A question has come up after we prepared a Note for a commercial loan. It was dated July 15,, but the customer did not return these documents until July 22. We funded this loan and effective dated our loan to the 15th to match the Note. Now management is saying we should not have effective dated the loan, only the date we actually funded it.
Can we do this, not just for commercial but also residential loans? What is the correct way to handle loan docs returned after the Note date?
Are we required to disclose on a consumer payment deferral agreement that deferring a payment will lead to paying additional interest over the life of
the loan and a larger final payment?
We know that HELOCs are exempt from 12 CFR 1026.43. Our borrower is applying for a HELOC. He has four residential properties which he owns and is paying the taxes and insurance on these. None of these are his primary residence nor are they investment properties. The taxes and insurance are not on the borrower’s filed tax return . Do we need to include the taxes and insurance for these other non-primary residence real estate properties as expenses when qualifying the borrower for a HELOC?
On a home equity loans made in Texas, the law requires that they must close at an attorney's office, Title Co or the bank. If customer is bedridden can
it close at their home?
Is an RCBAP master policy an acceptable form of insurance for a property that is legally a planned unit development (P.U.D.) and not a condo? FEMA guidelines seem to indicate RCBAP's can only be written on condos but we are seeing insurance agents issue these on P.U.D. properties with the insured name being the HOA.
I'm new to TRID and trying to understand tolerance and cure amounts for things such as the following:
Loan Estimate :
- Recording Fees $32.00
- Settlement Agent Fee $500 and
- Title Search $300.00
Title Search $500.00
What would be the tolerance cure?
For loans secured by savings or CD's, can just one of the joint owners sign the security agreement (if the account is owned by John "or" Jane), or must all joint owners sign?
Can we no longer make a consumer term loan with quarterly payments?
We are looking to increase our late fees on our consumer loans (installment and line of credit) not affecting any HELOC or mortgages at the first of the year. I know based on our current disclosures we cannot increase late fees on existing loans but can on the new loans made going forward. I am looking to see if we need to provide our membership with a notice of increase in fees? If so, does it need to be in a newsletter or can it be a hard coded message on the statements? I can't seem to locate this within Reg Z rules.
We are preparing a 3 month deferral of payments ONLY not extending maturity. The property is in a special flood zone. Is it a requirement to pull a new flood determination?