Most Popular Lending Content
RESPA: How do you provide full disclosure of third party fees when the amount is unknown?
03/11/2002
For consumer construction loans that are RESPA related, how do we complete the HUD 1 regarding full disclosure of third party fees, for example inspectors, if we close prior to knowing who will be performing the inspections?
Using Average Costs For Loan Fees
03/11/2002
When we close a loan on the mortgage side we charge a $30 credit report fee. The actual fees are between $16.50 and $50. We averaged our actual costs and came up with $30; therefore, we are charging more for some customers and lessfor others.My question is - is this practice permissible or do we have to charge actual costs? Can you point me in the right direction on this issue?
Single Interest Insurance Policy: Passing On The Premiums
03/11/2002
Our bank is interested in obtaining a blanket lenders single interest insurance policy. I would like information on what amount of the premium could be passed through to the consumer, and if that amount would be need to be included in the finance charge?
Lending To Insiders, Reg O, and Required Clauses
03/11/2002
Our bank has a separate mortgage subsidiary that originates all of our mortgage loans. We wish to begin mortgage lending to insiders, but to keep it arms length, will assign all such loans to an investor immediately at closing, and all will be sold service-released. Is it still necessary that a clause be included in the note per Reg.O sec. 215.5(d)(4) giving the bank the right to call the loan if the insider becomes indebted to other banks in an amount greater than the limits imposed by the the regulation? Under these circumstances, it doesn't seem to make sense.
Is it okay to file a mortgage before the loan is funded or before the rescission period ends?
03/04/2002
Is it okay to file a mortgage before the loan is funded or before the rescission period ends?