we identify all the owners or just whoever is in control of the account. For example, If an individual owns 50% of the business and has different partners that own 10%, when applying for the loan do we collect information on everybody or just on the individual that owns 50%?
RESPA and a Construction Loan
10/06/2003
If an individual gets a construction loan in their personal name, are RESPA disclosures required? There is a commitment letter from the permanent lender.
CIP and Guarantors
10/06/2003
Should CIP procedures apply to guarantors of loans or only to co-borrowers?
Under the Revised HMDA Regs
10/06/2003
With the HMDA revision, I have read that the new definition of refinancing is a transaction in which a new obligation satisfies and replaces an existing obligation, where both the existing and the new loan are secured by a lien on a dwelling. However, in the revised reg., it says that for coverage purposes, a refinance is when the existing obligation is a home purchase loan and both the existing and the new obligation are secured by first liens on dwellings. For reporting purposes, both the existing and the new obligation are secured by liens on dwellings. What is the difference under the revised reg between coverage purposes and reporting purposes? What types of loans should be reported as refinances in the future?