Most Popular Lending Content
Fees For In-House Flood Determination - Mary Beth Guard
08/11/2003
Fees For In-House Flood Determination
by Mary Beth Guard, BOL Guru
Inadvertent Monitoring Information Collection
08/11/2003
by Mary Beth Guard, BOL Guru
Settlement Date, Closing Date, and Note Date
08/11/2003
On the HUD1, I've always understood that the Settlement/Closing date must be no later than the note date. Recently, a lending officer gave me a differing opinion. To get a definitive answer, I called one very knowledgable person who told me that "The completed HUD1 must be given to the borrower no later than settlement, with settlement occurring when the note and trust deed are signed by the borrower". To get a second opinion, I called another very knowledgable person who told me that the settlement/closing date may be later than the note date because settlement occurs when the funding happens.
Home Equity Loan, Rental Property Collateral, and HMDA
08/04/2003
have a loan that I am not sure if it is subject to HMDA. Purpose is to purchase real estate. Collateral is rental property they already own. The loan is home equity(close end). We have a 2nd mtg. on rental house. Is this subject to HMDA?
Online Loan Applications, Disclosures, and CIP
08/04/2003
Our bank is going to start offering online loan applications for customers to print, fill out and send in for home mortgages. Do we have to give any disclosures out on the Web site to customers printing up a loan application? We will also be taking applications for new accounts online. To stay in compliance with the CIP regulation, will they have to come into the bank for the account to be opened? Do we have to have the disclosures online or can they be given to the customer when the customer comes into the branch?