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?
06/28/2015
For a refinance, does the note and/or deed of trust need to be satisfied and replaced? We have a loan that was paid off with new money added. The loan was assigned a new loan number. However, a modification to the deed of trust was recorded instead of releasing and recording a new lien instrument.
04/20/2015
Is right of rescission required on a refinance of an existing HELOC if there is no new money and renewing loan to extend the maturity date?
04/06/2015
What is the 3-day rule when a HELOC is being converted into a HE loan? I'm in Operations and we have problems when a loan officer starts a Presentation without including us and then sends us the information about a month later. Do we concern ourselves about not getting the information early enough to send the preliminary disclosures within the 3 days? This is an ongoing problem that we would like to settle once and for all.