Do we need to send an Appraisal Notice on a new request if we are using an existing appraisal we already have for a separate loan?
Are we required to use the Lender Information Form?
I know that providing a builder a discounted rate on their personal loan in exchange for the builder referring buyers on new construction is a RESPA violation. However, is it also a violation if the bank provides the builder a deal on the commercial loan that was provided to construct the new homes? That loan is a commercial deal and the discount predates the "hoped" for referrals. There is no agreement, more of a hope the builder provides referrals. It's likely a tightrope but appreciate the insight.
Are we allowed to include the Negative Information Disclosure language in the promissory Note form for all applicable loans? We currently provide a separate one page document with just the Negative Information Disclosure language on it for the customers to sign. I was hoping to eliminate one document by including this in the Note.
What or is there a regulation that requires a paid loan to be processed within a certain period of time?