Most Popular Lending Content
Consolidate Debt Due to Construction-HMDA?
09/08/2013
Recently, we approved a mortgage loan where the proceeds were used to consolidate debt from the following creditors: American Express, Menards, Sears, Lowes, a parent, and a flooring company. The Loan Officer put on their application the purpose is to consolidate debt due to construction. We do not know if all of the debt was due to the construction of the home. There was not a loan on the property before. Should this be reported on HMDA? If so, as a home improvement, or a purchase?
Early ARM Disclosures for 2nd Residence?
09/08/2013
Are Early ARM disclosures required for secondary residence loans?
What Is A CIT (Modifying Loan Documents)?
09/08/2013
The note department said they will adjust the term of the loan documents after we board the loan with a CIT. What is a CIT regarding modifying loan documents?
Required # of Days for Flood Determination
09/08/2013
Is there a required number of days a flood determination must be run prior to closing if the RE is determined to not be in a flood zone? I was told 3, and that really meant the 4th day following the determination. Is this correct?
Changing Loan Before 4th Day/Disbursed
09/02/2013
We conducted a refinance real estate closing for our client, lender. Borrower came to closing and signed all paperwork (including mortgage and note) and left. As usual, the loan will not disburse/fund until the 4th day. Borrower went home and that night committed suicide. Lender wants the loan to be cancelled and not disburse, given that the circumstances have changed. We are having difficulty finding a code or law stating that the loan is not a done deal until it is funded/disbursed.