When renewing an existing RLOC and adding new money, do you need to payoff the existing line and give it a new loan number since you are increasing the loan amount or can you use the same loan number and renew and increase the existing RLOC using the same loan number?
When a loan is renewed should a new flood verification be pulled? Does the answer change if the current certification has life of loan monitoring?
How are investment loans for multiple dwellings reported? Do we just pick one of the addresses and report that census tract? Example: I have a refinance with 3 separate dwellings as collateral, all on one loan.
Scenario: In California - a community property state - assume a couple files for divorce but it is not finalized yet. The husband needs a place to live and applies individually for an FHA loan, leaving the estranged wife as a non-applicant, non-borrower, who plans on using non-marital separate funds to purchase her home. Since this is an FHA loan, the lender needs to pull a credit on the estranged wife to count her debts towards the husband's since the divorce is not final. When the lender calls the estranged wife for consent to pull her report as per our risk management policy, she denies consent for her report just to keep the husband from getting his own place. This makes it harder for him to claim joint custody of the kids. Reg B has contradicting situations: permissible purpose is granted for community property states so lender does not need spouse's consent. However it also states there is no permissible purpose to obtain a consumer report on a .... nonapplicant spouse who has legally separated or otherwise indicated an intent to legally disassociate with the marriage. Can lender pull the non-applicant non-borrowing spouse's credit report without her consent due to being in a community property state, or would the divorce show intent to legally disassociate the marriage and overule the permissible purpose granted by being in a community property state?
Will the new open-end reporting threshold of 200 originated lines in each of the two prior calendar years also go into effect as of July 1, 2020?