Most Popular Lending Content
Paying Closing Out of Pocket-Disclose on TIL?
12/03/2012
When making a 1-4 family residential loan, if the customer is paying the closing costs out of pocket, is it necessary to disclose this on the the TIL and show the APR percentage as a higher figure than the note rate due to the prepaid finance charges?
Final TIL Required if Not Doing A New Note?
12/03/2012
We have a borrower who has passed away. The deed is in the name of the husband and wife, however the husband is only listed as a borrower on the note. At this point the wife would like to assume the note, as she has been making the mortgage payments herself. We are doing a Modification and Assumption Agreement so a new note is not being prepared. Would a final TIL disclosure be required in this situation?
Matching Census Tract # for Flood Determination
11/26/2012
While inputting HMDA data, I noticed the census tract number on the flood determination did not match the census tract number found on the FFIEC Geocoding website. Do these need to match and do I need a corrected flood determination?
All New Docs if Reduce Rate on HELOC?
11/26/2012
If we want to reduce the rate on a HELOC, do we have to draw all new documents or can we draw and have executed just a change in terms agreement.
Guidelines on Assumed Mortgage Loan
11/26/2012
I need some guidance on handling an assumed mortgage loan. Our bank has never allowed an assumption before, but, have now approved one and want it to close Friday. Don't we have to do new RESPA & TIL disclosures on the remaining balance? Is timing the same as a new loan?