Most Popular Lending Content
Loan pipeline report
11/13/2022
How do financial institutions use loan pipeline reports?
When a Servicemember Asks for More than SCRA Relief
11/13/2022
A soldier wants us to reduce the loan rate and allow three deferred payments to bring the account current. Are we required to do this?
Rate sheet
11/13/2022
Are we required to use a rate sheet for commercial loans?
Regs for a Home Secured Business Loan
11/13/2022
I have a borrower who would like to use his primary residence as collateral for a business line of credit in the business' name. Does TRID apply or any other regulations if its a business purpose?
Disclosures when a borrower is added
11/06/2022
In 2018, as part of an FHA HAMP partial claim, a spouse was added as a borrower on an FHA loan where the original borrower was single when the loan was originated in 2014. The spouse’s income was needed to qualify for the HAMP partial claim, so a loan modification was signed by both spouses to extend the term, reduce the interest rate, and reduce the payment of the original mortgage. A subordinate note and mortgage were also signed by both spouses for the unpaid payments and interest. The spouse that was added did not receive any regulatory disclosures as part of this workout even though, the spouse assumed the loan debt when the modification was signed. Should this have been treated as an assumption and disclosures provided to the second spouse? If so, what disclosure should have been provided? The loan is currently in a COVID deferral. The loan delinquency is being reported to the credit bureau however the second spouse has never received the Negative Information disclosure. Should that be provided now?
