Most Popular Lending Content
Proper Completion of the HUD-1
10/18/2004
It was mentioned at a webinar that the property taxes collected at closing need to go on line 1003 of the HUD-1 Settlement Statement but also on a line in the 800 section. Could you further explain what is supposed to be put in the 800 section?
PMI on Construction Loans
10/18/2004
Is it common for banks to put PMI on construction loans? We are looking at this but are having a hard time with the disclosures such as the "PMI cancel" notice.
HMDA MSA Boundaries - Mary Beth Guard
10/11/2004
HMDA MSA Boundaries
Answer by Mary Beth Guard, BOL Guru
Guru BIOS
Short Year Escrow Statements and Overages
10/04/2004
When we have an overage in an escrow account for a loan that has been paid off, where do the funds go and when do they have to be disbursed? What regulations address this?
ARM Rate Disclosure Rules
10/04/2004
We have a product type is a 5/1 Arm based on a 30 year payout. The note rate is 4.875% with a margin of 2.875% and index of 1.210. The payments on $93,000 are being calculated at $492.17 for payments 1 - 60. The second stream of payments after the fixed period are being calculated starting with the 61st payment of $455.88, resulting in an APR is 4.399% (which is lower than the note rate). But the second stream of payments are calculated at todays index plus the margin and rounding to the nearest eight (4.125%). Our Auditing Dept. was questioning whether the second stream of payments of the TIL should be at the highest rate? The cap is 9.75%.