Most Popular Lending Content
A workout loan is subject to ATR underwriting!?
01/08/2023
We have a delinquent mortgage loan we are taking through a workout plan, and will likely refinance it with a balloon. I’m in a panic because I don’t see workouts as an exemption to the ATR / QM rule. What did I miss!? The borrowers are in a bad place and we are trying to help them out, but there is no way they can pass the Ability to Repay standard! Help!
Correctly Itemizing and Disclosing the CD
01/01/2023
TRID Closing Disclosure confusion on Seller-Paid H, Other, and J, Total Closing Costs Subtotals (D+I) – Should we disclose all fee/costs listed on our Title(Seller) CD? According to 1026.38(h)(2), it appears that we should list ALL loan costs on page 2 of the closing CD under section H. Also, 1026.38(k) discusses Summary of seller’s transaction. For example, we had a Judgement Payoff to a Law Firm ($987.97) in section H of Seller-Paid on our Title CD. This was not disclosed on our Buyer’s CD and does not carry over to section Seller-Paid – Section J. Total Closing Costs Subtotals. My concern is that the totals do not match the Title-CD bottom line “J-Closing Costs Subtotals.” What is the correct way to itemize and disclose these?
Is email receipt for the LE sufficient?
01/01/2023
We mailed the borrower’s Loan Estimate and they emailed us that it was received, and they want to proceed with the loan. Can we act on this emailed notice?
Are all deposits income for a loan?
12/25/2022
If the borrower receives funds as the rep payee for his disabled brothers, can that money be counted as income for the borrower when completing underwriting?
Military Lending Rules
12/25/2022
Hasn’t military lending been quiet this year?
