How should a bank allocate flood coverage when multiple buildings are on one loan? Here is my example: 1-4 Residences and we need to start the 45-day process for building one. Loan balance: $800,000 Bldg 1: RCV = $235,000; with previous coverage of $250,000 Bldg 2: RCV = $275,000; with current coverage of $250,000 Bldg 3: RCV = $200,000; with current coverage of $250,000 Minimum required would be $685,000, which is bldg 1 = $235,000, bldg 2 = $250,000, bldg 3 = $200,000 If the $685,000 can be allocated any way, what amount would be used for building 1 so as to not be insuring too much?
We have a consumer real estate construction to permanent loan pending. Does rescission apply?
Has the CFPB provided sample forms for construction loans?
How is a bank supposed to handle loan payments which exceed what is currently owed?
A residential mortgage disclosed a lender credit for $200 due to a charge for transfer taxes. At closing the $200 charge was no longer applicable as mom and dad remained on the title. As a result, the title company took away the $200 fee that they had disclosed on their estimated statement and said the charge wasn’t applicable any more. Is the Bank is still responsible for issuing the lender credit of $200, although the corresponding charge has gone away?