Most Popular Lending Content
Does HOEPA apply to this situation?
07/04/2005
An installment loan was approved, closed and disbursed to purchase a mobile home as a primary residence--a HMDA reportable loan. A bank error has been discovered (in the customer's favor) and the lender wants to rewrite the note to correct the error. The interest rate will trigger HOEPA which was not an issue for the purchase money. Would HEOPA apply for the rewrite, or would the second loan still be considered purchase money since no new funds would be disbursed?
HMDA Preapproval Question
07/04/2005
Now that a request for a preapproval is an application under HMDA, what date do we report? The date the customer first contacts us? The date we pull a credit report? The date we send a written preapproval? Or should we just pick one and be consistent?
Putting the LOCK on a HELOC - Can Do?
07/04/2005
We have been asked by a customer with a joint HELOC to "freeze" the line because he and his wife are getting divorced and he doesn't want her drawing against the line. Can either borrower make such a request and what are our obligations when receiving such a request?
FACTA confusion
07/04/2005
I am confused on the FACT Act, could you please shed some light on this issue? I am not clear on when we are suppose to provide this notice to the customer, please advise.
Documentation Fees Affect on APR
07/04/2005
What fees are included in the APR? We are currently charging a Documentaion fee of $100.00. Should this fee affect the APR if it is being financed?