How can we stress test if we don’t have all of our data in a single database?
If a treasury check is payable to two people and one dies, what does the surviving payee have to do to negotiate the check?
Our compliance officer has indicated taxes and insurance should be listed as a POC on the HUD and Good Faith Estimate. Since property taxes in our area are paid in arrears and verification is obtained that taxes for previous periods have been paid prior to closing, why then list as a POC? If this is the case, why wouldn't we list taxes for all previous years since they are also required to be paid as a condition of the loan?
What is legally required when renewing notes or extending/<wbr>modifying loans tied to a mortgage? We currently use a note renewal form that contains a new Fedbox with new interest rates that the customer signs. We also have a loan modification form that we use if a mortgage is involved if the loan is extended or modified. However, what if all parties liable on the original note or on the mortgage do not sign the new modification agreement? Rarely do all parties come in to renew and/or modify a note. Could you please give me some advice on what to do?
Is it possible to have the same EIN and SSN? I researched irs.gov and could not find anything that addresses this. We have a customer with a SSN and an estate account with the same EIN.
When is it required to charge GRMA? Is it on all residential (1-4) property or just when recording DSD on a principal dwelling?
Is the Truth in Lending Disclosure a mandatory early disclosure in addition to the Special Information booklet, Good Faith Estimate and the Mortgage Servicing Disclosure?
Can we "force pay" past due property taxes on a real estate loan adding the amount to the loan balance?
Is it a requirement to do an OFAC check on the seller of a property if we have the application for a new loan? Also, some say that they are actually doing OFAC screening on the attorneys involved with the transaction. Can you help?
The IRS Publication on Form 1098 is very vague. Should the bank be sending out a 1098 for mortgage interest on rental property that is financed? John Doe financed a rent house and now rents to Frank Doe. Does the bank need to send John Doe the interest paid on a 1098 form at year end?