I am trying to find documentation to determine if denying a loan for "collateral" is appropriate when the issue is that the property is up for sale. The result is that the loan will not meet our guidelines so is this an appropriate reason to deny the loan for "collateral." Or would the appropriate denial reason would be "Other." Can someone point me to the correct location to view documentation to better support the use of denial reason other vs collateral?
Should a cured fee (Underwriting Fee) be included in the finance charge calculation? The fee was not originally disclosed on the LE. Therefore, it was not included in the APR. The item was added to the CD and cured. Since it was cured it was not included in the APR/finance charges.
Is there a rule on escrow analysis's that if the loan shows getting a refund, and it's 90 days past due that we don't have to issue the escrow refund?
We are a lender in Massachusetts and disclose on our HELOC agreement the discharge fee that will be charged by the registry of deeds to discharge the loan when it is paid in full. Massachusetts recently went up in their fee by $30. The fee disclosed at the time of loan closing was accurate at that time. Can we charge the increased fee?
We have a loan secured by a ground lease. The building on the property is not owned by our borrower. What call report code should this be reported under, is it considered a land loan since that is our collateral even though it is not vacant?