Most Popular Lending Content
Docs- Draws on Consumer Residential Construction
09/17/2012
What documentation is required for draws on consumer residential construction loans? Is the AIA form signed by the contractor and our borrower acceptable? If both sign the same form am I allowed to disburse directly to the contractor? Am I required to provide any additional documentation about the draw to our borrower?
2nd Mortgage on Primary as Collateral-HMDA?
09/17/2012
Right now our customer rents a shop for his business. He wants to build a shop on his property to be used for his business and our collateral will be a 2nd mortgage on his primary residence. Is this HMDA reportable?
"Applicant Changed Mind"- Reason for Denial?
09/17/2012
In handling the review of a withdrawal file, the branch stated the reason for withdrawal as the "Applicant changed mind" because they didn't want to pay any fees for closing. Should this have been a denial?
Adverse Action for Eliminating Available Credit
09/17/2012
If a customer requests that we eliminate the available credit on their line, do we need to send them an adverse action?
Transfer Tax Fee for Settlement Charges
09/10/2012
We have a refinance in Virginia and before funding we discovered the loan needed a transfer tax fee as part of the settlement charges. Are we liable for curing this fee? Since escrow/attorney did not inform us that a refinance in the state of VA needed to include this fee.