Most Popular Lending Content
New Money Funded at Closing for Renewals
01/21/2013
Are renewals of existing loans that the purpose of funds was originally for residence purchase or home improvement HMDA reportable at time of the renewal? The question is two part with new money funded at closing and without new money funded at closing.
Date on Typed App for Secondary Loans
01/21/2013
On secondary loans, it is required to have both a written and a typed application in file. What date do you put on the typed application?
Govt Monitoring Info for Mobile Home Collateral
01/21/2013
If I as a lender choose to use a mobile home for collateral on a loan where the purpose is to go on a vacation, does the loan require government monitoring information?
FDIC Obvious Error Rule-APR Open-End Credit
01/21/2013
Have you heard of the obvious error rule? The FDIC has recently completed a compliance exam and mentioned the obvious error rule in relation to the APR calculation on open-end credit.
How to Divide Flood Insurance for Guest House
01/14/2013
If I have a loan that is secured by a residential dwelling and a guest house. The loan amount will be an estimated $500,000. The appraised value of the structures minus land will be an estimated $400,000 for dwelling 1 and $100,000 for the guest house. In this case do we obtain flood insurance of $250,000 for property 1 and $100,000 for the guest house? Or do we just obtain the $250,000 for the loan and divide that $250,000 between the home and the guest house (ie. 200,000 for the home and 50,000 for the guesthouse)?