06/23/2019
Can a 30 year fixed mortgage be converted to a 5/1 ARM mortgage? What information needs to be provided to the consumer to have this done and can
it be a modification or must it be a refinance?
02/03/2019
On a consumer real estate ARM loan, the loan just adjusted. The officer is requesting to modify the loan and change the index, margin, and adjustment period. The request is primarily due to competitive reasons. Can we change the index, margin, and adjustment period without having to do disclosures?
09/23/2018
What are the rules for modifying a home mortgage loan to only lower a payment because the borrower made a significant principal reduction? He is not in foreclosure. Before TRID, we did modifications all of the time.
Can you still do that? The rate and terms will stay the same.
06/24/2018
An entity is refinancing a loan .....the purpose of the loan is to provide funds to refinance the existing debt on a SFR. The proceeds are not being used to pay off another financial institution but to pay off the partners per the HUD. Is this a true refinance?
02/11/2018
On a renewal loan (a loan that has matured that is already on the books),. can you finance the unpaid interest that has accrued on the loan you are renewing? What is the answer if you change the loan number and if you don't if there is a difference. I have received conflicting answers on this and would like to know if it is a violation if you roll the unpaid interest in on a note that you are renewing.
10/29/2017
If we are doing a modification for an ARM Loan and the payment increases, some of our staff believe this is a "refinance", some do not. Thoughts? If so, -What do we need to provide to the consumer? There would be no costs associated - just the new terms with the new (current rate)? It doesn't seem like a CD would be appropriate - If not - then we would use our normal modification agreement.
07/23/2017
Does this scenario require a three day right of rescission?
Borrower currently has a mortgage elsewhere on their primary dwelling. They want to refinance that loan while simultaneously securing a construction-perm loan with us for an addition to the home. Is it subject due to the cash out, refi component or exempt due to the construction component?
10/30/2016
Our bank extended an unsecured loan to a borrower to purchase a home. The unsecured loan was temporary until the mortgage file was ready to close. I'm thinking that the permanent mortgage file should be reported as a home purchase even though we are treating like a refinance. I'm following the same philosophy as the construction to permanent loan files. Is this correct thinking?
07/24/2016
We had a 30 year fixed loan modified to a 5 - year balloon due to collection issues. The balloon is now past due
and we want to do a workout/refi back to the original terms of the original 30 - year note. Would we have to disclose?
Our main concern is this is a workout/refi of an expired balloon modification..
07/05/2015
We currently have a bridge loan on the books that has been modified many times. We are now converting it to a mini perm for 5 years. I do not want to close out the original loan due to the deed of trust. If I modify it again will I have to treat it as a permanent mortgage loan and will it fall under RESPA?
