If the original loan application was completed by the customer for home improvement and later changed to other purpose not HMDA reportable, and the application is denied, do you still report for HMDA for the original home improvement purpose? Example, purpose of home improvement marked out and replaced with auto purchase.
It has been determined that a customer has fraudulently indicated employment on a loan application. At the time of the application he was employed, but at closing he had been terminated and did not notify the lending officer of his change in status. Other than a SAR, what else should I pursue to report this situation?
At what point should a loan application have a decision? For instance, if a loan application is taken and good faith sent within three days, doesn't the lender have to make a decision within thirty days? If there has been no activity on the loan for thirty days, doesn't the lender need to deny or close it for incompleteness and if the borrower surfaces later, start all over with a new loan number?
Our bank has been listing appraisals and flood exam fees in GFE Block 3. We have a licensed appraiser in-house who handles our real estate appraisals. From research I've been looking over, should we be including these fees in Block 1 Our Origination Charge?
If we receive a closed end consumer residential ARM loan application via email, when are we supposed to send the CHARM booklet and ARM early disclosures: the day we gave the application to the customer to be filled out or the day we received the application from the customer?
I have a loan application dated 9-17-2010 to refinance a manufactured home loan on a leased lot. There will be no new money other than closing costs. I am refinancing our loan that ballooned after a five year term. The rate is 7.95% fixed for four years, then with a variable amortizing term of thirteen years. Must I follow the higer priced mortgage rules since loan did not close before 10-1-10? The customer does not want to escrow tax and insurance.
What determines the loan application date? If the application is taken face to face, we use the borrower and loan officer's signature date. If it is taken by phone, email, internet, we use the date the loan officer signs and dates the application. Is this correct?
We have a loan application and gave the customer an approval. Do we have to have an updated application if the loan does not close within thirty days?
On a RESPA applicable loan, can I check the cross collateralized box on the Deed of Trust just as general practice, or will this create a compliance issue?
We are in the process of doing a bridge loan application, using town A residence as collateral to purchase town B residence. We will not be doing the permanent financing. The real estate purchase closing and the loan closing for that purchase will both take place at the same time. They literally will be moving to residence B within a few days of closing (and they could be moving possibly the same day - the trailer is loaded and ready to go). Residence A has a purchase agreement signed by the prospective buyers and that will close next month. What is your opinion on right of rescission? Is residence A the primary residence, or can we treat residence A as their secondary residence since it really will not be their primary residence as of closing or at least within a few days after closing.