We are looking at charging fees for credit reports. We have never done this. How do we do this correctly? We are looking for any recommendations or guidance you can offer.
Consumer 1st lien mortgage originally set up as a 30 year with a 5
year call. Loan matured February 1st, bank did not renew until April. Since
this was renewed after the original maturity, big discussion started. Some
think it had to be a new loan, others think a renewal would have been fine.
You date the renewal docs the maturity date but have April as the signing
date? Would that have been okay? Instead they did a whole new loan and the
consumer had to pay for all the closing costs again. A new Title Policy and
I am doing a HELOC for under $250,000 as a 1st Deed. Is a full interior appraisal required or can a desk-top valuation be done?
May a home improvement loan be treated as a single transaction construction-to-perm loan?
If so, is the draw period/construction period exempt from RESPA servicing rules or do they apply because it is not initial construction of the property?
Here is the scenario: the borrower already owns a house and is taking it down to the studs and will have all new finishes at the completion of construction. He is also paying off two existing loans. Following the construction phase, the borrower will obtain permanent financing through our bank.
At what point can a late fee be assessed on consumer loans?
Who are the key stakeholders when it comes to deploying a loan imaging system?
New HMDA requirements include reporting an introductory rate period. The regulation tells us to report the number of months until the first potential rate change with fixed rates being reported a "NA". Does that mean on a daily variable loan (generally rental properties) we report a "1" since the rate could change in less than one month?
As long as the borrower signs their personal financial statement, is it OK for the lender to fill out everything else in their handwriting?
I remember being taught at a different job that a lender should never put their pen to the borrower's PFS. But as long as the borrower signs it then what is the harm?
It is my understanding that the HPML threshold for the rate spread is the same across the board; 1.5% for first liens and 3.5% for subordinate liens. As a small creditor, is there an exception that applies, making our threshold 3.5% regardless of lien position?
I found this in one of the answers within a forum and don't want to misinterpret it:
"As for the threshold for determining a higher-priced covered transaction, small creditors are unique in that they receive the 3.5% threshold for first lien small creditor and balloon payment QM's."
Is the 12 day waiting period before closing a Texas (50(a)(6)) home equity loan based on calendar days (including Sundays and holidays), or are the "calendar days" supposed to exclude Sundays and holidays? The rule wording just states 12 days so I am not certain.