05/21/2017
In 1026.37(f)(5) we know that creditors are required to use terminology that is reasonably understood by consumers. We lend in Indiana in which the Title Company will charge a $5 TIEFF fee. This is an acronym for Title Insurance Enforcement Fund Fee, but it is recognized as TIEFF in the industry and is searchable on the web as TIEFF.
We have an investor who is requiring the full name be placed on the CD for all IN loans versus the TIEFF acronym. We feel that the acronym is reasonably understood. The problem with using the full fee name is that it would always require an addendum due to the character limitations on the CD.
Has anyone else run up against this scenario and have overcome the investors' concerns?
05/21/2017
95% LTV. Initial Loan Estimate was issued 2/27/17 with the monthly FHA MIP falling off the loan at year 12. This error was caught and a corrected LE was issued on 3/7/17 reflecting the monthly MIP continuing throughout the 30 year loan term. This was Loan Officer error and isn't a valid Change of Circumstance but how would you advise we proceed? How do we
solve this? (Do we owe the borrowers the difference - that would be 18 years at $90 per month = $19,440!)
05/14/2017
Parents pass away and leave their home to their 3 children. Property went through probate. New deed was drawn up in 3 children's names. Said deed was never filed or recorded. One sibling wishes to Refi / Cash Out on the property and use the funds to buy out the other 2 siblings. Because the deed was never filed in the 3 siblings names, is this a purchase or a Refi transaction?
03/05/2017
If you do not provide the initial TRID loan estimate within the required three business days, you need to pay all closing cost; I know there are varying opinions on this (we pay). On a purchase loan where you have a fee that is normally paid by the buyer but is paid by the seller, for example, transfer taxes, do you have to include those fees that were paid by the seller as part of your cure, or can the lender pay for just the closing costs the buyer was charged?
01/15/2017
We locked a mortgage loan with an investor that denied the loan due to appraiser ineligibility with that particular investor. We would like to switch the loan to a different investor that will accept the appraisal. Rates have gone up since the initial lock with the initial investor. My question is, can we re-disclose the LE at the higher interest rate and consider this a changed circumstance due to the loan being denied with the initial investor and being re-locked with a new investor?? (instead of having to start a whole new application etc.)
01/08/2017
Are you required to disclose an estimated date the closing costs expire on the Loan Estimate? We don't lock in our rates and disclose that there is no rate lock on the LE.
12/25/2016
If the interest rate is locked at application and the rate is still the same once the rate lock expires, does a new Loan Estimate need sent to the borrower?
11/20/2016
A question about TRID. I have a loan request to purchase a lot. My question is: Does TRID apply with a loan estimate and a closing disclosure?
10/02/2016
I have a question regarding TRID disclosures for Construction only loans.
Our product is a 12 month interest only loan with a balloon payment at the end. Would this require an AP table? I have tried to research online however I found very little information.
08/14/2016
If an appraisal comes in low and causes the loan to have mortgage insurance, the borrowers challenge the appraisal and the results come back the same. The three day time frame for re-disclosing on a new LE to show the MI has passed and now the borrower wants to pay for MI upfront.
Is this a valid reason for a change of circumstance or is it now a cost to cure since the re-disclosures were not sent within three days of the appraisal received?