Do mortgage closing loan documents need to contain the loan number on the document (i.e. HUD, initial escrow disclosure statement, notice of right to cancel)?
We as a company have been doing a lot of streamlined refinances that require us to get the HUD-1 from the loan that the borrowers currently have. In reviewing these I have noticed that it is common practice for other lenders to reflect negative discount points, a/k/a the funds they (the lender) are crediting to the borrower for closing costs. We currently add our lender credit to the HUD just like you would an earnest deposit or seller paid closing costs, which means the credit to closing costs is not reflected in our GFE and the APR the borrower sees does not reflect the fact that they are in fact paying lower closing costs due to the credit we are giving them. I feel like this is putting us at a disadvantage when borrowers compare our GFE and TIL to other lenders they are considering.
When renewing a closed end consumer loan note to lower the rate and extend the maturity date (leaving our mtg in place, not having to modify it, since it had no maturity date stated on it) are we required to disclose the closing fees on a specific HUD form, or are we good to just use our Disbursement Request and Authorization form that is generated thru our Laser Pro system and lists all of the fees collected?
Does RESPA require any charges in section line item 1300 -1310 to show on page 3 of the HUD as well? If the answer is yes, should it be under CHARGES THAT CAN CHANGE? I have noticed that some title co. do and some do not.
Can you disclose the initial escrow deposit on the HUD as a POC?
Do you have to redisclose if you change the term of the loan? They had you figure it on a 20 year mortgage and come back and decide they want a 30 year. What if they don't change the amount of the loan but change the down payment? Appraisal came in for less than the purchase price so they decide to put more on their down payment.
Where in the Good Faith does the credit report fee need to be if the lender pays for this fee?
We disclosed the Good Faith and Early Truth In Lending and entered an amount for recording of deeds but after the loan closed it was clear we did not collect enough money for the recording so the question is since this was expended to the bank do I have to redisclose to the borrower?
Where do you place gift money to the borrower on the HUD? Should this be placed in both the borrower's column and the seller's column 200 and 500 series?
Is it required that the insurance info be shown on the HUD for a Commercial loan to purchase property?