Is purchasing a shed HMDA reportable? Would it be classified as Home Improvement? Would it matter if it was on a permanent foundation? OR attached to a dwelling?
What are the steps we should take when we receive a bankruptcy notice on a commercial borrower?
I have a closed-end transaction secured by a principal dwelling which is being refinanced to another closed-end product (no new money). The original transaction provided a right of rescission. Please confirm that the refinance loan is not rescindable since it is with the same lender and no new money is being funded. I can't find a cite for this.
Under current HMDA rules, if a borrower submits an application for one amount and then requests an increase and a new loan estimate is issued, do we report the original amount requested or the increased amount?
We are doing a second mortgage where the first mortgage is already in escrow. 1.) Should we disclose the estimated escrow on page 1 of the Loan Estimate with No for being in escrow or should we completely leave them off since the borrower is already in escrow. 2.) On Page 4 of the Closing Disclosure how should we disclose here as well, and if we select no escrow, our only options are because the customer declined it or your lender does not offer one. Neither of these fit our situation because the customer is already in escrow with us, so they didn't decline it nor did we not offer one.