What are some best practices for tracking auto-renewal letters of credit?
HELOC's primary residence upon maturity and the applicant wants to renew the loan for another term. No new funds same type. What disclosures are required?
Consumer 1st lien mortgage originally set up as a 30 year with a 5
year call. Loan matured February 1st, bank did not renew until April. Since
this was renewed after the original maturity, big discussion started. Some
think it had to be a new loan, others think a renewal would have been fine.
You date the renewal docs the maturity date but have April as the signing
date? Would that have been okay? Instead they did a whole new loan and the
consumer had to pay for all the closing costs again. A new Title Policy and
When we do a renewal on commercial loan with 1-4 family as collateral we have them sign an appraisal notice - saying we have the right to do an appraisal. They might not come in to do the renewal until after maturity. Can they date this document the day they sign or do they need to back date it to the renewal date? Is this a violation if they date it after the loan renewal date?
We had a 30 year fixed loan modified to a 5 - year balloon due to collection issues. The balloon is now past due
and we want to do a workout/refi back to the original terms of the original 30 - year note. Would we have to disclose?
Our main concern is this is a workout/refi of an expired balloon modification..
Can you renew a loan without collecting late charges that are due? We want to renew the loan and leave the late charges in the fee balance field to collect at another time.
We have a customer that has a closed end line of credit and it is being renewed into an amortized loan. Is this considered a renewal or a refinance? It is secured by residential property so we are trying to decide if it is HMDA reportable.
For owner-occupied loans that are up for balloon renewal (mostly 5 year balloons), are they grandfathered into the Dodd-Frank regs? We are a small creditor and are coming up against some of our renewals not meeting our internal d/i limits since we do not have to meet the 43% rule. Are we still able to make these renewals, or should we have the borrowers move the loan?
If loan has a maturing 5 year balloon feature, is going to be given 5 more years and we are past the maturity date, if we print new documents but keep same loan number is this considered a renewal or refinance?
Is a GFE required for renewal of rental houses?