Parents cosign for a purchase money mortgage for their son and pledge their residence as additional collateral. Is a separate cosigner's disclosure required? If so, under what regulation?
If credit life and/or disability insurance is added to a residential real estate loan, are there extra disclosure requirements?
When a customer at our bank comes in to do a $1000 personal unsecured loan and we hold a mortgage on their home prior to this loan, that has an additional advance clause, if we uncheck the box on the new $1000 loan that refers to cross collateralization, are we securing the loan with the real estate anyway, due to a previous security agreement being in the customers file? Would unchecking the box on the loan that says "collateral securing other loans from lender may also secure this loan" cover that bases for compliance?
When closing a real estate purchase can I collect more then 2 months insurance, or is 2 months the maximum?
Federal regulators have some fancy tools and the Comptroller of the Currency plans to use his. The tool in question is federal preemption.
I noticed comment in Memorandum for update pages in a Mortgage Lending publication the following:"Several U.S. Circuit Courts of Appeal have disagreed with the Department of Housing and Urban Development (HUD) on whether mark-ups of third-party charges are violations of RESPA. For example, may a lender pay $15 to a credit reporting agency for a report and then charge the customer $30 for the report at closing and keep the $15 difference? HUD has said this would be a violation of the Real Estate Settlement Procedures Act (RESPA) and several courts have disagreed." Do you have any information concerning these court findings? Can this be done with this 3rd party charge or any others? Example; Could we charge for "payment coupon books" related to a mortgage loan payment?
Is a W9 required for a commercial loan? Some banks require it, others do not.
Realizing that a Revocable Living Trust is not a natural person; and right to rescind doesn't apply, can the Trustee of the Trust apply for an equity line of credit for the Trust?
Our Loan Auditor found that one of our mortgages was recorded as homestead property and it is not homestead property, do we need to re-record the mortgage?
I have a lender making a $1MM loan to a consumer to construct a personal residence. The loan is NOT real estate secured. I am finding myself unwilling to accept that there are no disclosure requirements for this transaction, however, I believe it to be exempt from Reg Z,RESPA, HMDA and Flood. Is there something I am overlooking?