If you receive an application on 3-20-17 and the loan app. is applicable to TRID, do you have to do the LE if you decline within 3 days.
A borrower is purchasing a new home. They wish to use temporary financing of a short term interest only loan secured by the old home, to purchase the new home, until the old home is sold and the loan is paid off.Is this a transaction subject to a right to rescind?
Can a commercial customer receive a Reg. Z statement for a commercial line of credit?
If you do not provide the initial TRID loan estimate within the required three business days, you need to pay all closing cost; I know there are varying opinions on this (we pay). On a purchase loan where you have a fee that is normally paid by the buyer but is paid by the seller, for example, transfer taxes, do you have to include those fees that were paid by the seller as part of your cure, or can the lender pay for just the closing costs the buyer was charged?
Appendix D is used for reference in calculating an APR for construction loans. However, it states "Using the 365 payment line, the closest to $251.73 is $253.93 which corresponds to an APR of 11.25%"
What payment line is this referring to and how is this converting to a 11.25 rate; are there books that this is referring to and if so, where can you obtain it?
Where can I find a HOEPA Worksheet?
When 1026.2 defines the six pieces of information that makes a complete application (and therefore starts the clock on the 30 day loan decision time frame), specifically the applicants income - are they referring to the income notated on the application only? Lenders are wanting to know if substantiating documentation of income is considered part of the application. I can't find anything concrete in the Regs saying that "income" is defined by what is on the application only.
I'm the internal auditor and reviewing compliance with SAFE Act and Reg Z for including unique identifier on loan documents. We originate our reverse mortgages through two investors. The documents are produced through the investor website. Does the NMLS # have to be on the GFE? I'm not seeing it on the GFE for either of our investors. What disclosure documents exactly is it required? (they have on the note, mortgage, application)
We made a loan in 2011 to a customer to purchase a property. The property had a residence and a commercial mechanics
garage with living quarters in it. At the time he bought this, he rented the house to his aunt and lived in the garage when he was in Missouri. He didn't reside here full time at that point. So we did this loan on our commercial side. We just found out his aunt has passed and he has been living full time in Mo. in the house. So knowing this, due to HOEPA or HPML etc ,are we required to move it to consumer side? Also where can I get further training on HOEPA and HMPL please?
We deal mostly with foreign national borrowers. We understand RESPA and TILA do not apply, however we disclose to these
borrowers. In the event we stop disclosing, what documents do we still need to provide the borrowers with --application, ARM
disclosure, LE and CD? Please clarify.