Can you help with usury rates? I am in Missouri. I have a personal loan under $5,000 secured by farm equipment. Can the interest rate be 10% and the APR be over 10%?
Our bank has an existing balloon loan that will mature December 31, 2011. If at maturity, the bank renews this loan to continue the original amortization schedule, will this loan be subject to HPML limits? I've seen an earlier response indicating renewals are not subject to HPML's however, in speaking w/ a Fed Examiner he indicated that it was subject to HPML. Can you point us in the right direction in the reg showing us that renewals are not subject to HPML?
Do the provisions of the Servicemembers Civil Relief Act on maximum interest rate apply to a service member's non-owner occupied 5-family rental property?
Can the preliminary docs on a 1-4 family be dated prior to the Notice to Home Applicant? The credit report was not drawn until after they signed preliminary docs. We do not use credit scores as a basis for approval or interest rate.
What type of loan is available to payoff existing student loans? Is HELOC the only available option or can a fixed rate/fixed term equity loan be used for that purpose? Please respond with options and any articles supporting the options.
Our bank does not charge for a credit report on a mortgage loan. How should we list that fee on the GFE and HUD?
We had a loan, not a mortgage, with a state bank that failed. Do we have any rights as to selling that loan or the opportunity to purchase it back ourselves? This is Wisconsin. Also, we had a deposit at the same bank. The interest rate on the loan was based on the interest rate paid on the deposit. One bank bought the deposits and immediately lowered the interest rate on the deposit. The entity that bought the loan did not lower the interest rate on the loan. What rights do we have on the original contract with the failed bank?
1.) What date do you use when using the FFIEC calculator to determine a higher priced loan (in-house loan) Is it the application date or is it the date that the loan is to be closed. 2.) This loan is a jumbo loan so would the same rule apply for a different threshold of 2.5 instead of 1.5% even though it is an in-house loan?
I attended the Lending Compliance Roundup Seminar in Tulsa on March I. I understand that the easiest way to comply with the Risk Based Pricing Notice was to give the two pages from the credit bureau report- Your Credit Score and the Price You Pay for Credit. If we do give The Risk Based Pricing Notice stating that the interest rate would be effected, then must it be given to only the people it effects and not every customer?
I have the following loan example: Construction/Permanent for primary residence. If the loan is approved with an 18 mo construction variable rate AND a Fixed rate(Undetermined) permanent rate for 7 yr/ 25 yr amortization. With the "new" guidelines how does the Early Truth In Lending calculate for the payment schedules in the TIL box. The first 18 mos are Interest Only and I have no way of knowing the interest rate during the permanent phase. Which term (Construction or permanent)am I disclosing?