Our bank did a short-term construction loan that was schediled for a full payout at maturity. It has matured and the borrower is unable to pay it in full. He has asked to convert it to payments.
Can we modify the loan with a change in terms agreement, does this require new TIL disclosures, or do we have to refinance it with a new loan and all new disclosures?
If a lender is doing a cash-out refinance on a residential mortgage loan, can they include the accrued interest into the new loan, or must the borrower pay those out of pocket?
We are converting a commercial real estate loan to a single family residence - owner occupied loan, which will be TRID and HMDA applicable. For HMDA reporting , will this be a purchase or a refinance?
In order to be considered HMDA reportable as a refinance, does the loan have to payoff an existing loan to the same lender?
I used the term "cash out" for a purpose on a loan. Would this term be wrong if I am giving out new money?
Do you need to modify or prepare a change in terms on a commercial loan when lowering the interest rate but not changing the maturity date? Can it just be done with a maintenance request?
How should an automobile loan originally used to purchase an auto be coded when the loan is renewed?
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?
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?
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.