03/25/2013
I have an existing mortgage on land. We are disclosing a construction loan. Should the security interest description in the fed box show purchase money AND real estate or simply real estate and does that really matter. The assumption clause is there either way.
03/18/2013
If a bank sets aside monies as a reserve for future loan payments involving a loan secured with borrower's principal dwelling, does that reserve fall under the definition of points and fees; i.e. finance charges?
03/04/2013
We have taken a certificate of deposit for collateral on a loan. The officer printed the assignment of deposit with the collateral description reading all existing and future accounts instead of the CD and number we actually took. Are we covered if the loan defaults?
03/04/2013
I have researched when a rate should be locked in. I say it is before loan closing but I am being told it can be after closing.
02/25/2013
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.
02/18/2013
Are you required to comply with Reg Z (ROR) on a business loan that takes an interest in a borrowers residence as additional collateral? In the past because it was a business loan you were not required to comply with Reg Z is that still correct?
02/18/2013
Can we do a change in terms for a consumer variable rate interest only home equity line of credit product that has NOT matured (matures 2016)and change it to a closed end fixed rate P&I payment product for 5 years to mature in 2017?
02/11/2013
Can your interest rate be below the actual floor? Ex. Note rate is 2.375% and the Floor is 2.75%
02/11/2013
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.
02/04/2013
A borrower would like to add on an addition and a garage to his existing house. We will finance the addition as a closed-end mutliple disbursement loan for 9 months with interest only payments. Then after the addition and garage are complete, we will sell on the secondary market and we have a pre-approval. Is this considered temporary financing since repayment will come from take out on the secondary market?
