What, if any, is the regulatory cite requiring the lender to provide the borrower a "Notice to Commercial Real Estate Purchasers?" It is related to CERCLA.
We currently have a consumer in the permanent financing phase of a construction/permanent loan. There was no guarantee we would provide the permanent financing at our bank.
When construction was approved the borrower was considered self-employed. He owned two businesses and within the last year has sold a large portion of his businesses and now receives a salary as a manager, rather than an owner.
Do we need to complete a full cash flow on this borrower, or could we use the current income received from his salary for ability to repay rules?
I have a home improvement loan for 6 months. On the home improvement loan is it really considered a HPML and I should do Escrow?
We are preparing a 3 month deferral of payments ONLY not extending maturity. The property is in a special flood zone. Is it a requirement to pull a new flood determination?
Are we allowed under TRID to add a release fee to a consumer mortgage payoff? The fee would be for recording the satisfaction of mortgage.
This question was asked and answered back in April 2012, but I was wondering if there had been a final proposal to answer this question?
If our institution waits the 45 days required after both notices regarding a borrower's lapse in hazard insurance are sent, and then force placed, can we back date the policy so that it is in effect the day of cancellation and still be in compliance with the Dodd-Frank Act?
The second part is this: if this is not in compliance, how can we structure force placement of the insurance, and the notices required, so as to be in compliance, and still make sure the home is covered? Basically, would our institution have to foot the bill for that 45 days?
My institution is beginning an on-line mortgage application process and pre-qualification program. I have some questions with what follow up
procedures should be. #1 Individual sees our site and enters a couple of pieces of information, but does not have a completed application. What
should be our follow up? #2 The individual completes the application on-line but does not follow up within the 30 days with other required information.
Is this an incomplete application? Also, on a prequalification, the individual is notified of being qualified and receives letter stating this
online, but does nothing in the allotted time period. Are we required any documentation be sent to applicant? I know this is a lot of questions, but
there are so many variables. We are trying to set up our procedures. Any other information in regards to on-line application and pre-qualifications
would greatly be appreciated.
A local swim club has applied for a $25,000 loan to do improvements. The flood search shows that the security property (which is one parcel) is in a flood zone. Per the insurance company that insures the swim club, the pump house is not in a flood zone. Using the flood maps, the township engineer says that he will issue an elevation certificate and a letter certifying that the clubhouse on the security property is also not in the flood zone. The pool itself cannot be covered by a flood policy. If our bank gets an elevation certificate and a letter from the township engineer, is this sufficient to warrant our bank putting this loan on without flood insurance?
We have an application for a 12-month interest-only loan to purchase a new primary residence. Our loan will be secured only by the new home. Can this be considered a bridge loan?
Should Lenders receive a declaration page or receipt of coverage from their customer's insurance agent to certify Flood Insurance has been purchased prior to closing? And is this a requirement that has to be received before a home loan can close?