Are we allowed under TRID to add a release fee to a consumer mortgage payoff? The fee would be for recording the satisfaction of mortgage.
If we have a Promissory Note that does not state a draw feature, but the Business Loan Agreement does state the draw feature, are we in Compliance? Or would we need to add the verbiage in the Note to be in compliance?
How can I tell if a loan is cross collateralized, what language shall I look for and in what document?
We have a customer with whom we charged off a loan and interest accrued. The principal balance is now paid and the customer is paying the interest. Can we charge interest on the interest balance of a charge-off loan?
This question was asked and answered back in April 2012, but I was wondering if there had been a final proposal to answer this question? If our institution waits the 45 days required after both notices regarding a borrower's lapse in hazard insurance are sent, and then force placed, can we back date the policy so that it is in effect the day of cancellation and still be in compliance with the Dodd-Frank Act? The second part is this: if this is not in compliance, how can we structure force placement of the insurance, and the notices required, so as to be in compliance, and still make sure the home is covered? Basically, would our institution have to foot the bill for that 45 days?