If we process a loan in an individual's name that is secured by a FLDT on a one to four family dwelling that will be used as rental property (commercial purpose), is the FACT Act Credit Score Disclosure and/or the Notice to the Home Loan Applicant required, since it is not a consumer purpose note, even though it is processed in a consumer's individual name?
The Q&As below are those that were added by HUD January 28, 2010
Is the servicing disclosure required to be given out on second lien Home Improvements loan and 2nd lien Home Equity Loans?
We have Demand Deposit Line of credit revolving loans. We do not have any grace days. The payment comes out once per month and then a statement goes out at the end of the month. Do we need to send out a twenty-one day advance notice prior to the automatic transfer of the payment?
Does a bank have to get a new completed application for a refinance of a home loan with no new money? If they also get additional money to do something, such as home improvement, do they have to get a new application?