Most Popular Lending Content
Prior Appraisals & RESPA
11/18/2002
We have a discussion going on regarding RESPA as to having to disclose an appraisal fee as POC when lenders use a prior appraisal on file or one the customer may have obtained year(s) ago or when lenders do an in-house appraisal/evaluation. There is no cost to the customer. Lenders state they are not requiring an appraisal but use the appraised value in their credit analysis. The key word here is REQUIRE. An FDIC Examiner stated that if you use a prior appraisal or do an in-house evaluation(we do not charge) that you should show a cost as POC. His reasoning is there was a cost to the customer at one time. The Examiner referred me to FIL-45-2000, Q and A #7,#4, #8. One of our lenders attended a seminar on RESPA and ask this question. The instructor stated he had never heard of such a thing.
Combined Note & Disclosure
11/18/2002
I remember reading article concerning a combined note and disclosure. I am unable to locate the article on the site. Could you please assist me in finding the article?
Sample Form For The Past Due Mortgage Loan Notice
11/18/2002
Do you have a sample form for the notice HOUSING AND URBAN DEVELOPMENT ACT for past due mortgage loans?
Referral Fees For Commercial Loans
11/18/2002
Do you know of any regulations that would prohibit a thrift from paying referral fees (equal to 25 basis points) to a lumber company for referring speculative construction loan business to the thrift? These are commercial ventures.
Dwelling Refinance, Debt Consolidation, and HMDA
11/18/2002
On a refinance of a dwelling loan plus new money for debt consolidation, should this be reported as HMDA? In the publication A Guide to HMDA Reporting Getting it Right! pg A-6 "B" (1) Data to be excluded: Loans that, although secured by real estate, are made for purposes other than home purchase, home improvements or refinancing (for example, do not report a loan secured by residential real property for purposes of financing college tuition, a vacation, or goods for business inventory). This says to me that if the new money over the amount of the loan you are paying off is not for home improvement DO NOT report. However, appendix D of the publication mentioned above pg D-2 #2 Meaning of refinancing (iii) Assume that the new obligation is a refinancing of a home purchase or home improvement loans only if the new obligation will be secured by a lien on a dwelling. So is this saying, it does not matter what the purpose of any new money is for, if the old loan was secured by the dwelling and the new loan is secured by the dwelling, it is HMDA? As you can see, confusion rules with HMDA.