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Flood Insurance for 2 Properties

10/13/2019

We have a loan with two properties. One is a flood zone and one not in. The value of the property in a flood zone is $50,000. Can we require flood insurance only on the amount of the property that is in the flood zone or do we have to get flood insurance to cover the entire $250,000.00 loan balance?

Elements of a TRID application

08/25/2019

Can a lender purposely not get one of the six TRID items to avoid getting an application in order to delay the loan estimate delivery date?

Acceptance of Private Flood: State for Insurance

08/18/2019

Pertaining to the acceptance of private flood policies, my question is in reference to the statement found in the OCC Federal Register (vol. 84 no. 34 pg. 4955). “Specifically, the proposed rule … to mean an insurance policy that: (1) is issued by an insurance company that is licensed, admitted, or otherwise approved to engage in the business of insurance in the State or jurisdiction in which the property to be insured is located, by the insurance regulator of that State or jurisdiction or, in the case of a policy of difference in conditions, multiple peril, all risk, or other blanket coverage insuring nonresidential commercial property, is recognized, or not disapproved, as a surplus lines insurer by the State insurance regulator of the State or jurisdiction where the property to be insured is located.” Please confirm which state the licensure would be verified in. Is it in the state the real property is located in, the state in which the agent is, or the state in which the insurance company is located? For example: assume our real property is in Louisiana, the agent is in Texas and insurance company is in Massachusetts. My interpretation of this statement is we would verify licensure in the state of Louisiana, but it's confusing.

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Congress Extends Flood Insurance Program Temporarily

Congress passed a temporary extension of the National Flood Insurance Program (NFIP), which was set to expire on May 31st.

COMPLIANCE CALENDAR

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No Loan Amount Obtained – How to Report

10/20/2019

What do we report for Loan Amount if an application is taken, under our financial institution’s definition of HMDA Application which does not include a loan amount, and the applicant withdraws or the lender denies before we have a loan amount?

Flood Insurance for 2 Properties

10/13/2019

We have a loan with two properties. One is a flood zone and one not in. The value of the property in a flood zone is $50,000. Can we require flood insurance only on the amount of the property that is in the flood zone or do we have to get flood insurance to cover the entire $250,000.00 loan balance?

Initial Disclosures Before Underwriting?

10/13/2019

Are initial disclosures required to have the borrower(s) signatures prior to going to underwriting for initial review? I understand that the loan estimate and 1003 need signatures but what about the other initial disclosure documents i.e.: toolkit, counseling forms, servicing disclosure, AfBA, FACTA, Privacy, Patriot etc..

Docs to Verify Income or Tax Returns Required?

10/13/2019

We have a married couple wanting to fill out a home loan application. They state that they do not have any copies of their tax returns. Can we use the other documents to verify income or are the tax returns required?

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