Most Popular Lending Content
Is a loan to a mobile home dealer for an individual mobile home reportable under HMDA?
02/23/2004
Is a loan to a mobile home dealer for an individual mobile home reportable under HMDA?
Evidencing Joint Application Intent on Biz Loans
02/23/2004
Has anyone seen a form to be used for business credit indicating applicants' intent to apply jointly? Secondly, why doesn't the updated Fannie Mae application have such questions?
Release/Return of Loan Documents
02/16/2004
Is there any requirement to return paid notes and canceled mortgages or other such documents to the borrower when the loan is paid off? Our management is trying to save time and postage.
Calculating Interim or Prepaid Interest
02/16/2004
My loan department and doc prep vendor are arguing about the proper calculation for interim (prepaid) interest on a first mortgage transaction. My loan depatment wants to charge interest for the day of closing. For example, for a loan closing January 15th, they would collect 17 days interim interest. The doc prep firm says none of their other clients do this, so they want a regulatory citation showing that it's okay. I can't find anything in any requlation that covers calculating interim or prepaid interest. Any ideas?
Determining Loan Purpose for HMDA
02/16/2004
Under HMDA, if the borrower is refinancing - cash out but using the proceeds to buy another home, is the loan purpose a refinance or a home purchase?