What loan documents require an original signature and when is an electronic signature or facsimile sufficient?
We are considering taking loan applications online. What are some key things that need to be considered as we go through this process? What questions should be asked?
Why do loan modifications not require a good faith estimate or some type of document outlining the specific fees? And why is it not required that loan modifications go through a settlement agent?
Is there anything in the regulation regarding a change in terms with an Escrow Account? The lender has approved to lower interest rate and extend maturity. The loan was originated on 08/11/2011.
We have a construction loan that originated on March 30, 2012 for $400,000. On 11/21/2012, a new request for an additional $17,000 was submitted. We will be changing the terms, adding the additional $17,000. The loan is for temporary financing. Is a Truth-In-Lending required for this?
We have a customer that is purchasing a primary residence and they are wanting a 2nd loan using 23 acres of recreational land as collateral for their down payment money to purchase the residence. We are unsure to what early disclosures we would need to have since the purpose of the 2nd loan is to purchase a primary residence. Plus, the officer is wanting to cross collateralize these two loans. Since the 2nd loan has only land of 23 acres as collateral and the documents are purpose driven to purchase a primary residence we are not sure how RESPA applies?
Can we do a change in terms for a consumer variable rate interest only home equity line of credit product that has NOT matured (matures 2016)and change it to a closed end fixed rate P&I payment product for 5 years to mature in 2017?
We currently have Home Equity Lines of Credit (open ended) that have floor rates of 6.00% and 7.00% and we would like to reduce these to our new floor rate of 4.25%. I know under Reg Z Section 226.5b (f) it states we can make a change that will unequivocally benefit the consumer throughout the remainder of the plan. With that being said what type of documentation and disclosures must be given in order to stay in compliance with the regulators and terms of the loan? We want to ensure that if we do a modification agreement on the HELOC we do not need to redisclose on the loan.
In 2002 a co-signer signed the Promissory Note and was given proper disclosures however, the co-signer's credit report, financials, or tax return were not submitted or pulled at the time of the loan request. In 2002, what were the rules for co-signers in regards to this?
If we take a payment from a customer to be applied to their credit card account, do we have to send disclosure? What type of disclosure?