Most Popular Lending Content
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>
How to Determine Occupancy Status?
05/06/2013
If we have multiple borrowers and applicants on a home purchase transaction and not all of them live in the home, how do you determine the occupancy status? Our practice was to make the occupancy status based on the first applicant on the application. The loan is made to father, mother and son. The son will live in the house but he is the 3rd borrower, so it was noted as Non-owner occupied and the son's data is not included for the government monitoring codes since we reported Applicant #1 and #2 in the data fields.
Proper Loan Doc on Existing Land/Trusts
05/06/2013
We are looking for training and/or reference material on proper loan documentation on existing land trusts.
Report on HMDA for Re-Repurchase of A Loan?
04/29/2013
Do you need to report on HMDA a re-purchase of a loan from FHLMC?
Newest Rules for Forced Place Property Insurance
04/29/2013
What are the newest rules for banks for Forced Place property insurance (not flood)?