Most Popular Lending Content
Small-reporter HMDA: Wait and see
07/15/2018
How should we report if a loan is a single-family property, or has 2 to 4 units, or is a multifamily property?
An ARM loans impact on TRID disclosures
07/15/2018
Should we be disclosing both the AP Table and AIR Table on an ARM transaction?
Transfer of Service on a Fannie Mae Loan
07/15/2018
We are in the middle of completing a transfer of servicing on a Fannie Mae loan in our portfolio. Fannie Mae owns this loan, and we are just transferring the servicing and the escrow account that we hold. Since we are closing the escrow account here, it's my understanding that we need to send the Escrow Closing Notice required in 1026.20. I am getting some push back on this from Fannie Mae - saying that they have never heard of this and they do not agree due to the model language in the letter. I agree that it seems confusing - but we do not transfer mortgages ever so I want to make sure that we have everything correct. Can you provide any clarity on this situation? Should we be sending the Escrow Account Closing Letter?
Joint Application-One of Applicants is a Minor
07/15/2018
If the bank receives a joint application but one of the joint applicants is a minor, can the bank deny the loan based on age of one individual (the minor) without facing possible discrimination? Under ECOA an institution may treat credit applicants different when under the age of majority based on state laws. But what if it is joint and the other applicant is of age?
Renewal w/Vacant Land as Collateral-Evaluation
07/15/2018
Two years ago we granted a new loan and took a first mortgage on a piece of vacant land as collateral. The loan is now going through a renewal. While completing the evaluation, we learned that the borrower; using his own cash, built a home on the property that’s encumbered. The way our mortgage reads, we have interest in ... all existing or subsequently erected or affixed buildings, improvements, and fixtures... When we complete the valuation report, should the value of the home be included in the report and furthermore, if so, should the report be mailed to the borrower under Regulation B?
