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?
What is the 3-day rule when a HELOC is being converted into a HE loan? I'm in Operations and we have problems when a loan officer starts a Presentation without including us and then sends us the information about a month later. Do we concern ourselves about not getting the information early enough to send the preliminary disclosures within the 3 days? This is an ongoing problem that we would like to settle once and for all.
We have a first-lien HELOC at 80% LTV. We want to offer a second-lien closed-end home equity loan at 20% LTV. Since the two add up to 100% LTV, are we required to escrow? Neither loan is a higher-priced mortgage. The first is below 1.5% APR over APOR and the second is below 3.5%. Do I need to escrow?