Most Popular Lending Content
Home As Collateral Business Purpose-Reportable?
07/01/2013
I have a business purpose loan to purchase commercial real estate. The client is allowing his home to be taken as collateral along with the commercial real estate. It's a first mortgage on the home. Could this be a HPML? Do any RESPA disclosures apply and is it HMDA reportable?
Training on Documentation on Existing Land Trusts
07/01/2013
We are looking for training and/or reference material on proper loan documentation on existing land trusts. Any suggestions?
Balloon Refi Secured By CD-HMDA Reportable?
07/01/2013
We have a consumer balloon loan that was originally for home improvement and secured by a CD, now we are going to refinance the loan to term out the balloon portion and it will be secured by the same CD. Is this HMDA reportable?
RESPA Information on GFE for Management
07/01/2013
These are general RESPA questions that have recently been proposed by Management and we would appreciate your expertise.<ol><li>Do we have to itemize Hazard Insurance on the GFE for a home equity loan when the Hazard Insurance is already in place? It is my understanding this is a requirement on the GFE because we require the Hazard Insurance to be in place before making the loan therefore it is a cost of the loan.<li>If all the fees are paid by the lender except for the origination fee, do we need to itemize each fee paid by the lender on the GFE? Doing this gives the wrong impression to the customer that they will owe fees that they actually won't have to pay.<li>If your answer is yes to #2, could we show a credit on the GFE for the fees being paid by the lender? Doing so would bring the final fee disclosed to reflect the actual amount being paid by the customer. Another related-question would be what line would the credit be reflected on the GFE? </ol>
Reg Z/RESPA -Equity to Purchase Primary Residence
07/01/2013
I have an applicant that owns a Duplex that is free and clear and they want to use the equity to purchase a new primary residence. The purpose of the loan is personal. I know that HMDA would apply for the new property however I am not sure about RESPA/Reg Z. When I prepare my Early Disclosures the information that would be disclosed would be a combination. The Origination, Flood, Lenders Title would be on the rental but we disclose Owners Title, Tax Stamps and those figures would only apply to the property being purchased.