Most Popular Lending Content
Incentive for Loan Auto-Pay
03/12/2023
Instead of offering a preferred rate (discount) when auto-payments are set up for a loan, we want to offer instead a discount on doc fee charges. Is there any regulation/issue that would prohibit us from doing this?
Participation and LIFO Loans
03/12/2023
Participation and LIFO Loans
Timing of Revised Loan Estimate
03/05/2023
I have an auditor questioning the timing of the revised Loan Estimate and loan consummation -- I informed auditor that borrower was sent revised Loan Estimate four business days prior to consummation and that is in line with the regulation; and the 7 business days requirement references the initial loan Estimate (not revisions) --- Am I understanding the regs correctly or not?
Lender Can't Fund - UDAP?
03/05/2023
If a lender has a borrower sign loan documents but has some liquidity issues that extend the funding beyond the rescission period, would that be a UDAP violation? In this example, say the lender expected liquidity to come in from a trade before the rescission was up on the loan. However it was held up for a week. The loan will fund, but a week late. The property is in California if that matters.
Loan Purpose on 50/50 Loan
02/26/2023
Here is the loan scenario: We have a HELOC for $100,000. Collateral on the loan is rental property. The loan purpose is for home improvement. Our borrower stated that funds will be used as follows: - $50,000 to do home improvement on rental property, and - $50,000 will be used for home improvement on their primary residence. Would this HELOC be considered primarily for business or commercial purposes and why?