Vendor Guru Q&A - Lending

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Latest Lending - HELOC Topics

Disclosures for HELOC-Upon Maturity Renewal

01/06/2019

HELOC's primary residence upon maturity and the applicant wants to renew the loan for another term. No new funds same type. What disclosures are required?

HELOC Increase-Rewrite As A New Loan?

12/23/2018

If a customer has an existing Home Equity Line of Credit and then approaches to increase the HELOC by an additional amount of money, can a Change in Terms Credit Agreement and Disclosure be used for that or do we have to rewrite the loan as a new loan request? Obviously, if we are able to use the Change in Terms agreement, a Modification of Mortgage would need to be prepared and filed of record. What about Rescission on the new money? Do we have to give them an actual Notice of Right to Cancel form or can we just wait 3 business days from the date of the Change in Terms before we fund the new money?

Increasing HELOC-Send New Preliminary Docs?

12/23/2018

Do you have to send out new preliminary documents when increasing a Home Equity Line of Credit loan?

Is the NMLS# Required on HELOC Notes?

10/28/2018

Is the NMLS# required on HELOC notes?

Providing Periodic Statements After HELOC Matures

09/23/2018

I have been researching an issue for my bank in regards to providing periodic statements after a HELOC matures. Are FIs required to provide periodic statements post maturity on HELOCs? The Promissory Notes clearly states that the entire loan balance (principal and interest) is due and payable at maturity. I don't see it necessary to continue to send monthly periodic statements and this has also added confusion to the client. I do not see that this is addressed within Reg Z. Am I looking in the wrong place?

HELOC Early Disclosure- Acknowledgment of Receipt

09/16/2018

For HELOC early disclosures (ex. appraisal notice, consumer credit score disclosure, acknowledgment of receipt of counselor list, home equity application disclosure,) is the borrower required to sign these forms to acknowledge receipt, or can we have copies and a letter listing them out as proof in the file that they were delivered?

Government Monitoring Info on 2nd Home HELOCs

09/09/2018

Do bankers collect government monitoring information on 2nd home HELOCs?

Send Good Faith Estimate on New HELOC?

08/26/2018

Do we need to send a Good Faith Estimate on a new HELOC, or would this need a loan estimate and a closing disclosure?

HELOC Under $250,000 as 1st Deed-Appraisal

08/26/2018

I am doing a HELOC for under $250,000 as a 1st Deed. Is a full interior appraisal required or can a desk-top valuation be done?

State ROR for HELOC is Open-End Loan? (Appendix G)

08/19/2018

Does a Right of Rescission for a HELOC have to state that the loan is an open-end loan? All the rescission forms in Appendix G include reference to an open-end loan.

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RESPA- "Giving Out Three Lender Names"

02/10/2019

I am preparing education training for Realtors. My topic: "How to Work With Lenders." I want to address the age old response I hear from Realtors when asking for referrals. Often they will say, "we have to give out three lender names." I can't find anything under RESPA that requires this. Is this a part of Section 8 or another regulation? Briefly, what can a Realtor do that won't get the mortgage lender in trouble which may be beneficial to everyone?

Interest Amount Collected for Loan Extensions

02/10/2019

I am auditing loan extensions, and I am coming across several loans where the payment the customer makes after the extension is not bumping the next payment due date. I have figured out that this is due to our loan staff not collecting enough accrued interest. So the customer's payment went to interest, not bumping the due date. My question is : When granting an extension, what interest amount should be collected? What is currently accrued and owed at the time of the extension? or like my Bank is doing taking the per diem X the number of days extending? What is the best practice?

Complete Full Cash Flow? Ability to Repay Rules

02/10/2019

We currently have a consumer in the permanent financing phase of a construction/permanent loan. There was no guarantee we would provide the permanent financing at our bank. When construction was approved the borrower was considered self-employed. He owned two businesses and within the last year has sold a large portion of his businesses and now receives a salary as a manager, rather than an owner. Do we need to complete a full cash flow on this borrower, or could we use the current income received from his salary for ability to repay rules?

Home Improvement Loan- HPML and Escrow?

02/10/2019

I have a home improvement loan for 6 months. On the home improvement loan is it really considered a HPML and I should do Escrow?

Pre-submission HMDA Checkup

02/10/2019

Our financial institution is not a bank or credit union and is regulated by the state. We do not see a choice to enter our regulator on the HMDA LAR. What do we do?

Latest Lending - HELOC Topics

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