Most Popular Lending Content
Fees For In-House Flood Determination - Mary Beth Guard
08/11/2003
Fees For In-House Flood Determination
by Mary Beth Guard, BOL Guru
Inadvertent Monitoring Information Collection
08/11/2003
by Mary Beth Guard, BOL Guru
Settlement Date, Closing Date, and Note Date
08/11/2003
On the HUD1, I've always understood that the Settlement/Closing date must be no later than the note date. Recently, a lending officer gave me a differing opinion. To get a definitive answer, I called one very knowledgable person who told me that "The completed HUD1 must be given to the borrower no later than settlement, with settlement occurring when the note and trust deed are signed by the borrower". To get a second opinion, I called another very knowledgable person who told me that the settlement/closing date may be later than the note date because settlement occurs when the funding happens.
Reg Z & Construction Loans To Family Members -- Bankers Systems, Inc.
08/04/2003
Please help us resolve this dispute. The question is if a loan should be considered for consumer or commercial purpose for compliance with Regulation Z. The borrower is an individual acting as a builder for his son-in-law. He has previously built two homes for himself. His income, however, is not made as a builder. He works in an unrelated capacity. He is also not making a profit on the construction loan. I think Regulation Z would apply to this loan. Please help.
Using UTMA Account As Loan Collateral
08/04/2003
Under UTMA regulations it was my understanding that in order to use a UTMA account as collateral for a loan we needed some sort of proof that this money was to be used to benefit the minor. Is this correct? If so, how can we be sure that the loan proceeds are being used for the minor?