When the bank imposes 25% penalty rate for 60+ days past due credit card accounts, do they need to send 45-days advance notices to delinquent card holders before imposing penalty rate?
Does a lender need to have a signed copy of the servicing disclosure in the individuals file or can it just be given out with the other documents at origination?
We have a loan to construct a primary residence to two individuals and their trust. The two individuals are also the beneficiaries of the trust that is liable. The land is owned by the trust. Since the loan is to a natural person and a trust should a TIL be disclosed?
If there are odd days in the first period on a mortgage loan (i.e let's say 9 days), we charge the customer the 9 days at closing, it is considered a prepaid finance charge and will be included in the amount financed. When calculating the APR for this loan, would you also include the odd days (9) in the payment stream portion of the calculation?
If you modify an existing consumer loan secured by their primary residence and charge a fee, do you have to disclose with a TIL? The only thing we are doing is lowering the rate and charging a fee.
Is the lender required to send RESPA documents when offering a Modification Loan? The modification has a proposed rate at 4.75%, which is higher than the current rate of 3.75%.
I have a business purpose loan to purchase commercial real estate. The client is allowing his home to be taken as collateral along with the commercial real estate. It's a first mortgage on the home. Could this be a HPML? Do any RESPA disclosures apply and is it HMDA reportable?
I have an applicant that owns a Duplex that is free and clear and they want to use the equity to purchase a new primary residence. The purpose of the loan is personal. I know that HMDA would apply for the new property however I am not sure about RESPA/Reg Z. When I prepare my Early Disclosures the information that would be disclosed would be a combination. The Origination, Flood, Lenders Title would be on the rental but we disclose Owners Title, Tax Stamps and those figures would only apply to the property being purchased.
How is the best way to handle when a customer wants to term out a HELOC? Can it be accomplished by a modification or should it be considered as a new request? If new request would HMDA be applicable?
A seller is paying closing costs to the buyer. Do these closing costs need to be identified since some are APR fees and others are not? Can the lender issue a credit toward a portion of discount fees on the HUD1? Since origination and discount fees are APR fees, does the APR need to be reduced by the amount of the credit? Can the APR be over-stated by more than .125 since this is the borrower's benefit?