Most Popular Lending Content
OFAC Check For A Guarantor?
05/06/2013
Do I need to do an OFAC check for a guarantor?
Charge Appraisal Fee on Consumer Auto Loan?
05/06/2013
On a consumer auto loan; can an appraisal fee be charged?
UCC-1 Financing Statement on Accts Receivable
05/06/2013
I need to file a UCC-1 financing statement on Accounts Receivable of doctors in Maryland. Do you have any wording that can help with the perfection of the lien?
Disclose Fees as POC to get Correct APR? HELOC
05/06/2013
We have a Home Equity Loan product in which the bank pays the fees. Must we disclose those fees as finance charges (POC) to get the correct APR (as opposed to excluding them from the TIL which is an option in our system)?
RESPA Management Questions on GFE
05/06/2013
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 more in fees.<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 GFE line would the credit be reflected on?</ol>