If I as a lender choose to use a mobile home for collateral on a loan where the purpose is to go on a vacation, does the loan require government monitoring information?
When calculating PMI in the APR, I know that the up front PMI app fee, premium and reserves are calculated into the apr. What I would like to know is that if the PMI payments over the life of the loan is calculated into the APR also?
We have an individual requesting a business purpose loan secured by her home. Do we complete the government monitoring section of the application? We are not HMDA reportable. Also, is the loan originator section of the application required to be completed by the MLO?
Do you report the ethnicity, race, and sex of a co-signer on a HMDA reportable loan?
Do I have to collect GMI for a business line of credit that is secured by the principal's residence? The line is for working capital and not home improvements, or refinancing a loan.
I have a commercial loan for a residential rental property. The borrower is an LLC and the members of the LLC are listed as guarantors. How do I report HMDA ethnicity, race, etc?
Under the current Truth in Lending payment schedule guidelines, payments on FHA loans with MIP are shown as â€¦for example 111 payments $1782.57 to 1726.23 249 payments $1489.01. I believe the correct input in APRWin would be: 111 $1726.23 And then 249 $1489.01. Why is the input valid using the lower payment amount ($1726.23) and not the higher ($1489.01)?
Regarding when to collect government monitoring information,if a loan officer did not disclose and collect gmi at the time of a loan application,is a bank allowed to gather gmi after closing.
We have a business entity purchasing a property to be used as a rental property. The loan officer obtained personal guaranties. For HMDA we know this is reportable as purchase. My question is about the GMI. Do we report this as business entity not applicable or do we need to report the GMI on the personal guarantees?
I have a real estate loan that the customer checked on the GMI information that they do not wish to furnish this information. We are HMDA reportable. Do I use visual observation to complete the information on the LAR?