Most Popular Lending Content
Interim Construction Inspections
04/19/2004
As part of our controls for a new interim construction product, we require a minimum of three inspections during the construction. Are there any guidelines as to who is allowed to perform these inspections, whether they must be certified, or can employees independent from the loan periodically complete the inspections?
TILA Reimbursement Tolerance
04/05/2004
If a finance charge is understated on a TIL and restitution needs to be made, is the bank allowed to keep the tolerance, and would you state any pro and con reasons for this?
HOEPA - Rescission Waiting Period
04/05/2004
In a prior Guru question it was stated that in a loan closed on Friday, consummation could occur on Tuesday. But the rescission rules won't allow the closing until after midnight Tuesday. Does this mean that HOEPA could be given at the same time and would end sooner than rescission?
Balloon Disclosure
04/05/2004
Is there a disclosure required at application for a loan that will have a balloon payment?
Difference Between Act and Regulation
04/05/2004
Can you please tell me the difference between an Act and a regulation? And is a law different than a reg or act? For example, Regulation DD is for Truth and Savings, but there is also a Truth and Savings Act.