Most Popular Lending Content
Completing the HUD-1 in a Complex Transaction
06/17/2002
If a single loan involves the sale of land and the sale of a dwelling, and the seller of the land and the dwelling are different, how should the HUD-1 be completed? A perfect example would be the purchase of a manufactured home where a dealer is selling the borrower a home, and an individual is selling the borrower the land to which the home will be affixed. Similar issues would arise in traditional construction situations where the borrower is buying land from someone other than the builder. Should the HUD-1 only address the land sale on the seller's side? Should two HUD-1s be prepared? Can the HUD-1 be altered to provide two seller's columns?
APR Accuracy Problem
06/17/2002
I was testing some APR Disclosures (on regular payment loans) when I noticed that although there was a "Violation APR is understated by..." message and the APR was understated by more than .125% (the tolerance for regular payment loans), the program was not printing the "Truth In Lending Reimbursement Documentation" sheet. I double checked the data that I had input but still no reimbursement sheet. Has anyone else experienced this situation with the program? Is there some other factor besides the tolerance percentage that determines whether or not reimbursement is required (i.e. loan amount or term)?
Where You List Items POC
06/17/2002
Realizing that POC items have to be listed on the GFE and HUD-1, do they also have to be listed on the early truth in lending and final truth in lending disclosures?
HOEPA Worksheet Resource
06/17/2002
I am looking for a worksheet that can be used to determine whether a loan is a Section 32 mortgage. Do you know of any such worksheet?
More on Servicing Disclosures
06/17/2002
When exactly is a servicing disclosure required on any loan? What type, what circumstances?