We went through a merger and acquired another bank's assets. With the bank's name changed, what disclosures do we need to give on mortgage loans we are servicing as a result of the acquisition and what information needs to be on there?
We received a referral for a commercial construction loan from a small business that specializes in providing information to those who are building
homes. The construction loan does not meet any of the triggers for RESPA coverage. The referring source is requesting a 1% referral fee. The bank
would pass this fee onto the borrower. My questions are: (1) Are there any regulatory or legal prohibitions on the bank paying this fee and passing it
onto the borrower, and (2) if the fee is permissible, how should it be listed on the loan documentation?
Our bank has a 3% ownership interest in a title company and we provide an affiliated business arrangement disclosure on all loans. Should fees paid to the affiliated title company be included in the Qualified Mortgage points and fees test and/or the APR calculation?
May a lender offer a gift card at closing for a mortgage loan, and would this then be disclosed on a loan estimate or closing disclosure?
We paid escrow into a negative for insurance knowing that escrow would be even by the end of the year. The client cancelled the insurance and
received the refund check. Are insurance companies required to send the refund check back to the consumer or is there a way we can ensure going
forward that the refund checks come to the bank?
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?