Most Popular Lending Content
Disclosure of Construction to Balloon Loan
10/04/2004
If a loan is made to a consumer as a short-term construction loan, and after construction is then converted to a 5-year balloon loan, what are the disclosure requirements?
Requirements on Short-Term Construction Loans
10/04/2004
If the bank agrees to fund a construction loan for 1-4 residential real estate without offering in-house permanent financing approval or having a permanent commitment from a mortgage broker, does RESPA require a GFE within the context of the 2-year temporary financing rule?
Place of Settlement on a HUD-1/1A
10/04/2004
On a HUD-1 Settlement Statement, under Place of Settlement, it is my understanding that the address should be for the actual place that the closing docs are signed and not the address from where the funds are disbursed. Is this correct?
Conditional Approval - Conditions Not Met
10/04/2004
I came across a situation where the loan was approved subject to the applicant's meeting certain conditions, including verifications, insurance, satisfactory loan-to-value ratio, etc. The applicant was unable to meet all the loan conditions (i.e., due to a lower-than-anticipated appraisal value, the loan-to-value condition was unmet). Would it be necessary under ECOA to provide an adverse action notice to the applicant?
The Security Officer's Role, Part 1
10/01/2004
by Dana Turner, Security Education Systems