Should a loan officer be the one signing loan docs or can it be anyone that is an officer of the bank do this?
When Title Fees are disclosed on the Loan Estimate in Section C (Services you CAN shop for) but the borrower chooses the vender on our provider list, we know that TRID rules now clarify that these fees must be moved to Section B (services you did not shop for) on the Closing Disclosure. However, TRID also says that we if offer the option to shop and the borrower chooses our providers, there is a 10% tolerance allowance, but in section B, the tolerance is $0. How can we correctly apply the 10% tolerance when the borrower can shop but chooses our provider?
We see quite often where lenders agree to pay for or credit back items such as the lenders title policy. This is often done when a lender wants to capture the business of a builder so they offer this as a "perk" to the referrals coming from that builder. I was wondering how other lenders manage to do it without violating any regulations. We wouldn't plan to do this across the board.
I know that providing a builder a discounted rate on their personal loan in exchange for the builder referring buyers on new construction is a RESPA violation. However, is it also a violation if the bank provides the builder a deal on the commercial loan that was provided to construct the new homes? That loan is a commercial deal and the discount predates the "hoped" for referrals. There is no agreement, more of a hope the builder provides referrals. It's likely a tightrope but appreciate the insight.
If we are still delivering disclosures and statements in paper form, do we have to be concerned with E-SIGN or UETA?
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?
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.
I am preparing education training for Realtors. My topic: "How to Work With Lenders." I want to address the age old response I hear from Realtors when asking for referrals. Often they will say, "we have to give out three lender names." I can't find anything under RESPA that requires this. Is this a part of Section 8 or another regulation? Briefly, what can a Realtor do that won't get the mortgage lender in trouble which may be beneficial to everyone?
Is there suggested text for a letter concerning an escrow overage?
While auditing a mobile home loan I saw escrow statements. Isn’t this unnecessary since RESPA doesn’t apply when we don’t have real estate as our loan collateral?