Most Popular Lending Content
Truth In Lending Commentary Update Proposed
12/01/2002
The Federal Reserve Board staff has held constant and issued a proposed update to Regulation Z's Official Staff Commentary in time for the holiday mail.
Dwelling Refinance, Debt Consolidation, and HMDA
11/18/2002
On a refinance of a dwelling loan plus new money for debt consolidation, should this be reported as HMDA? In the publication A Guide to HMDA Reporting Getting it Right! pg A-6 "B" (1) Data to be excluded: Loans that, although secured by real estate, are made for purposes other than home purchase, home improvements or refinancing (for example, do not report a loan secured by residential real property for purposes of financing college tuition, a vacation, or goods for business inventory). This says to me that if the new money over the amount of the loan you are paying off is not for home improvement DO NOT report. However, appendix D of the publication mentioned above pg D-2 #2 Meaning of refinancing (iii) Assume that the new obligation is a refinancing of a home purchase or home improvement loans only if the new obligation will be secured by a lien on a dwelling. So is this saying, it does not matter what the purpose of any new money is for, if the old loan was secured by the dwelling and the new loan is secured by the dwelling, it is HMDA? As you can see, confusion rules with HMDA.
Refiling A UCC For A New Loan
11/18/2002
If an institution does a loan, files a UCC, the loan gets paid off, and a year later they do another loan for the same customer secured by the same thing, do they have to file a new UCC?
If a Director provides RESPA settlement services, do we need to provide the Affiliated Business Arrangement Disclosure to every mortgage applicant?
11/18/2002
We were recently advised at the bank, where I am employed, that we must use the Affiliated Business Disclosure on every residential mortgage that we do. We are located in a small town where the majority of the customers we have choose to use the local attorney. I specify choose. Upon an examine we were told that it looked like we were making the customers use this particular attorney and that we had to give the Affiliated Disclosure on each an every mortgage because one of the attorneys is a board of director for our Holding company. Now, since we are doing this and a customer has chosen another attorney, it looks like we are soliciting for the local attorney. Do we indeed have to give this to every mortgage customer?
HOEPA & Mobile Home Loans
11/18/2002
Does HOEPA apply to mobile home loans not secured by real estate?