Vendor Guru Q&A - Lending

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Latest Lending - Disclosures Topics

Signed Copy of Servicing Disclosure In File?

02/17/2014

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?

Disclose TIL if Loan to Natural Person and Trust?

01/20/2014

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?

Odd Days Payment and APR Calculation

01/13/2014

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?

TIL Required If Lowering Rate & Charging Fee?

07/15/2013

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.

RESPA Documents Required for Loan Modification?

07/08/2013

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%.

Home As Collateral Business Purpose-Reportable?

07/01/2013

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?

Reg Z/RESPA -Equity to Purchase Primary Residence

07/01/2013

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.

Procedure for Terming Out a HELOC

06/24/2013

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?

Disclosing Seller Closing Costs to Buyer

06/17/2013

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?

Sellers Prepaid Finance Charges for APR on TIL

06/17/2013

Should the costs the seller is paying show as prepaid finance charges for APR purposes on the TIL?

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Compliance in a New Environment

Compliance has always been about, well, compliance. Do what the laws and regulations say. If the law says give a disclosure within three days, we give disclosures within three days.

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Delivery of a Closing Disclosure by Email

12/01/2019

In search for further guidance on compliance for delivery of a Closing Disclosure (CD) by way of email (with a borrower's E-Sign consent) we have varying differences in the interpretation of the word "Receipt". It has been our department's practice to deliver the CD within no less than 3-business days prior to closing. Documentation to evidence delivery has been by including a printed copy of 1) email showing our department's delivery of the CD to the borrower by way of email, and/or 2) a printout showing the "Arrival Date" of the email/attachments to the borrower. Some have interpreted the "Receipt" rule as evidence the email and attachment(s) was "OPENED". Are we in violation if a loan is scheduled to close on a Monday and the borrower did not “OPEN” the email until the 2nd business day (Thursday) prior to closing – even though we have evidence to show “ARRIVAL” of our CD on or before the 3rd business day prior to closing?

TRID Rule & Line of Credit Secured by Property

12/01/2019

Does a Line of Credit, secured by both a commercial property and a vacant residential property, apply to the TRID rule. The primary purpose of the loan is for business purposes.

Reporting Commercial Loans to Credit Bureau

11/24/2019

Can we report adverse credit to the credit bureau on a commercial loan and the guarantor if we don't normally report our commercial loans to the credit bureau?

Modification Fees on Construction-perm Loans

11/24/2019

I have a question regarding modification fees on our construction-perm loans. If additional fees are incurred at modification (Appraisal fee, recording fees, title fees, etc.) and were not disclosed on the loan estimate or closing disclosure, are we able to collect and charge them or would this be a TRID tolerance issue?

Demographic Info Changes at Consummation-HMDA LAR

11/24/2019

For HMDA reporting purposes: An applicant's demographic information is obtained at time of application via an online application process and the data collected is the information input onto the HMDA LAR. But if the applicant changes the demographic info at consummation (at the title company) do we change the data on the LAR from the data collected at application to the data collected at consummation?

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