Most Popular Lending Content
Two loans at closing - one HUD-1
05/16/2005
I need to find out how to combine two mortgage loans on one HUD settlement statement. If you have a 1st loan and a 2nd no cost loan, where can I find guidance on how to combine this information on a single HUD 1?
Clearing the Credit Report Since It Finally Paid
05/16/2005
I have a very irate customer, upset that he has a bad credit report because he was a co-signer and/or co-maker on five separate loans. While he did not come in and keep the loans current when getting his past due notices, he did eventually pay all of these loans off, some after they had to be charged off. Can I clear up his credit report for him?
HMDA or CRA?
05/16/2005
We have a loan that we would like your opinion on whether to report as HMDA or CRA? We don't want to double dip. The couple owns a general store with an apartment upstairs that they are currently living in. The loan is for them to build a home for themselves on the same property. The apartment would then be rental property. This loan was processed as a commercial loan. However, the loans purpose was to build the home.
Reg. B and Small Business Lending
05/16/2005
To what extend does Reg B apply to an automated small business credit scoring program (eg. notice, adverse action, etc).
HMDA Refinancing - Defined
05/16/2005
According to "A Guide to HMDA Reporting Getting It Right!" effective 1/1/04, the definition of a reportable refinancing is "any dwelling-secured loan that replaces and satisfied another dwelling-secured loan to the same borrower. Please define "satisfies and replaces". Does this require cancellation of the current loan promissory note and recording of a satisfaction of lien for the current security instrument/mortgage consequently being replaced by a new note and execution of new lien/mortgage, or does cancellation of existing note followed by a new note qualify as a "refinance" (the existing lien instrument/mortgage stays intact)?