Most Popular Lending Content
Upgrade Loan w/o Analyzing Updated Financials?
07/22/2018
If a U.S. Small Business Administration loan is paying as agreed for over 6 months and their credit has improved could you upgrade a loan without obtaining then analyzing updated financials? SBA loans do not have a mechanism in place as conventional lending to be able to require the customer to provide annual financial information to banks.
New Credit Card App for Commercial Renewals?
07/22/2018
1. Do you need a new credit application for commercial loans that are renewals, extensions or change in terms on an existing account? 2. Do you need permissible purpose to pull a credit report on commercial loan renewals, extensions or change in terms on an existing account?
Adverse Action- Determined by Product or Amount?
07/22/2018
Is an adverse action/counter offer determined by the loan product or the loan amount? If I am doing an 80% LTV cash out Mortgage refinance (ex: $80K loan on $100K estimated value) but the appraisal value comes in for less than estimated, I now have to change the loan amount to 80% of the actual value (ex: verified value = $90K therefore new loan amount is $72K). Does this mean that I have to do an adverse action/counter offer in addition to re-disclosing an updated loan estimate for the change in loan amount? My product is still the 80% LTV cash out mortgage refinance. My product did not change and I am still giving the borrower cash out that he requested, it just isn't as much as we estimated.
Construction Draws A Prepaid Charge?
07/22/2018
We will be doing an initial construction loan and I wanted to confirm that the construction draws are to be a prepaid charge? If the title company bundles their construction draws and priority photos into one charge do we just leave them all disclosed under a prepaid charge?
TRID: Initial Documents if Adding Wife?
07/22/2018
We are doing a TRID mortgage loan and the LE was sent a while ago. We now need to add his wife to loan. Do we need to have her receive all those initial documents we sent him? She did do an application.
