Can we charge a loan origination fee ($25.00) on a small (under $1000.00) consumer loan?
If the borrower does not own or occupy the property, is the property considered to be owner-occupied or non-owner-occupied? The son owns the property, and has pledged it as collateral for his parents.
On an installment real estate secured loan, the first payment date can't be more than forty-five days afer the loan closing. However, if the loan is a home equity line of credit, where a draw has not been taken at consumation of the loan, and is not taken within the first forty-five days of the loan, how do we handle the forty-five days rule? Does the regulation require that the borrower sign or be given a disclosure showing that the first payment due date can't exceed forty-five days or be less than thirty days? There are different thought processes at work here and I'm looking for a consensus.
We have a matured loan that we are refinancing. Is it ok to use the same loan number or will the new loan need a new identifier?
I have a home improvement loan which is secured by real property and is being used for college tuition. Is this HMDA reportable? The funds are not being used for repair or home improvement at all.