01/24/2011
We are providing a primary dwelling secured loan to a consumer who owns the home free and clear. Since it is not a refinancing, is the transaction rescindable?
01/24/2011
Is a consumer credit score disclosure required for mobile home loans if we are not taking a security interest in the land on which it is located?
01/17/2011
Are funds held as collateral exempt from an IRS levy, or do these funds need to be included in the bank's response to the IRS levy received?
10/04/2010
In a question that was posed to Patricia Cashman on 7-19-10 concerning HPML and modifications, she stated that escrow will not apply to a true modification. Could she please show me where that can be found in the regulation. I have looked and can't find this. I have this situation and I need more clarification.
07/05/2010
If we refinance a primary residence loan and add new money, but do not exceed the original amount of the deed of trust, is right of rescission required?
06/21/2010
We have a business revolving line of credit secured by an Assignment of a Mortgage and Note. Do we need to check for flood insurance on the property that the mortgage is securing?
04/05/2010
We received a levy, and the customer has a CD that is pledged as security on a loan. Does our perfected security interest trump the levy or do we have to exercise our right of offset (cash the CD and pay the loan) in order to not be required to satisfy the levy with it? Secondly, if a customer we get a levy on has both deposit accounts and loans, do we have to exercise our right of offset or does simply that right trump the levy. Can the bank say there are no funds available to satisfy the levy, even if the right of offset is not actually invoked, assuming the customer owes more in loans than is in the deposit account?
03/22/2010
Are we required to report HMDA information on a loan where we are taking a security interest in a lot which is owned by the borrowers, but not in the mobile home that sits on the property? The mobile home is being purchased on contract from an individual, and is not in the borrower's name. Does RESPA apply to this loan? The purpose of the loan is bill consolidation. We plan on documenting the file showing the purpose, and do not think either of these regulations will apply.
03/22/2010
When is a bridge loan exempt from RESPA? I know the standard answer is "bridge or swing loans where a lender takes a security interest in property that would otherwise be covered are exempt". I'm looking for guidelines. Is there a max term? Does it have to be secured by both the property being purchased and the property they are trying to sell? I have a loan that is for twelve months and is secured only by the property being purchased. Would this be covered or exempt?
03/22/2010
When a consumer loan is secured only by real estate, the title to the mobile home that rests on the property is not taken as collateral. Should early disclosures be provided to the customer or can the loan be treated as if it is vacant land?