If the dwelling will be used for the manager of this corporation to dwell in, is this exempt from HMDA, as a transitional home?
This question has come up before but I have not seen a clear answer. If the application is NOT taken face to face, how should the collection method
questions be answered for HMDA? Code 3 (NA) is only supposed to be for applications where the requirement to report the data does not apply to the
We would use code 3 on applications where it is an entity. Code 2 (not based on visual observation) would be the only choice that would make sense.
What are your thoughts?
If an applicant chooses not to provide the borrower demographic data do we still collect it based on visual observation and surname?
How many borrowers can apply using a single Uniform Residential Mortgage Loan Application?
Are we required to use the Lender Information Form?
Can we continue to use the old four-page uniform application with the demographic information addendum or must we convert to the new eight-page form.?
What is the mandatory compliance date for the new uniform residential mortgage loan application?
Are we required to use the new uniform residential mortgage loan application?
If an early Closing Disclosure has been issued and the borrower now wants to add a co-borrower, what are the compliance issues that need to be reviewed?
Under Reg Z, is there a new 7 day waiting period to close due to a 'new' application' with the co borrower?
Do we go off of the date of application of the 'co borrower' or the original primary borrower application?
This is not technically a changed circumstance, but if no fees are increased that break tolerances, nor a program change, is there an issue?
I have an entity assuming the debt of another to purchase a residential property. Since the loan will be secured by a first lien on a residential dwelling, will I need a new business loan application for the new borrower? Our original business loan application specifies the original borrower.