During the underwriting process, what if the bank determines that a guarantee will be necessary on the loan, are we permitted to require the spouse to guarantee? For example, in evaluating the application, the bank discovers that most personal assets are jointly owned, or the spouse contributes significantly to the income stream, and therefore the applicant would not be individually creditworthy.
Can you report a business debt under an LLC or corporation under the guarantors credit report?
What are the rules for modifying a home mortgage loan to only lower a payment because the borrower made a significant principal reduction? He is not in foreclosure. Before TRID, we did modifications all of the time. Can you still do that? The rate and terms will stay the same.
Does the flood notice have to be signed at renewal if the loan is not in a flood zone? Everything I have read about giving the notice seems to read "if located in an area that's in a flood zone" so it appears conditional.
Is a rate lock agreement necessary now that the TRID loan estimate includes notification that the rate is locked?