03/31/2019
If the interest rate disclosed in a promissory note is incorrect (it is lower than what is actually being charged), is that a Reg Z problem? What if the TILA disclosure is within tolerance and is considered correct, could this then be an issue with UDAAP?
03/31/2019
If we are still delivering disclosures and statements in paper form, do we have to be concerned with E-SIGN or UETA?
03/31/2019
We have a customer that because of force-placed insurance being added back to their principal balance, they are getting no principal reduction. We want to lower the rate, keep the payment amount the same and switch to a different variable rate index. The current index is no longer used. Can we do this with a modification, or will the loan require a refinance?
03/24/2019
I have a closed-end transaction secured by a principal dwelling which is being refinanced to another closed-end product (no new money). The original transaction provided a right of rescission. Please confirm that the refinance loan is not rescindable since it is with the same lender and no new money is being funded. I can't find a cite for this.
03/17/2019
Should we have one or more employees that are designated to handle all customer complaints? Should all complaints be referred to them no matter who initially receives the complaint?
02/24/2019
Can a servicer use a borrower's escrow surplus to pay delinquent taxes? Mortgage payments are up to date, and the escrow includes taxes and insurance.
02/17/2019
If an APR fee is paid at closing by the lender should it still count as a APR fee the borrower pays?
02/17/2019
We offer a discounted rate with some of our ARM products. We use the index at the time the rate was set to calculate the fully indexed rate throughout the entire loan and that is what is disclosed on the LE and CD.
Under what circumstance would we locate an updated index from a the date of closing or within 45 days of closing and disclose a blended APR. Would this be a 2 time construction closing? We disclose based on once the rate/index is locked that is the rate/index we use when we close. Unless of course the loan is re-locked for any reason.
02/10/2019
Are we required to always follow the E-sign rules when emailing a CD to the borrower 3 days before closing? For instance if we deliver the CD by email (without following E-sign) and the borrower replies that they have received and read the CD, is that sufficient proof that the CD was delivered 3 days before closing? We do not require the borrowers to sign the CD.
02/03/2019
On a consumer real estate ARM loan, the loan just adjusted. The officer is requesting to modify the loan and change the index, margin, and adjustment period. The request is primarily due to competitive reasons. Can we change the index, margin, and adjustment period without having to do disclosures?