Most Popular Lending Content
Start Over if Taking Additional Collateral on Residence?
07/15/2013
I have a question. The bank has taken additional collateral on a Consumer residential loan. The owner of the additional collateral (who is not the borrower) wants to sell and replace with different collateral. The bank wants to do this without doing a new loan. The only thing changing is the additional collateral - nothing pertaining to rate or payment is being changed. Would it be compliant to do a modification making reference to the new collateral? We would have to do a new flood determination for the new collateral being taken and a rescission since the collateral owner is putting up their primary residence. There is no cost to the original borrower but I'm guessing we would need to do a new settlement statement since we would be collecting a new flood determination from the collateral owner. Or would you suggest starting over?
Right of Rescission Apply to HELOC Refi?
07/08/2013
We are refinancing a 1st mortgage loan and 2nd mortgage loan(HELOC) to a new rate & term 1st mortgage loan to stay in our portfolio. Both are held in our portfolio now and no new money is being added, just principal balance with costs being paid by borrower at closing. Is a right of rescission required for this transaction?
Homeownership Counseling Notice 2nd Copy
07/08/2013
Our Bank has implemented a procedure of keeping a second copy of the Homeownership Counseling Notice. The copy is date stamped and retained to prove that one was mailed. Is this necessary?
Denial Reason for Consumer (Out of Business)
07/08/2013
What is an acceptable reason for denial of a consumer loan when the member's employer is going out of business and all other qualifications are met?
Loan HMDA Reportable if Dwelling Is Uninhabitable?
07/08/2013
Is a loan HMDA reportable if the dwelling is uninhabitable?