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.
1098 Reporting & Motor Home Loan
08/04/2003
I need some information pertaining to 1098 reporting. Can a large motor home loan be coded for a 1098 as a second home?
Reg Z & Construction Loans To Family Members -- Bankers Systems, Inc.
08/04/2003
Please help us resolve this dispute. The question is if a loan should be considered for consumer or commercial purpose for compliance with Regulation Z. The borrower is an individual acting as a builder for his son-in-law. He has previously built two homes for himself. His income, however, is not made as a builder. He works in an unrelated capacity. He is also not making a profit on the construction loan. I think Regulation Z would apply to this loan. Please help.