Should a cured fee (Underwriting Fee) be included in the finance charge calculation? The fee was not originally disclosed on the LE. Therefore, it was not included in the APR. The item was added to the CD and cured. Since it was cured it was not included in the APR/finance charges.
Is there a rule on escrow analysis's that if the loan shows getting a refund, and it's 90 days past due that we don't have to issue the escrow refund?
Do we need a policy on providing payment extensions to borrowers?
We have a loan secured by a ground lease. The building on the property is not owned by our borrower. What call report code should this be reported under, is it considered a land loan since that is our collateral even though it is not vacant?
I recently had a debate with a former colleague regarding the Mortgage Loan Originator (MLO) e-signature on the initial 1003 sent to the borrower for initial disclosure purposes. This colleague stated that the MLO had given consent/permission to the processor to complete the MLO's e-signature due to the expeditious nature of the loan in question as the MLO would not be able to get to it for a few days. Keep in mind that it was only the e-signature of the MLO on the initial 1003, not the borrower. This individual was not being fired or resigning as they would be returning within 2-3 days but the loan needed to be moved into underwriting. I was not to sure about this. Does this constitute a violation, or is it considered fraud?