Will a mortgage loan containing a primary residence and 78.45 acres used primarily for agriculture purpose be exempt from TRID and escrow?
How can I validate that the APR I have disclosed is correct during a leap year? I noticed that if I enter the loan date as 02/28/19 and the first due date as 03/28/19, APRwin returns that there is 1 period and 0 odd days which matches what our internal software has calculated. If I enter the loan date as 02/29/20 and the first due date as 03/29/20, it returns 0 periods and 28 odd days. This definitely doesn't match our internal software as it also returns 1 period and 0 odd days for this scenario. I've read online that APRwin has limitations for calculations when the year has 366 days. Should we go with 1 and 0 and is there another tool we can use to confirm this?
On an ag/commercial loan, if there are two borrowers, do both need to sign an extension agreement or can just one of them sign and extend a loan?
We were told that the Supreme Court determined several years ago that Section 8 of RESPA is unenforceable?
A customer desires to purchase improved real estate. The acquisition price represents 91.7% of the purchase price and 78.2% of the "as is" appraised value. The borrower will pay for renovations out of pocket. Adding the cost of the renovations to the acquisition price would reduce the LTC ratio to 82.2%. Is it permissible to add the cost of renovations to the acquisition price to arrive at the cost of the property?