Most Popular Lending Content
Is a tax monitoring fee a pre-paid finance charge?
08/18/2003
Our institution would like to charge a one-time $ 75 fee to our mortgage customers for our service of monitoring whether or not their property taxes are paid over the life of their loan. Is this a pre-paid finance charge? Are there other compliance issues we should be addressing?
Fees For In-House Flood Determination - Mary Beth Guard
08/11/2003
Fees For In-House Flood Determination
by Mary Beth Guard, BOL Guru
Inadvertent Monitoring Information Collection
08/11/2003
by Mary Beth Guard, BOL Guru
Settlement Date, Closing Date, and Note Date
08/11/2003
On the HUD1, I've always understood that the Settlement/Closing date must be no later than the note date. Recently, a lending officer gave me a differing opinion. To get a definitive answer, I called one very knowledgable person who told me that "The completed HUD1 must be given to the borrower no later than settlement, with settlement occurring when the note and trust deed are signed by the borrower". To get a second opinion, I called another very knowledgable person who told me that the settlement/closing date may be later than the note date because settlement occurs when the funding happens.
TIL Disclosure Tolerance For Errors?
08/04/2003
On the TruthInLending Disclosure that is signed at closing on a mortgage, is there a tolerance amount that is acceptable in case of any computing errors? If any errors are found, should a new TIL be signed?