Most Popular Lending Content
Changing the Escrow Calendar
05/17/2004
We want to change our escrow computation year to be more in line with the date taxes are due. What is involved? From what I read, it seems to indicate that we can file a short-year statement within sixty days after the start of the new computation year and then just adopt the new computation year. Is there something I am missing? Is there any best practice on how to structure an escrow year/cycle?
Timing of CHARM Disclosure
05/17/2004
We have been sending the Consumer Handbook on Adjustable-Rate Mortgages within 3 days of application. Is that okay, or should the applicant receive it from the loan officer at application time?
Flood Cert. on a Mobile Home
05/17/2004
Is it correct that a flood certification is needed for a mobile home that is on a permanent foundation or tied down and is being held as collateral?
HMDA Reason for Denial
05/17/2004
I work at a state bank, regulated by the FDIC. Do we have to report reasons for denial or is it still an option for 2004?
HMDA Reportable Assisted Living Residence
05/17/2004
Is a loan made for an assisted-living residence HMDA-reportable? Also, if more than 4 individuals live in the home, would it be multifamily?