We have a corporation/LLC that is the borrower and individuals signing guaranty agreements. Do the guarantors have to sign the statement of intent to apply for joint credit?
I may need some clarification on the term "Lender's Inspection Fee" on the GFE. I have a borrower who bought a house in May and now wants to refinance. He is currently redoing his kitchen. I need to order an appraisal, but I am told the cabinets are not in place yet. I have a feeling that the appraiser may require a final inspection. Since this loan is not a construction loan, would the inspection fee still need to be part of the origination charge?
The amount in Block 4 of the GFE is $60. The actual amount in Line 1101 on the HUD is $125. However, on the comparison of the GFE to the HUD on the last page of the HUD, the amounts listed for GFE Block #4 and HUD-1 Line 1101 do not agree to either document. The borrower chose a closing attorney that is not on the bank's approved list. Does the fact that the closing attorney was not on the approved list have any implications on the incorrect tolerance calculation on the last page of the HUD, or on the fact that the tolerance was violated? Does the fact that the attorney was not on the bank's approved list have any impact on any on the situation at all?
I am making a loan to ABC Corporation with whom I do business. Dan owns 30% and is president; Bill owns 30% and is VP; Tom owns 30% and is secretary; Sally owns 10% and is not an officer. The corporate resolution requires two signatures. Bill and Tom will sign for the corporation, thus complying with the resolution. Am I required to have Sally and Dan sign Reg B forms (joint application acknowledgment)?
Can a bank post a loan payment first to late fees and then to interest and principal?