If you receive an application on 3-20-17 and the loan app. is applicable to TRID, do you have to do the LE if you decline within 3 days.
A borrower is purchasing a new home. They wish to use temporary financing of a short term interest only loan secured by the old home, to purchase the new home, until the old home is sold and the loan is paid off.Is this a transaction subject to a right to rescind?
When a borrower is deceased, family members continue to make payment and the account has an escrow account:
1. Is the bank still obligated to continue paying taxes and insurance from the escrow account?
2. If the loan has PMI does the company need to be notified?
If the loan does not have an escrow account:
1. If the loan payments are still being paid by a family member and the insurance is being paid but left in the deceased person's name, what avenue should the bank take?
With the release of Fannie Mae's Day 1 Certainty, we are looking into allowing Property Inspection Waivers. If we exercise this option and the loan amount is over $250,000, can we prepare a written valuation to be compliant with ECOA or do we have to order a full appraisal since it is greater than $250,000? This would be in the State of Wyoming.
I received a private flood policy for a commercial loan with 24 structures located in a flood zone. The coverage amount is over $3 million more than what is required. However, based on the definition of "Private Flood Insurance," the policy does not meet all of the requirements. Are there any best practices or additional guidance besides the proposed rules that are not finalized? We are a member in this syndicated deal and the agent bank is willing to accept the risk of not having all of the required items. Given our
bank must perform our due diligence separately, I am not comfortable accepting the policy as is and am looking for guidance on something I may be missing.
If escrowed, are taxes and insurance included in the mortgage payment amount when calculating the debt-to-income DTI ratio on a new consumer loan?
How often should our lenders be completing inspections of construction loan sites? Our policy states that we will complete monthly inspections, however from an efficiency/cost standpoint that seems extreme.
How does a community become suspended from the NFIP?
What steps does a community have to take to become a part of the National Flood Insurance Program (NFIP)?
How would you respond to a borrower who insists he or she gets SCRA protection based on employment overseas with the State Department or one of the federal law enforcement agencies (e.g., FBI)?