Most Popular Lending Content
ROR on a Construction Loan
09/04/2006
We want to originate a construction only loan, (6 months) and the land the customers are building on also contains their current primary residence. We have a first mortgage on their current home so the construction loan will be a second mortgage. Do they have the right of rescission on the construction loan?
Collect GMI on Co-borrowers or Just the Occupant?
09/04/2006
We have a loan request to purchase a residence that will be the primary residence for one borrower but there is a co-borrower that will not occupy the home. Do we collect government monitoring information for all borrowers or just the borrower that will occupy it as their primary residence?
Loan Cosigner Passes Away
08/28/2006
What happens to a loan if the cosigner passes away? Does the loan go into default or need to be re-applied for?
Quitting Mortgage Lending, Disclosures Required?
08/28/2006
Our organization is moving away from mortgage lending. We have some mortgages that the term is up in the next few months. Are we obliged to inform client in advance that at maturity we expect repayment and disclose the fact that we are no longer offering this service, therefore they will not be offered to extend the life time of the loan?
Nursing Home Expense Loan
08/28/2006
I have a consumer loan for the purpose of paying for nursing home expenses that will be secured by a 1-4 family real estate (the borrower is using her mother's home which is vested in the mother's name and all three children) as collateral. Do all normal consumer real estate disclosures apply?