07/11/2011
Can you use a HEQ that is secured by your primary dwelling to purchase another dwelling?
06/27/2011
We have a request to renew an existing loan and add new money for repairs and improvements. Since it is a home equity, we would need to proceed with another new home equity. Presently, this loan is land only and was done as a home equity because a mobile home was later placed on this property for them to reside. Would we be required to escrow on this loan even though it is still considered land only?
05/23/2011
Is a GFE required for a home equity line of credit?
05/02/2011
What are the rules for reporting Consumer Loans on Land for CRA purposes? More specifically, would you use the geo info of the consumer or the land being bought or refinanced?
05/02/2011
We do not do home equity loans. A customer had a loan with us and then paid us off with a home equity loan at another bank. He now wants us to refinance and payoff the other banks loan. Would this still be considered as a home equity loan for us.
04/18/2011
We're processing a Home Equity closed end loan and have run into an issue, several weeks after providing the GFE, we needed to consult our attorneys regarding the deceased spouse's will. We now have significant attorney fees, and the title company wants to put those fees on the HUD. Our bank is paying the attorney fee. With the fee listed on the HUD POC by Lender, do we have a tolerance violation?
03/21/2011
A customer comes in to the bank and wants to borrow $27,000 to wipe out his credit card debt and wants to use his home for collateral. There will be a separate note done with a 6 yr. amort. The existing real estate loan will not be refinanced. The note will be a consumer note with a consumer application. What in the world do I need for disclosures? Everything that I would do for a regular real estate loan? New experience for us. We would normally refinance his home loan.
02/14/2011
A local attorney has informed one of our bank officers that the SAFE Act would require a lender to be a registered mortgage loan originator in order to close loans for lot purchases (land only). I haven't heard that in any of the seminars I have attended. Is this true?
01/17/2011
Our Home Equity Lines of Credit currently have a five year draw period. The bank would like to institute a fee to the customer if he wishes to extend the draw period. What disclosures would this create?
12/13/2010
I had a borrower wanting money to purchase and renovate some rental property using his home equity loan on his personal residence. He wants to finance the rental property and pay the money down on his home equity line to a zero balance, but we are not closing out the home equity line. We do not report home equities on HMDA. Would this be reportable?