Most Popular Lending Content
Signing One Form for All Disclosures
09/29/2003
For the upfront lending disclosures (e.g., Servicing Transfer Disclosure, ARM disclosures, etc.) for which the Bank is required to keep a customersigned acknowledgement of receipt, can the Bank substitute a "Disclosure Acknowledgement" form which the customer signs acknowledging receipt of all the disclosures? Or do the regulations require that the disclosures be individually signed?
Written Notice for Changing Equity Line Terms
09/15/2003
We currently have a floor on our equity lines. Our senior lender would like to waive the floor for any customer (new or existing) that will set up an automatic debit from their checking account to make their monthly payment. Would we need to provide anything in writing regarding the new rate for our existing clients that opt to do this?
Rescission: Disbursing Funds Without Signature
09/15/2003
Right of Rescission: After the rescission period has expired, if the creditor is "reasonably satisfied" that the consumer has not rescinded, can the creditor disburse funds without customers signing the notice stating they are not rescinding the transaction?
What is HOEPA?
09/15/2003
What is HOEPA?
HUD's View of Mark-ups
09/15/2003
I noticed comment in Memorandum for update pages in a Mortgage Lending publication the following:"Several U.S. Circuit Courts of Appeal have disagreed with the Department of Housing and Urban Development (HUD) on whether mark-ups of third-party charges are violations of RESPA. For example, may a lender pay $15 to a credit reporting agency for a report and then charge the customer $30 for the report at closing and keep the $15 difference? HUD has said this would be a violation of the Real Estate Settlement Procedures Act (RESPA) and several courts have disagreed." Do you have any information concerning these court findings? Can this be done with this 3rd party charge or any others? Example; Could we charge for "payment coupon books" related to a mortgage loan payment?