If the purpose is to purchase a vacation home (personal purpose) then we would report this as a home equity HMDA loan?
Should a written application be required for all business purpose applications, including those for HMDA reportable transactions?
All of our TRID loans are on a variable rate that changes monthly. I thought the required rate cap was an increase or decrease of 2% each time it changes. Now I cannot find any documentation regarding this issue. I know we have to disclose the ceiling but is the adjustment under our discretion?
A loan officer took an application for a dwelling secured but failed to ask what type of dwelling (site built, manufactured home, etc. Can we report NA for that field?
intent to proceed prohibits charging fees other than for credit report before the Loan Estimate is provided and the applicant's intent to proceed has been confirmed and documented. If due to a technical issue which we discovered post closing the Loan Estimate was never sent to the borrower, is the lender obligated to refund all closing fees based on the Intent to proceed rule?