What is the maximum fee allowed for a NSF check which was returned for a credit card payment?
And is there a maximum fee for late charges for credit cards?
When disclosing the payoff of an existing lien on the collateral property, should the amount listed on page 3 of the Closing Disclosure just show the
principal balance, or should it show the principal balance, plus the interest due?
I do not believe the reg goes into detail on what the amounts listed should be. My thought is we would need to list the amount that would fully pay off
that existing lien (principal, interest, late charges, etc. ). There have been discussions about not capitalizing off interest, but as long as we are not financing the
interest due into the new loan amount, I do not see how we would be capitalizing off previous interest.
In addition, if we list the full payoff amount, would we need to list just one payoff amount, or would we need to list
separate lines for principal, interest and late charges on the Closing Disclosure? I believe either way would be okay, but my thoughts are we would just need to list one line item with the full amount.
We had a customer ask to start a voluntary escrow account on an existing loan. Do we need a new agreement?
Can a flood civil money penalty cost six figures or more?
A question has come up after we prepared a Note for a commercial loan. It was dated July 15,, but the customer did not return these documents until July 22. We funded this loan and effective dated our loan to the 15th to match the Note. Now management is saying we should not have effective dated the loan, only the date we actually funded it.
Can we do this, not just for commercial but also residential loans? What is the correct way to handle loan docs returned after the Note date?
While auditing a mobile home loan I saw escrow statements. Isn’t this unnecessary since RESPA doesn’t apply when we don’t have real estate as our loan collateral?
What is the minimum age a person can be to be a member of an LLC and if it is less that 18, does it impact that persons ability to borrow on behalf of
If an MLO transfers to another location at the same institution or there is a change in the address of the location that the MLO directly reports to,
how long does the MLO have to update the contact address on the NMLS consumer access site to reflect the (new) accurate address location?
I couldn't find anything specific regarding a time frame within the regulation, and it only touched on the requirement of internally auditing,
at minimum, annually to ensure accuracy.
Are there any specific requirements or restrictions when it comes to lending to a non-US Citizen?
We have a customer who passed away. The customer was the sole owner of two corporations. The first corporation is a real estate holding company. There is a loan and DDA to this entity. The loan payment is auto-debited from the DDA. There is a second DDA to the other entity, also a corporation, which is to the operating company. Can we continue to pull the payments from the DDA to keep the loan current until the estate is settled and the loan paid off?