08/08/2011
We have the opportunity to refinance a commercial real estate loan from a competitor. The subject property was appraised by an approved appraiser within the last 12 months. The appraisal was ordered by the competitor. The competitor bank won't release the appraisal directly to us, but the borrower has a copy. Our compliance officer says that we must order a new appraisal because accepting the copy from the borrower would violate the latest interagency appraisal guidance. Any options available besides a new appraisal?
07/25/2011
Where can I read the real estate tax escrow regulations and how it directs us to calculate a customer's taxes. For instance, do I take the most recent installment of taxes times two? Do I take the previous calendar year's taxes or do I take the two most recent installments added together? I'm in a county where the installments are not equal amounts. More specifically, I need to know what the regulations state.
07/18/2011
I recently attended a Harland Laser Pro Regional Conference. It was indicated that the SAFE ACT states that mortgage lenders must register for a NMLSR. Does this include loan officers that just take Home Equity Loan and HELOC applications?
07/11/2011
Are UCC filings required on mobile homes that are attached to the land if a mortgage is going to be filed?
06/06/2011
Are there any laws/guidelines that prohibit residential real estate loan transactions in the name of a business? I can't figure out how to do them on a residential real estate app and the disclosures that follow.
05/30/2011
Our bank discloses on all consumer loans. Are we at risk by doing this? What are the ramifications for improperly disclosing on loans that are not disclosable?
05/16/2011
We have a borrower that is purchasing a house and borrowing the money from a family member. We will be doing the financing to pay back the family member and the house that was purchased will be the collateral for the loan. What is the best way to document this loan?
05/02/2011
We have a commercial loan in a company name. The collateral real estate is owned by an individual. We prepared a hypothecation agreement for the individual. Who signs the Assignment of Rents and Leases? Is it the property owner or the borrower?
04/25/2011
My bank does mainly commercial lending. We have a couple of 'refinance' scenarios that we have questions on. We had a loan approved in 2010 - the purpose was refinance business debt and my bank was taking a subordinate lien position on the principal's residence. After the bank's approval the borrower did not approve our terms and my lending officer did no further investigation so I do not know if the loan we were paying off was secured by a lien on their personal residence or not to know if it falls under HMDA. How do we make the determination as to if it is HMDA or not?
04/11/2011
We have a loan secured by real estate located in a SFHA. The borrower's tenant is responsible for insuring the property including flood insurance. The property is insured for Flood, however the tenant is a National Retailer and they and their insurance agent refuse to add our bank as a loss payee/mortgagee, since it is their policy that they must strickly abide by the terms of there lease, an in the case of this lease it indicates that owner of the propery, our borrower, is the only mortgagee, hence they will not anyone else. Question is are we in violation of the reg? I've reviewed the examiner requirements and one of the checklist items is to confirm that lender is loss payee or mortgagee. Any suggestions?