11/18/2002
On a refinance of a dwelling loan plus new money for debt consolidation, should this be reported as HMDA? In the publication A Guide to HMDA Reporting Getting it Right! pg A-6 "B" (1) Data to be excluded: Loans that, although secured by real estate, are made for purposes other than home purchase, home improvements or refinancing (for example, do not report a loan secured by residential real property for purposes of financing college tuition, a vacation, or goods for business inventory). This says to me that if the new money over the amount of the loan you are paying off is not for home improvement DO NOT report. However, appendix D of the publication mentioned above pg D-2 #2 Meaning of refinancing (iii) Assume that the new obligation is a refinancing of a home purchase or home improvement loans only if the new obligation will be secured by a lien on a dwelling. So is this saying, it does not matter what the purpose of any new money is for, if the old loan was secured by the dwelling and the new loan is secured by the dwelling, it is HMDA? As you can see, confusion rules with HMDA.
11/11/2002
What are the regulations on charging a fee for flood certification. And can a bank charge the customer more than the bank paid for it?
10/21/2002
I have a husband and wife that signed a pre-nuptial agreement keeping real estate prior to marriage separate. The husband wants to borrow on his real estate which is in his name only. Does the wife have to sign the mortgage for his loan on his property owned prior to marriage when there is a pre-nuptial in place and can we request a copy of the pre-nuptial?
09/16/2002
Bankers Compliance Consulting Real Estate Loan Matrix. I found on this web site indicates that a closed end home equity loan is not HMDA reportable. I would like to know the reason the author made that decision. I find the reg excludes open end lines of credit only...
09/16/2002
We have a home equity loan that is being used to purchase a new home. Does this fall under RESPA.
09/02/2002
For a commercial real estate loan with 3 units: one retail store and two residential units with one being occupied by the owner/borrower. Loan underwriting is done per commercial loan standards. If the loan is for refinancing, is this loan subject to RESPA and Reg Z. If this loan is for purchasing the property, is it a residential mortgage transaction under Reg Z?
09/02/2002
On a refinance loan, conv real estate, primary residence, same lender, no escrow account established for payment of taxes and insurance, are we required to list the Real Estate Property Taxes in Section 900, on line 905 of the HUD-1A Settlement Statement form? If we are required to list the property taxes on the HUD-1A form, what period of time are we required to list?
08/12/2002
What is the proper way to perfect an interest in mobile homes?
08/01/2002
HUD has posed specific questions for comment. These questions seek open debate on specific issues that HUD believes may need clarification.
07/15/2002
At the bank I work at we are going to begin charging a fee to our real estate customers that do not escrow for their taxes and insurance. This will be a one time fee when the loan is set up. Is this permissible under RESPA?