Vendor Guru Q&A - Lending

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Latest Lending - FIRREA Topics

FIRREA Rules for LTVs on Commercial Real Estate

12/17/2012

The commercial loan officers at my bank have a general understanding of FIRREA however one among us believes that FIRREA may dictate LTVs on commercial real estate - in particular a vacant commercial lot. Is this true, If so, where can we find an explanation?

Reg Y - Forgoing the FIRREA Appraisal

07/21/2008

Under Regulation Y Sec 225.63(a)(2) there is an exception if a lien is taken in an abundance of caution. Would this include a lien taken on an existing home as additional collateral for a construction loan that will have a FIRREA appraisal on new construction, but is not adequate collateral so we are taking the existing home? Can we forgo the FIRREA appraisal on that collateral taken in an abundance of caution?

Review Appraisal - FIRREA Violation?

02/18/2008

If a review appraisal is completed by the same appraiser who did the original, is this a violation of FIRREA? Does the review appraisal have to be from a different apprasier?

FIRREA Business Loan Exemption

05/08/2006

FIRREA allows an exemption from a state licensed or state certified appraisal for business loans of $1M or less that are not dependent upon the sale of, or rental income generated from the collateral real estate as the primary source of repayment. A "business loan" is defined as an extension of credit to "any" corporation or other business entity. Would this exemption be applicable to a non-profit corporation (e.g., an incorporated church)?

Separating the Appraisal and Evaluation Functions - Mary Beth Guard

09/27/2004

Separating the Appraisal and Evaluation Functions
Answer by Mary Beth Guard, BOL Guru
Guru BIOS

HUD's Proposed Revisions To The GFE

08/01/2002

HUD has published a proposal to make significant changes to the Good Faith Estimate that lenders issue within three days of taking an application. HUD calls this a "simplification" of the GFE.

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Tolerance/Cure Amount for LE/Closing Disclosure

06/16/2019

I'm new to TRID and trying to understand tolerance and cure amounts for things such as the following: Loan Estimate : - Recording Fees $32.00 - Settlement Agent Fee $500 and - Title Search $300.00 Closing Disclosure: Title Search $500.00 What would be the tolerance cure?

Home Equity Loan-Close at Home if Bedridden?

06/16/2019

On a home equity loans made in Texas, the law requires that they must close at an attorney's office, Title Co or the bank. If customer is bedridden can it close at their home?

Lender Chooses to not Read HMDA Telephone Script

06/16/2019

What happens if a lender chooses not to read the HMDA Telephone Script when required to an applicant?

RCBAP Master Policy Acceptable Form of Insurance?

06/16/2019

Is an RCBAP master policy an acceptable form of insurance for a property that is legally a planned unit development (P.U.D.) and not a condo? FEMA guidelines seem to indicate RCBAP's can only be written on condos but we are seeing insurance agents issue these on P.U.D. properties with the insured name being the HOA.

2 Separate Security Agreements-1 for Each State?

06/16/2019

If we have a customer that has their business registered with the Delaware SOS however they live in ND, do we need to produce two separate security agreements, one for each state? I noticed this changes in the governing law section of LaserPro documents.

Latest Lending - FIRREA Topics

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