Most Popular Lending Content
Collecting for Insurance
10/20/2003
When closing a real estate purchase can I collect more then 2 months insurance, or is 2 months the maximum?
Does Reg O Allow Waiver of a Director's Late Fee?
10/20/2003
Is there any caveat in Reg O that would allow us to waive an inadvertent late fee on a loan for the interest of a director? I don't know of any, but if there is one I'd hate to prohibit the waiver!
Buy Down Program Disclosures
10/20/2003
Our bank is going to participate in a buy down program. For R/E and consumer loans if a customer comes in and wants to get a lower interest rate, we will charge a 1% buy down fee. What disclosures are required, if any? We aren't refinancing, a new note won't be issued. The monthly payment will not change either. I have found a blurb that states "an adjustment ot the interest rate on a loan with a term greater than one year secured by the consumer's principal residence requires that a disclosure of the changes be provided to the consumer. It must state the following: current and prior interest rates, index on which rates are based, extent to which the creditor has foregone any increase in the interest rate and what the payment will be due after the adjustment and the loan balance."
Limits on Loan Payment Extensions
10/20/2003
Is there a limit on the number of times a monthly payment may be extended on a consumer loan? A limit on the number of times a calendar year? Number of times the life of the loan?
Effective Date of Transfer Under RESPA
10/20/2003
Under the Notice of Transfer requirements in RESPA, what is considered to be the definition of the "effective date" of the transfer? I understand that the transferor is required to provide the notice 15 days prior but I don't know if that is the date the payment is due or the date the loan is actualy purchased by the investor.