If a home equity loan application is not decisioned within 3 business days and preliminary disclosures are not sent out within those 3 business days, does the application need to be canceled and a new application keyed in? That is our current practice and it's a nightmare for HMDA monitoring submissions.
Can a Home Equity Line of Credit be done for a borrower who has PMI insurance on their first mortgage?
In the 2% cap fee for Texas Home Equity loans, what fees are included against this 2%? I know excluded is the appraisal, survey and title
insurance with endorsements (does this include escrow fee?), but what remaining fees would count against the 2% cap fee? Would HOA Assessment or
Dues count against the 2%?
On a home equity loans made in Texas, the law requires that they must close at an attorney's office, Title Co or the bank. If customer is bedridden can
it close at their home?
If you are not HMDA reportable, do you have to collect GMI for a Home Equity Loan? Not a refinance of purchase money, strictly home equity to consolidate miscellaneous consumer debt and medical bills.
Is this home equity or refinance?
In 2016, dad took out a home equity loan with the bank so his son could make some improvements to the house. His son was not on the loan nor on title at the time. The farm property was transferred to the son (our new borrower) at the beginning of the year. The son wants to payoff dad’s loan with us ($42K) plus borrow additional for more improvements for a final loan amount of $150K.
Is the 12 day waiting period before closing a Texas (50(a)(6)) home equity loan based on calendar days (including Sundays and holidays), or are the "calendar days" supposed to exclude Sundays and holidays? The rule wording just states 12 days so I am not certain.
In regards to pre-application disclosures for a HELOC, does the bank's NMLS # need to be disclosed along with the banker's NMLS # or does the bank's NMLS # only need to be disclosed on the boarding/booking documents?
Can a home equity loan in Texas have a call feature (e.g.-15 amortization at 5% fixed with a three year call)?
What are the HPML rules for a home equity installment loan when the lien for the home equity installment loan is a first lien?