Our customer has ownership interest in a primary dwelling and is doing a loan for home improvement and buying out the other owners. So this is both a home improvement as well as purchasing the full interest in his home. What loan purpose would this be under HMDA?
The right to rescind lasts for three days. Is that calendar days or business days?
Our collateral consisting of 62 acres of farmland, a residence, a hog barn and a cattle barn appraised for $465,000 in 2017. It is owned by an Amish (full-time farm family) borrower. The land and livestock buildings account for $$395,000 of the overall value. The primary residence comprised $70,000. Our first mortgage loan made in 2017 was a business purpose loan. Now these borrowers want to refinance it to add an additional $80,000 remodel. Is this a still a business purpose loan, or will it be a consumer loan? The total loan balance after the new house addition will be $366,000.
We gave a lender credit of $2,500 on the LE for a "no cost" loan. On the CD, we showed all fees paid by the lender, with total specific lender credits of $2,600. However, our origination fee of $500 shown on the LE was waived and removed on the CD, offsetting an increase in a title service fee of $600. In short, we are paying more in credits than originally disclosed, but have removed a waived fee. Is this acceptable?
Since some employees have used social media for years without a problem, I guess I don’t understand why there is concern now about risks. What risks are there?