Most Popular Lending Content
E-Sign Rules When Emailing CD (3 Days)
02/10/2019
Are we required to always follow the E-sign rules when emailing a CD to the borrower 3 days before closing? For instance if we deliver the CD by email (without following E-sign) and the borrower replies that they have received and read the CD, is that sufficient proof that the CD was delivered 3 days before closing? We do not require the borrowers to sign the CD.
RESPA- "Giving Out Three Lender Names"
02/10/2019
I am preparing education training for Realtors. My topic: "How to Work With Lenders." I want to address the age old response I hear from Realtors when asking for referrals. Often they will say, "we have to give out three lender names." I can't find anything under RESPA that requires this. Is this a part of Section 8 or another regulation? Briefly, what can a Realtor do that won't get the mortgage lender in trouble which may be beneficial to everyone?
Interest Amount Collected for Loan Extensions
02/10/2019
I am auditing loan extensions, and I am coming across several loans where the payment the customer makes after the extension is not bumping the next payment due date. I have figured out that this is due to our loan staff not collecting enough accrued interest. So the customer's payment went to interest, not bumping the due date. My question is : When granting an extension, what interest amount should be collected? What is currently accrued and owed at the time of the extension? or like my Bank is doing taking the per diem X the number of days extending? What is the best practice?
Complete Full Cash Flow? Ability to Repay Rules
02/10/2019
We currently have a consumer in the permanent financing phase of a construction/permanent loan. There was no guarantee we would provide the permanent financing at our bank. When construction was approved the borrower was considered self-employed. He owned two businesses and within the last year has sold a large portion of his businesses and now receives a salary as a manager, rather than an owner. Do we need to complete a full cash flow on this borrower, or could we use the current income received from his salary for ability to repay rules?
Home Improvement Loan- HPML and Escrow?
02/10/2019
I have a home improvement loan for 6 months. On the home improvement loan is it really considered a HPML and I should do Escrow?
