We recently conducted an audit of our flood records and found a file that has a standard flood report noting the property is in a flood area. The loan is a land loan, but has an old literally falling down house on it. The officer of record went to view the property, took pictures and wrote a memo stating that the house was above the elevation and not in a flood area. Could we send the required notice, consult an insurance agent and let them give us a letter that they would not insure it to place in the file? Would that work?
I had a customer rescind in the three day time period. What needs to be done with all the documents?
Does RESPA apply to a consumer installment loan against some land with a mobile home on it? The mobile home is not on the note, mortgage or any security interest.
We are doing a loan on some land that has a mobile home on it that the customer lives in, but we are not taking a lien on the mobile home. Do I have to give the RESPA disclosures?
Is a final TIL required on a fixed rate home equity loan?
If we modify a loan to disburse additional funds and the new principal amount does not exceed the original note amount, is a 3-day right of recession required?
I have a borrower who currently owns a principal residence. They intend to tear the home down completely and rebuild a new, larger residence in its place which will take about 1 year to complete. During the construction period they will obtain temporary quarters to reside in until the new home is ready for occupancy, at which time the newly constructed home will become the primary residence. May funds be disbursed on the day of closing the construction loan or does the borrower have rescission rights?
When is it required to charge GRMA? Is it on all residential (1-4) property or just when recording DSD on a principal dwelling?
When making a loan to a trust using a personal residence that trustees live in, if they are using this property for personal reasons would the trustee be able to sign for rescission or can a trust even have a personal residence?
Reg Z does not specifically address "filing fees." Is it necessary for the filing fees entered in the Fed box to match the filing fees found on either the itemization or the HUD? Is there a difference in the answer between open-end and closed-end transactions?