11/10/2008
When is an early TILA disclosure required? I was just told only on a purchase. When did that change?
11/10/2008
When advertising loans does the loan amount used to calculate the APR matter? Can that amount be different depending on product? Can the lending department arbitrarily select a loan amount of $250,000 to calculate the APR on conforming loans and use $750,000 for jumbo loans?
11/03/2008
We have a customer with a mobile home as a primary dwelling that is financed with a mobile home dealer. The customer owns the land it is on free and clear and now he wants a loan on the dirt only. The bank is not taking the mobile home as collateral. but since his primary dwelling is on the property will ROR apply? What about flood certification? What happens if bank forecloses on the land, but the customer is not in default on the mobile home? What happens to the mobile home in that situation?
11/03/2008
I am doing a HELOC on a residence that is not the owner's primary residence. Their daughter actually lives in the home, but they own it. In this instance, I am not planning on providing them with Right of Rescission or waiting the three business days to disburse funds. Can I take this home as collateral on a HELOC since it is not their primary residence? Will I need the ROR?
11/03/2008
We purchased a homestead real estate lien note from another bank and had all the papers associated with that note transferred and assigned to us. Does this loan have to be treated as a refinance and require all disclosures (including rescission) since we did not get a new note and deed of trust?
11/03/2008
What individual risk assessments is a bank expected to perform? How do the individual risk assessments fit together with an "enterprise risk assessment"?
11/03/2008
This question is in reference to the Soldiers and Sailors Relief Act. Our company extended a loan to an individual in August of 2006. The customer notified us in August of 2008 that she was in the military for 90 days in 1997 and was entitled to the rate reduction. Additionally, after the loan was made the client married an individual that is in the military. Our customer feels she is entitled to the relief since her husband is in the military even though he is not a signer on the loan.
11/03/2008
Does a non-borrowing spouse have to sign the right to cancel and truth in lending forms? If you are not on the note do you need to sign both the TIL and the RTC as the spouse?
10/27/2008
We have an assumption where one of the borrowers was on the original loan and now remains on the new assumed loan. Is this a refinance or purchase for HMDA reporting?
10/27/2008
We have a home equity line of credit at renewal. We do not assign a new loan number, but we do prepare a new promissory note. The intended purpose of the renewal is for school tuition. Is this renewal considered a refinance and HMDA reportable?