It is clear according to MDIA that if the APR is out of tolerance an updated TIL must be redisclosed and the transaction is subject to the MDIA 3-day wait. However, if a change occurs, for example, in the loan amount, and the APR is NOT out of tolerance, according to Reg Z section 1026.17(f) must the TIL still be redisclosed? And if so, closing would not be subject to MDIA 3-day wait?
If we give the early TIL the same date as the application, how soon can the loan be closed?
A customer comes in to the bank and wants to borrow $27,000 to wipe out his credit card debt and wants to use his home for collateral. There will be a separate note done with a 6 yr. amort. The existing real estate loan will not be refinanced. The note will be a consumer note with a consumer application. What in the world do I need for disclosures? Everything that I would do for a regular real estate loan? New experience for us. We would normally refinance his home loan.
Relative to MDIA, are there two triggers that would require the lender to redisclose under MDIA rules? Our QC company has cited us for failing to redisclose our TIL based on our finance charge being outside the $100.00 finance charge being understated. We've gone round and round about this and I truly think we only have to take the .125% APR into consideration for regular loans and .25% for irregular loans varying up or down. I've read 226.18, 226.19 and 226.22 until I'm blue in the face. Help!
A loan is modified from a HELOC to a fixed rate second mortgage. Is a TIL disclosure to be given to the borrower?
We have a business purpose term loan on a residential property that is being assumed by a new buyer (the tenant). We see that assumptions are HMDA reportable, but do we need to be concerned about the HOEPA spread, suggesting that this is a high priced mortgage?
With MDIA, the regulation states in section 226.17 that early disclosures are required if the APR changes by more than 1/8%. Does the word "varies" indicate upward only or both upward and downward movement in APR?
This is a compilation of links to some of the liveliest recent threads relating to the lending compliance challenges bankers are dealing with at this time.
If an applicant is only seeking mortgage preapproval, and has not decided on a specific property to purchase, do we still need to provide a full set of early disclosures?
If we can't close on a loan until seven business days (relative to the Reg Z Early Disclosure rules that were effective July 30, 2009) after the application and disclosure date (at the earliest), do we need to add an additional three days onto that for loans with rescission?