05/21/2012
We have a customer who lost her husband and is needing to take out a loan to cover the funeral costs. We will be using their mobile home, which is their primary residence, as collateral. My question is; can we conclude that this circumstance is a bonafide personal emergency for the purpose of waiving the three day right of rescission?
03/26/2012
Sec 1024.21(b) of RESPA states: Servicing Disclosure Statement; Requirements. (1) At the time an application for a mortgage servicing loan is submitted, or within 3 business days after submission of the application, the lender, mortgage broker who anticipates using table funding, or dealer who anticipates a first lien dealer loan shall provide to each person who applies for such a loan a Servicing Disclosure Statement. However, Sec 1024.21(c) states: Servicing Disclosure Statement; Delivery. If co-applicants indicate the same address on their application, one copy delivered to that address is sufficient. If different addresses are shown by co-applicants on the application, a copy must be delivered to each of the co-applicants. Could you please clarify the delivery requirements? It seems there are contradictory requirements between 1024.21(b) and (c). Is one copy sufficient (dependent on address) or does each applicant receive a copy?
03/19/2012
When we disburse funds for an auto loan, we send a cashier's check to the dealership. We do not stamp the back of the check to indicate we need to be listed as lien holder, this has caused problems in our title department. We are looking to order a few but are having problems determining the appropriate wording. Any suggestions?
03/19/2012
When we take a second mortgage, we send a letter to the first mortgage holder advising them of our second mortgage, asking them to verify the first mortgage balance and to refrain from extending any further credit or to make any further loans to this borrower secured by the same RE. We rarely receive the letters back confirming the balance. First of all, do we protect our lien in any way by sending the letter and keeping a copy showing we sent it? Would it be prudent to track until we receive these back?
02/20/2012
Our bank has an existing balloon loan that will mature December 31, 2011. If at maturity, the bank renews this loan to continue the original amortization schedule, will this loan be subject to HPML limits? I've seen an earlier response indicating renewals are not subject to HPML's however, in speaking w/ a Fed Examiner he indicated that it was subject to HPML. Can you point us in the right direction in the reg showing us that renewals are not subject to HPML?
01/09/2012
When a savings account is pledged as collateral, do all signers need to sign the pledge agreement or is only one needed?
12/12/2011
HMDA Reporting: I am doing a loan on bare land but it is a home improvement loan to do repairs on the current house they live in. For Property Type, Occupancy, County, Census Tract, and Lien Status which property do I use? Do I use the same property to answer all the questions?
10/24/2011
Can an agreement for waiver of escrows be signed so that a customer can waive the required escrows on a 1st lien Home Equity?
09/05/2011
Is an escrow account required on a first lien, primary residence, mobile home loan but not on the land just the mobile home as collateral?
09/05/2011
Does a bank have any repossession rights against a debtor if the debtor has never provided the titles to the vehicle and now the loan is in default? If no, which I assume, what options are available to claim our collateral?