I only added 9 days for the closing costs expiration date on the Loan Estimate (LE). I counted the day the LE was issued as one of the 10 days. The borrowers have already signed the Intent to Proceed. What happens now? The lender says I have to re-app the loan and start over. I wanted to know what you think.
When you setup an auto payment on a loan, debiting a checking account at your bank, can you charge an NSF for the payment when funds are not there on the payment date?
With the new rate spread calculator, I am wondering if the APOR spreadsheet will it no longer be updated with each Monday? Also, I am getting conflicting answers within the forum: as a small servicer, is there an exception to the threshold of 3.5% on first liens or does the rule apply across the board whether you are a small creditor or not: 1.5% for first lien and 3.5% for subordinate liens to determine the HPML status?
Under current HMDA definition is a mobile home that is attached to real estate considered a 1-to-4 family dwelling or is it manufactured housing? In my opinion a mobile home affixed to real estate is more similar to housing manufactured off site and delivered/affixed to the land than a home that was traditionally stick built on-site. However, a mobile home does not meet the technical HUD definition of manufactured housing either.
Can we continue to use the old four-page uniform application with the demographic information addendum or must we convert to the new eight-page form.?