Most Popular Lending Content
USDA Rural Development Annual Guarantee Fee
02/04/2013
Should a USDA Rural Development Annual Guarantee Fee be included in the prepaid finance charge calculation when it is included in escrow, similar to property taxes and insurance? This is not to be confused with the upfront guarantee fee, which must be included in prepaid finance charges.
Final TIL w/New Index Not In Tolerance of Initial
01/28/2013
A borrower receives a GFE and TIL within 3 days - it's a 5 year ARM with a floor of 3. Initial TIL based on index at time. Final TIL is updated with new index and is not within tolerance of initial. Do we need to redisclose and wait 3 days before closing?
Flood Insurance Required on Recovery Account?
01/28/2013
We have a loan that has been charged off. The loan is secured by a property located in a flood zone. The bank is still accepting recovery payments from the borrower and has not released the interest in the collateral. The bank does not have any intention of foreclosing on the property, but does not want to release the interest. Is flood insurance required for the recovery account?
Send Credit Score Disclosures on Denial Letters?
01/28/2013
Do we have to send the credit score disclosure on denial letters for residential real estate applicants?
Valid/Stale Period for Real Estate/Consumer App
01/28/2013
Concerning a loan application for real estate and consumer loans, for what period is the loan application valid and when is it considered stale and must be redone?