Most Popular Lending Content
HMDA Refi vs. Modification
08/16/2004
For HMDA, what is the delineation between a modified loan and a refinanced loan? Say a loan's terms are changed (went from interest only to an amortizing basis) but the loan number remains the same. Is this dependent on the same test for Reg. Z, a replacement of the loan document?
Waiving the Right of Rescission
08/16/2004
Is it required to have a 3 day right of rescission on all refinances if the customer does not want to wait the 3 days? Can the customer request and get a waiver?
Flood Notice Disclosure
08/16/2004
Is it a requirement that the customer date the Flood Notice when they sign it?
When Is This An Application
08/16/2004
If a lender takes only basic inquiry information so it can review a credit bureau report, and later takes an application for a mortgage loan, is the date of application the date we pulled the credit report, or the date we got the complete application?
APR and Finance Charge Tolerance
08/16/2004
The Finance Charge rule is that if it is understated by $100 or less or if it is overstated it is deemed accurate. I have recently ran into situations where some companies are using a $35 tolerance. Has the finance charge rule changed?