09/24/2012
We are refinancing a real estate secured loan in house with a new loan (adding money) that is in a flood zone. Per our bank policy, we ordered a new flood determination. There is already flood insurance in place. Do we need to wait 10 days to close from the date the borrower signs the flood notice?
09/10/2012
Since the establishment of escrows for all HPMLs became mandatory, we are having an issue with consumers who pay their homeowners insurance on a monthly basis. They don't want to make duplicate payments to the insurance company as well as our bank to fund their escrows. Understandably, they view this as a hardship, and are unable to afford an annual payment to their insurance company in order to get their premium paid in full and then start to fund their escrow. Any ideas what we can do in these situations? I understand that we can't simply have them sign a waiver releasing us from paying their homeowners premium, but still paying their real estate property taxes from their escrow.
09/10/2012
Is a HELOC subject to any of the waiting period restrictions imposed by reg Z as of 7/2009?
09/03/2012
I need a user friendly time line for when disclosures are to be given for a 1-4 family residential loan applicant.
08/27/2012
I'm currently preparing a commercial loan secured by a primary residence. I was advised that the documentation fee is considered a prepaid finance charge since the real estate collateral is secured by the Guaranty and not the Note. I was also advised that it is written in Reg Z but I'm having trouble finding it.
08/06/2012
Loan secured by real estate (3 acres), block building/house on property, tenant lives in block house, house is insurable, value of house is -0-. LTV based on value of land only. Even though property has building on it, we are not considering the building as part of collateral or in valuation of collateral. Q. Is flood determination still required? Q. Is HMDA date sheet required? Q. Is Government Monitoring info still required?
06/11/2012
I am unsure if I should report on my HMDA LAR several different loans we have done. The first has the collateral of a stock certificate but the loan was done to purchase a home, another has a perpetual loan agreement as collateral but was done to purchase a home, the last was done by a church to purchase a home they are using as a group home which isn't really considered anyone's primary residence.
05/21/2012
We have a customer who lost her husband and is needing to take out a loan to cover the funeral costs. We will be using their mobile home, which is their primary residence, as collateral. My question is; can we conclude that this circumstance is a bonafide personal emergency for the purpose of waiving the three day right of rescission?
05/07/2012
I have a question regarding correct filing requirements for perfecting a security interest. The company is incorporated in Delaware and they are registered in Virginia (not domesticated). Our collateral is not real estate and is not farm/timber related collateral. Do we file in both Delaware and Virginia?
05/07/2012
I have a loan request for the purchase of residential real estate by a child of a good bank customer. The bank customer will secure the loan with a certificate of deposit, but also wants the bank to execute a mortgage on the real estate. The bank customer will also guarantee the debt. The child is just starting a job and will not qualify for a traditional mortgage at this time. The loan term will be for one year, interest only payments. The goal is that the child will be able to refinance to a traditional mortgage at the end of the loan term. I know this loan is HMDA reportable, but is RESPA applicable, (because we are also executing a mortgage)?