A question has come up about when to use of the Right to Rescind H-9 form and who is the "original lender". Here is my scenario: The Original Lender, ABC Bank, closed the loan and is on the original Note and Mortgage. They immediately sold it to XYZ Company, and XYZ Company reports the mortgage to the credit bureau and is now going to refinance the existing Mortgage. Does XYZ Company have to use a Right to Rescind Model H-9 form because it is the Current Lender and the payoff is coming from them, or is the H-9 form only used for the Original Lender on the Original Note/Mortgage? I cannot find a concrete answer, I did notice that the H-9 form seemed to have changed. It did say Original Lender but newer versions seem to say Current Lender, but I don't know if this is in the regulation.
I know Reg B talks about a lender not discriminating when collecting on a debt. What other regulation talks about a lender fairly treating a customer during collection procedures? Fair Debt Collection Practices Act? I think a lender collecting their own debt is exempt as a "debt collector" definition.
Our bank has a 3% ownership interest in a title company and we provide an affiliated business arrangement disclosure on all loans. Should fees paid to the affiliated title company be included in the Qualified Mortgage points and fees test and/or the APR calculation?
In the 2% cap fee for Texas Home Equity loans, what fees are included against this 2%? I know excluded is the appraisal, survey and title insurance with endorsements (does this include escrow fee?), but what remaining fees would count against the 2% cap fee? Would HOA Assessment or Dues count against the 2%?
We paid escrow into a negative for insurance knowing that escrow would be even by the end of the year. The client cancelled the insurance and received the refund check. Are insurance companies required to send the refund check back to the consumer or is there a way we can ensure going forward that the refund checks come to the bank?