10/08/2023
Aren’t HELOCs exempt from flood insurance requirements?
10/08/2023
Could you provide a copy of a standard Modification Agreement? We want to extend a Construction loan for another six months.
10/01/2023
We have a HELOC secured by a home in a flood zone. We are holding a junior lien behind another lender. How much flood insurance is needed?
09/24/2023
Is flood insurance still required on a loan where the balance has fallen below $5,000?
09/17/2023
Are we required to monitor for flood compliance after a loan is made?
09/17/2023
Can you do a HELOC on a home a customer is buying? The first draw will be to complete the purchase.
The house has a purchase price of $90,000 and they need to borrow $30,000. They don't want all the expenses and hassle a regular mortgage entails. They want to just take out a HELOC on that new home. A HELOC is not TRID so we would not need all the documention either.
09/10/2023
If we are charging a modification or change in terms fee, and call it an administrative fee on a consumer dwelling secured loan, and the LOS prints and customer signs the document, I understand that this is allowed because the modification is not considered a refinancing under Reg Z. However, I am being asked how charging a fee payable to the bank does not affect the APR and require new disclosures?
08/27/2023
Long ago, I was told by our credit report provider that we can't charge for credit updates for our mortgage customers relating to originating a mortgage. I see that FCRA prohibits charging for rescoring but if a tradeline needs to be updated or a non-reporting account needs to be verified, can we do a changed circumstance and charge the customer?
08/20/2023
Generally a bank charges a set flood certification fee around $18.00. It is identified as flood certification on the Loan Estimate and Closing Disclosure. No other flood fees are assessed. The actual flood amount charged is $13.25. The FDIC has never had a problem with this. Is that markup a violation of RESPA or another requirement?
07/30/2023
If borrower rescinds a loan, what loan documents must be kept and how long does the bank need to keep them?