Our collateral consisting of 62 acres of farmland, a residence, a hog barn and a cattle barn appraised for $465,000 in 2017. It is owned by an Amish (full-time farm family) borrower. The land and livestock buildings account for $$395,000 of the overall value. The primary residence comprised $70,000. Our first mortgage loan made in 2017 was a business purpose loan. Now these borrowers want to refinance it to add an additional $80,000 remodel. Is this a still a business purpose loan, or will it be a consumer loan? The total loan balance after the new house addition will be $366,000.
What basic features should a commercial life of loan software offer?
I'm looking for clarity concerning Reg Z and documenting a borrowers payment of costs on the Closing Disclosure that are paid outside of closing. Specifically, fees for optional services like a Whole Home Inspection, Radon, etc. that a lender does not require. I thought there were separate rules for optional services? Reg (i) Charges that are not paid from closing funds but that would otherwise be disclosed in the table described in paragraph (k) of this section, should be marked with the phrase “Paid Outside of Closing” or the acronym “P.O.C.” and include a statement of the party making the payment.
Why is exception management so time-consuming for loan admins?
How often should exception reports be delivered to lenders?