02/05/2007
When the bank pays all closing costs on a Home Equity Line of credit should the fees be disclosed on the note as paid in cash or should they not be disclosed at all?
01/29/2007
Have you ever heard of a situation where a borrower closed a loan and then immediately tried to pay off the lender with a personal check? I think this may be a scam where we deposit the check and it comes back NSF and somehow the borrower tries to argue that our lien is invalid.
01/22/2007
How do you calculate a HELOC payment stream?
01/08/2007
I have a question about HMDA, HELOCs and monitoring information. Reg. B allows collection of MI when you have a personal dwelling-secured loan that is for the purpose of purchase or refinance. This could include HELOCs. If a bank does not report HELOCs on HMDA, are they now required to collect the information on HELOCs that are for the purpose of purchase or refinance for Reg. B compliance? The HELOC application forms do not have a purpose statement. Also, the OSC from 202.13, #5 indicates that the information should be collected only if it is "readily apparent" that the purpose is for the purchase or refinance a dwelling. Does that mean that all of the application forms, including online forms, should be changed to include a purpose statement and the MI section (not to mention retraining staff, etc.)?
01/02/2007
One of our clients allowed a customer to pay loan closing fees associated with opening a HELOC out of the first draw on the line. The bank failed to show these fees as finance charges on the first periodic statement given to the customer so the examiners cited them as reimbursable TIL violations. They indicated there was zero tolerance with regard to open-end credit. The draw on the periodic statement did not indicate what the proceeds were used for. The fact that part of the draw was used to pay fees was detailed on a closing statement in the customers credit file. Are these items required to be disclosed as finance charges on the first periodic statement and are they reimbursable?
10/30/2006
If a lender has disclosed that they will charge a 10% fee on every draw made from a HELOC, can the 10% be subtracted from the actual draw amount (only 90% given to borrower, 10% forwarded to lender as fee payment) or does the 10% have to be opened as a separate receivable?
10/09/2006
We are funding a HELOC to a husband and wife with the mother-in-law cosigning, but the wife is the only person on the title. Who should sign the note?
09/25/2006
I am trying to determine if a transaction is HMDA reportable. I know a transaction that is a Home Equity Loan paying off a HELOC is reportable, but what if the HELOC is not being paid off but is being paid down to a zero balance but remaining open?
07/31/2006
In doing a closed-end 2nd mortgage that the primary purpose is for the purchase of the borrower's home, is an Early TIL required? If so, why is this different than a HELOC?
05/29/2006
When a third party requests a payoff on a home equity line of credit, can we freeze the account to prevent further advances and still be in compliance with Reg Z?