Just wanted to verify the day count on initial disclosures. A mortgage loan application was received on Friday. Credit was run that day. When is the last day disclosures may be sent out?
I am trying to simplify our consumer loan application to a small brochure. Where do I find what is required to be on an application? I want it as simple as can be like name, address, income, debt and signature. Is that possible?
Several years ago, HUD published a proposal to revise the Good Faith Estimate required by RESPA. The proposed changes were significant.
If a bank is giving an unsecured installment loan for the purpose of purchasing a home, does the borrower need to fill out a Uniform Residential Loan Application or a Personal Financial Statement?
The Uniform Residential Loan Application should be used only on residences (construction and homes already built) and not on lot loans where building will not be going on for some time, right?
I used to have a list of things required by a real estate agent in order to earn a mortgage commission. Does anyone know where I can get that list?
Question: We originate investor mortgages on 1-4 unit owner occupied properties. One of our investors is asking for a Good Faith Estimate within 3 days of the Credit Report.
I'm working on a loan for a customer which has the customer's residence and 232 acres as collateral. This is for a business purpose. Do I have to have a residential loan application and a notice of right to receive a copy of an appraisal? Also, do I need the right to rescission, since the loan's purpose is for business?
When a mortgage is for a second residence, how would someone mark that on the HMDA Loan Application Register under the occupancy code?
If a loan application is withdrawn by the applicant, is it necessary that we send out an adverse action notice? Currently we have been sending out this notice stating "customer withdrew application" and marking the FCRA notice disclosure inapplicable.