Most Popular Lending Content
Mortgage Loan w/Agriculture Purpose-TRID/Escrow?
12/29/2019
Will a mortgage loan containing a primary residence and 78.45 acres used primarily for agriculture purpose be exempt from TRID and escrow?
Extension Agreement for Ag/Commercial Loan
12/22/2019
On an ag/commercial loan, if there are two borrowers, do both need to sign an extension agreement or can just one of them sign and extend a loan?
SCOTUS rule and RESPA Section 8
12/22/2019
We were told that the Supreme Court determined several years ago that Section 8 of RESPA is unenforceable?
Adding Renovations to Acquisition Price
12/22/2019
A customer desires to purchase improved real estate. The acquisition price represents 91.7% of the purchase price and 78.2% of the "as is" appraised value. The borrower will pay for renovations out of pocket. Adding the cost of the renovations to the acquisition price would reduce the LTC ratio to 82.2%. Is it permissible to add the cost of renovations to the acquisition price to arrive at the cost of the property?
Insurance Co. & Revision to Flood Policy
12/22/2019
Recently the bank has had several loans with flood map revisions into a Special Flood Hazard Area. Some of these customers already have a flood policy in place, however the policies list the SFHA as zone "X". We have been told by two insurance agents that the insurance company cannot revise the policy until the renewal of the policy term. As of now, if we do not receive the revised flood policy reflecting the correct flood zone, we will continue with the force place process. Please advise if the insurance agent/company can revise the flood policy reflect the new SFHA, or if that is not an option that is available to them?
