Most Popular Lending Content
Force Placed Insurance Question
12/08/2024
We are looking into changing our procedures regarding force placed insurance, on both hazard and flood. Currently, we have been increasing the principal balance of the loan and including the premium in our coverage amount. We have not however; on flood, been pulling another flood determination or providing a new flood notice. We thought since they were “life of loan”, we were ok. We are wanting to change the procedure, to adding the force placed insurance as a fee and renewing/charging at time of balloon. My question is…are we in compliance if we only cover the principal balance and not include the payoff (which will contain our premium)?
TRID Question
12/08/2024
We closed a refinance transaction on Monday and gave the 3 day right of rescission. The loan was for $250,000 and is a 15 year. This morning he contact us and they are starting to worry about the payment amount on the 15 year. They are asking if they can pay down $50,000 and change the term to a 30 year. We have not ever had this happen. Our question is does this trigger then to use the 3 day and cancel the transaction and start over or do we fund the loan into our MPF program, wait the 60 days and then do a modification?
Milestones and the life of the loan
12/08/2024
What are some key milestones in the life of a typical loan?
Loan officer credits to borrowers
12/01/2024
Can a loan officer give a borrower a credit from their lender paid compensation?
Document backlog at a bank
12/01/2024
What is a “document backlog”?