Are there set rules on the Cash to Close changing from the LE to the CloD? For example, borrower requests a cash out refinance. The LE discloses in the Cash to Close section that they will be receiving $50,000. We find out prior to closing they want to pay off a loan and receive the leftover money at closing. So the money to the borrower has drastically been reduced. Are the changes in cash to close regulated by certain guidelines?
How do lenders disclose specific Lender Credits on the Loan Estimate? My bank does NOT offer GENERAL lender credits for secured home improvement loans but we do not charge the borrower for a title search ($60) or for a flood report ($10). Which of the following ways do we disclose such SPECIFIC credits?
(1) The bank should itemize these fees on page 2 of the Loan Estimate and then show a Lender Credit of -$70 to offset these fees. Later, the Lender Credit row on the Closing Disclosure will be blank since these two specific credits would show under the column "Paid by Others." Thus, Lender Credits will be -$70 on the Loan Estimate but later blank on the Closing Disclosure.
(2) Since these two lender credits are specific and are equal to the fees the bank pays to the title company, the two fees would NOT appear on the Loan Estimate and Lender Credits would be blank on the Loan Estimate. However, the Closing Disclosure will itemize these two fees as "Paid by Others" with the Lender Credit row on the Closing Disclosure being blank.
(3) Some other way instead of option 1 or 2.
Can a borrower waive the 24 hour in advance rule in receiving a HUD 1a prior to closing a home purchase?
We are doing a Home Equity Line of credit to purchase a home, do we need to do TIL and GFE disclosures? Or are they exempt?
In the Itemization of Amount Financed on a personal, vehicle loan, does the down payment need to be disclosed?
What is the 3-day rule when a HELOC is being converted into a HE loan? I'm in Operations and we have problems when a loan officer starts a Presentation without including us and then sends us the information about a month later. Do we concern ourselves about not getting the information early enough to send the preliminary disclosures within the 3 days? This is an ongoing problem that we would like to settle once and for all.
I have a Borrower and a Grantor on a RE Mortgage Loan - what Early Disclosures does the Grantor need to receive?
Our bank is financing the purchase of a home. Buyers are currently renters and are now purchasing from the estate. Buyers do not have the required 20% down payment so they are entering into a second mortgage loan with the Sellers/Estate.
The initial disclosures did not mention the $30.00 mortgage recording fee for the mortgage the Buyers and Sellers will have between them.
Do we have to re-disclose because we did not list the private party loan expenses?
Does the homeownership counseling notice need to be provided on open-end home equity lines of credit? This is a RESPA requirement, and our HELOCs are not subject to RESPA.
Regarding the new ECOA Valuation Rule that amends the appraisal provision of ECOA's Regulation B. Would it apply to home builders? I can't find anything in the regulation that it wouldn't.