When do we disclose Property Value instead of Sales Price?
Our bank is looking into offering mortgages with an initial fixed rate, short term loan (5-7yrs) with a balloon payment, then financing the balloon balance into a longer term (20yr) ARM. Can we do this without determining Ability to Repay for the initial short term portion? Also, would this be dependent on if the bank is considered a small creditor and serves only rural or underserved areas?
A soldier wants us to reduce the loan rate and allow three deferred payments to bring the account current. Are we required to do this?
There is a surplus in the borrower's escrow account, but the loan is past due. Can we apply this surplus to his loan? The surplus is $315.44 due to decrease in his homeowner's insurance premium.
We have a consumer real estate construction to permanent loan pending. Does rescission apply?