Most Popular Lending Content
Proper HUD-1 and GFE Completion
11/17/2003
Must the fees/charges paid outside of closing by buyer or seller be disclosed on the GFE at all? If so, should they be disclosed as POC? Also, on itemization of Amout Financed, must the fees in the category "amounts paid to others" be an exact match of Final Hud-1 figures?
Disclosures Timing on Phone and Mail Apps
11/17/2003
Disclosures must be signed and dated within 3 days of application. Does this apply if someone applies by mail of by phone?
Bridge Loan Disclosures
11/03/2003
I have a loan application for a bridge loan. The customer wants to use their current residence as collateral to purchase a new residence. We will be taking a lst lien on the existing residence as well as a 1st lien on the new residence. The loan will be for 6 months, interest only. What type of disclosures do I need to prepare? Does Early TIL come into play? We will not be doing permanent financing.
Quoting Loan Rates by Phone
11/03/2003
Can we quote loan rates for auto, mortgage, and commercial loans over the phone? Do they have to be the APR or can the rates we quote be the note rate? Can we quote rate and terms over the phone without long disclosures? The regs are pretty clear on advertising, but I am interested in call-in customers....
Retention Period for Paid Off Loans
11/03/2003
What is the retention period for paid off loans?