Most Popular Lending Content
Spin the Prize Wheel
10/17/2005
At a grand opening or moving project, we would like to use a prize wheel. The prize wheel would only have items that range in value from $1.00 to $25.00. The $25 items obviously being the single panel on the wheel. If anyone who spins the wheel is guaranteed some specialty object or prize, can we use it at an event? In other words, there would be no “Lose Turn” or “Bankrupt” as seen on TV. Prize wheel gifts will be changed on a regular basis. And, in order to be able to spin the wheel you have to bring in the direct mail piece. No account existing or new account is necessary in order to participate. Is this a problem?
Rescission and Purchase in One Loan
10/17/2005
When closing a new loan using the existing residence as collateral to purchase additional acreage, the right of rescission applies. When do you have the sellers sign their documents, since we will only have one loan, but it has the new property as collateral as well? The same day as borrowers' initial signing, or when the loan comes out of rescission? The concern I have is that if the customers sign a mortgage on a property they do not own, what happens if the seller decides not to sell when we are in the rescission period? Other instititutions have waited until it is out of rescission, and then have the seller sign a separate HUD along with the borrowers, showing the date it came out of rescission. Our compliance officer states the seller must sign the same day as the initial docs are signed.
Second on Residence to Build New Home- Rescission?
10/17/2005
In making a construction loan secured by a second mortgage on the primary residence and first on the new lot, does rescission apply?
Mortgage Broker Looking for Answers
10/17/2005
I have two questions -- <ol><li>Can you give a referral fee to someone who has given you a referral for a loan (i.e., an accountant, apartment locators, etc.)? If you can give referral fee what are the guidelines (is there ia cap, etc)? <li>Point commission for the Loan Officer -- how much can you charge legally (is there a cap)? I normally see "2" on front and back, but when you have a sub-prime lender, how fair is that since the borrowers are already in financial straits? </ol>I would appreciate hearing from you. Can you let me know if there are compliance agencies that can advise a small mortgage broker company without charging very high fees?
Right to Receive Appraisal Notice - 2 Properties
10/03/2005
If we have one loan using 2 houses as collateral and have a separate appraisal done on each house, do we need to give the customer a copy of "the right to receive appraisal notice" for each property?