Is there anything in the regulation regarding a change in terms with an Escrow Account? The lender has approved to lower interest rate and extend maturity. The loan was originated on 08/11/2011.
Can your interest rate be below the actual floor? Ex. Note rate is 2.375% and the Floor is 2.75%
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.
If an individual enlists into the military and has an existing loan with a financial institution is he/she protected by the interest rate of 6%? It is confusing when the word active duty is used rather than called to active duty when explaining the 6% interest rate.
Are the variable rate disclosures of Regulation Z Section Section 1026.18 and .19 applicable to fixed rate mortgages and consumer loans that provide an interest rate discount if the consumer signs up for automatic payment deduction?
What rate is used to calculate the interest rate on a loan that is secured by a Certificate of Deposit account? The interest rate on the Certificate of Deposit or the APY on the Certificate of Deposit?
On home equity lines of credit, how far in advance of payments must the billing statements be sent? If a bank chooses to make a change in the number of days must the customer be notified, and if so, how far in advance?
Loan extension agreements. Where can you find the forms? What disclosures are required when a maturity extension is given, no change in interest rate and no new money advanced?
Is a home purchase exempt from HPMLs?
Does the Reg Z disclosure for Private Education Loans cover a unsecured loan that is used to cover living expense for a person going to college?