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.
When calculating monthly escrow payments for insurance, should these payments be for a twelve month period of time plus the cushion, or just through the policy expiration date plus the cushion?
At this time, we are trying to avoid HPMLs by keeping our rates within the tolerance threshold. I am assuming that when it comes time for a rate to adjust, such as in the case of an ARM loan, we need to make sure the rate continues to fall within the HPML limits based on the rates at the time of the adjustment. Is this correct?
I have a borrower who wants to change his loan from a thirty year fixed to a 1/1 ARM. Does this severe modification of the note require the loan to be treated as a refinance, thus requiring new disclosures (as the loan is going from fixed to adjustable)? No new money will be advanced, but what if we extend the term? Any resource on the subject you can point me towards would be appreciated.