02/05/2017
I have a question about a Closing Disclosure and the Disbursement Date on a no rescission loan with payoffs requiring funds from borrower received on the next day. Would we disclose the Disbursement Date on the CD as the same day as the closing date or the date we receive the borrower's funds and the actual funds are disbursed?
01/29/2017
We made a loan in 2011 to a customer to purchase a property. The property had a residence and a commercial mechanics
garage with living quarters in it. At the time he bought this, he rented the house to his aunt and lived in the garage when he was in Missouri. He didn't reside here full time at that point. So we did this loan on our commercial side. We just found out his aunt has passed and he has been living full time in Mo. in the house. So knowing this, due to HOEPA or HPML etc ,are we required to move it to consumer side? Also where can I get further training on HOEPA and HMPL please?
01/22/2017
I read that the CFPB staff said that under “Other Costs” on page two of the Closing Disclosure, general lender credits not associated with any particular item must be listed at the bottom of the page as a negative number. The lender credit must be listed along with a narrative description if any refund is being provided by the creditor pursuant to the good faith analysis of charges. Notably, the CFPB staff said that lender credits associated with specific closing costs must be disclosed as paid by others and have an “L” for lender designation. This makes it seem like we would put the increase in appraisal cost on line 1 under Other costs. “variation due to an increase of appraisal cost above legal limit to ABC Appraisal” and put it as a cost paid by others column (L) $xxx UNLESS there is more than 1 item out of tolerance. Is this correct.
01/22/2017
I have an appendix Q/ATR question. If a borrower is retired and has pension income from their previous employer and receives Social Security income, but has significant assets in IRA’s that he is not taking distributions from, would it be reasonable to assume an amortization of those funds? For example, an IRA in the amount of $800,000, if he averages earning 3% per year, he
could draw $3,373 per month for 30 years. Would this be okay under QM guidelines? With only the pension & Social
Security income, the DTI is greater than 43%, but assuming an amortization of the IRA funds would put the DTI below 43%.
01/15/2017
Do we need to show the insurance premium on the Closing Disclosure as being collected at closing on a Purchase of a second home?
01/15/2017
We locked a mortgage loan with an investor that denied the loan due to appraiser ineligibility with that particular investor. We would like to switch the loan to a different investor that will accept the appraisal. Rates have gone up since the initial lock with the initial investor. My question is, can we re-disclose the LE at the higher interest rate and consider this a changed circumstance due to the loan being denied with the initial investor and being re-locked with a new investor?? (instead of having to start a whole new application etc.)
01/08/2017
Are you required to disclose an estimated date the closing costs expire on the Loan Estimate? We don't lock in our rates and disclose that there is no rate lock on the LE.
12/25/2016
We mailed the borrower’s Loan Estimate and they emailed us that it was received and they want to proceed with the loan. Can we act on this emailed notice?
12/25/2016
If the interest rate is locked at application and the rate is still the same once the rate lock expires, does a new Loan Estimate need sent to the borrower?
12/18/2016
Is a dwelling that will be converted to a non-residential use after sale a dwelling for HMDA purposes? The seller will be residing in the property until right before the loan closing.