Most Popular Lending Content
How do I explain the calculations for GFE, TIL, Itemization of Amount Financed, and Loan Amount?
04/07/2003
I am a loan officer with 16 years lending experience who is new to mortgage lending. I am having trouble following the calculations used for tying together the GFE, the TIL, the Itemization of Amount Financed and the Loan Amount. What explanation can I use for my borrowers which does not rely solely on their trust in me or uses the "blame the confusion on the government" gambit?
Refinancing: When does the interest accrual stop on the original loan?
04/07/2003
Reg Z "Cash Out" refinance of existing residential first mortgage loan issue. A loan is closed on March 3, ROR expires on March 6 and loan is funded on March 7. Interest accrual on new loan begins on March 3. Question: Does the interest clock on the original (refinanced) loan stop on March 3 when the new loan was closed OR does it stop on March 7 when the loan was funded to pay off the old loan?
Reg Z: Bounce Protection v. Regulation Z
04/01/2003
Bounce protection programs - those products put forward to banks as a significant generator of fee income - have come under the regulator's umbrella of concern.
COMPLIANCE CALENDAR
04/01/2003
APRIL
Using a Portion of a Town as your CRA Assessment Area
03/24/2003
We recently opened a new branch and must add the area to our defined lending area (assessment area). We live in a rural area and deal with BNA's. Can we use the BNA #'s to define this new area or must we use a whole town? Presently our CRA policy has towns and the BNA's listed. The new area borders on a very large town with various BNA #'s. We do not really want to include the whole town because we know we can not be competitive since most of the town is over banked. We are hoping to just list the surrounding BNA's.