Most Popular Lending Content
Disclosures and New Co-borrowers
06/11/2023
We added a co-borrower to our loan and sent a revised Loan Estimate to this co-borrower, but not initial disclosures. Are we out of compliance? Is there any way to cure this before loan closes if it is a problem?
Compounding Accrued Interest in a Refi
06/11/2023
If a lender is doing a cash-out refinance on a residential mortgage loan, can they include the accrued interest into the new loan, or must the borrower pay those out of pocket?
Construction to Payout
06/11/2023
Our bank did a short-term construction loan that was schediled for a full payout at maturity. It has matured and the borrower is unable to pay it in full. He has asked to convert it to payments. Can we modify the loan with a change in terms agreement, does this require new TIL disclosures, or do we have to refinance it with a new loan and all new disclosures?
Escrow Compliance – Be the One Who Understands It All!
06/09/2023
On escrow account statements where the borrower has a shortage, we’d like to add a blurb below the shortage amount, telling the borrower that they may optionally pay a lump sum to their escrow account to avoid higher monthly payments. We’d make it clear that such action is voluntary and not required. May we do so?
New Small Bus. LAR, Does it Duplicate HMDA
06/04/2023
Regarding the new small business data reporting requirement expected to come out soon. Will this "1071" requirement be similar to HMDA and CRA whereby if it’s HMDA it cannot be reported as CRA? So if it’s a HMDA reportable loan, then we won't report it for the small business data?