04/27/2025
We are refinancing a construction loan to an amortizing monthly payment loan effective March 18, 2025 (the maturity date of the construction loan). Our early disclosures are dated 3/18/2025. Since closing must be at least seven days later, can we date the note March 18, 2025, even though the actual closing date will be April 4, 2025? If we can date the note March 18, 2025, does the customer have to pay interest from March 18 to April 4.?
04/20/2025
Are applications submitted with fraudulent information HMDA reportable if they reached an application status due to fraud? We have received a fraud trigger but it also reached application status for HMDA reporting.
04/20/2025
We have a single-closing construction-permanent mortgage product (12-month construction, 29-year permanent mortgage). Would we be able to charge the borrower a 1% fee if they pay off the loan before it converts to the permanent mortgage, or would that be a violation? We know we cannot add the fee to loans that have already closed. This would be a change affecting future applicants for this product.
04/06/2025
If underwriting pulls two AUS reports trying to get the customer approved for FannieMae and Freddie Mac, do we report both results or only the last one completed that shows approved or ineligible?
04/06/2025
Is the Attorney Document Preparation Fee that the state of Texas requires an allowable fee to be charged to the borrower on a VA loan?
03/30/2025
For our portfolio mortgage loans we disclose title fees in the section of the loan estimate marked "borrower allowed to shop for" since we do not usually have a detailed fee quote before the loan estimate is required. A closing fee or settlement fee usually charged by the title company is a prepaid finance charge. Should we disclose a Title Closing fee and mark it PPF on the loan estimate even without an exact quote so that we do not have to do a new loan estimate for a changed circumstance due to a change in APR exceeding .125 when fees do come in prior to sending the closing disclosure?
03/23/2025
Has the Reconsideration of Value (ROV) disclosure guidance been signed into law?
03/09/2025
If a third-party fee, such as a wire fee or E-Doc fee from the Closing Agent, was not disclosed on the LE, does the lender have to provide a tolerance cure for the full amount of such fee(s) or would they fall into the 10% tolerance cure calculation bucket?
03/09/2025
I have a processor who issued a Loan Estimate and missed the fact that the loan had a 90% LTV, and the Loan Officer did not catch it either. So, the Loan Estimate did not include PMI. Even if we redisclose it will not fix the TRID tolerance violation.
I have always been told that the first month we collect at closing to pay to the PMI vendor would have to be paid by the lender to "cure" the tolerance violation, and then we continue on as normal collecting PMI escrow from the borrower monthly and passsing it on to the PMI vendor.
Now someone tells me that when this happens the lender has to pay for the entire life of the PMI, because of the tolerance error. Can anyone tell me what they think and give me something to back up your thoughts?
02/23/2025
We are in the middle of HMDA verification for filing and have had some questions arise we cannot seem to find a clear answer to:
1. We have a loan that was made to pay down the primary residence portion of another existing loan with our institution and the collateral was released, but the existing loan remains open with security now of cattle, a cattle trailer, and vacant land. Under HMDA, a refinance is defined as the satisfaction of an existing loan, but is there guidance for whether "satisfaction" is only full payoff of the existing loan or can this be interpreted to also include satisfying the portion of the loan that was dwelling secured?
2. We have a loan that is secured by a dwelling. Currently we are reporting as one unit but looking at the appraisal, the property also has a living space over the garage that includes a living room, bedroom, and bathroom. Our HMDA team is of the opinion that because there is not a kitchen it is not considered a dwelling but we cannot seem to find guidance that would specify what components would constitute a "dwelling" under Regulation C other than a "residential structure". Is this interpretation correct?