Is there a regulation addressing the changing of payment due dates on installment loan? I'm not sure if this is federally regulated, state, or both. Is there a limit on the number of times customer can request, and the length (number of days) it can change?
We receive submitted applications from our website that are considered complete per TRID. Upon receiving the submitted application, we attempt to directly contact the applicants by phone or email regarding the application and items needed to make a loan decision. If we do not receive any contact from the applicant, what are the notification requirements? Should the app be considered incomplete and we send a Notice of Incompleteness and if there is still no response by a certain date, we can close the file? Also, what would the timing requirements be to send the notice and then to be able to close the file?
If a revised Loan Estimate was provided to include a second appraisal and a clerical error added a $6,000 lender credit, can it be removed/corrected?
Why integrate an LOS to a bank document management system?
We have had recent discussions regarding the rescission rules when applied to a TRID real estate purchase transaction. As the bank, we are financing the purchase of a new home; however, the consumer is using the home being purchased, as well as an existing property as collateral on their loan transaction. The use of an existing property is triggering the 3-day rescission period. Per Kentucky law, a purchase transaction should be closed by an attorney. However, our lender is questioning whether or not consummation of the loan with the bank and the settlement by the attorney actually need to be dated the same day. He wants to close our loan 3 days prior to the closing with the attorney, so all funds will be available at said closing. Is there a regulation you can cite that requires the loan transaction to be closed on the same day as the real estate settlement? I believe there are stipulations in regard to these requirements but having difficulty citing the reg.