Most Popular Lending Content
Does Truth In Lending apply when a consumer is purchasing a second home?
04/07/2003
Does Truth In Lending apply when a consumer is purchasing a second home? (i.e., beach house, lake house etc) that will not be their primary residence?
Reverse Mortgages: How do they work?
04/07/2003
We have a good customer, an elderly lady that needs monthly income, that is interested in a reverse mortgage. We don't feel that this is a good plan for her, but most especially want to keep her away from on-line mortgage companies, etc. Can you tell me exactly how a reverse mortgage works and how much compliance would be involved if we decided to to this for her?
How do I explain the calculations for GFE, TIL, Itemization of Amount Financed, and Loan Amount?
04/07/2003
I am a loan officer with 16 years lending experience who is new to mortgage lending. I am having trouble following the calculations used for tying together the GFE, the TIL, the Itemization of Amount Financed and the Loan Amount. What explanation can I use for my borrowers which does not rely solely on their trust in me or uses the "blame the confusion on the government" gambit?
Refinancing: When does the interest accrual stop on the original loan?
04/07/2003
Reg Z "Cash Out" refinance of existing residential first mortgage loan issue. A loan is closed on March 3, ROR expires on March 6 and loan is funded on March 7. Interest accrual on new loan begins on March 3. Question: Does the interest clock on the original (refinanced) loan stop on March 3 when the new loan was closed OR does it stop on March 7 when the loan was funded to pay off the old loan?
Reg Z: Bounce Protection v. Regulation Z
04/01/2003
Bounce protection programs - those products put forward to banks as a significant generator of fee income - have come under the regulator's umbrella of concern.