Where on a Loan Estimate would I put the fee for e-filing a mortgage?
What type of transactions are subject to the TILA ARM disclosure rules?
If our borrower hasn’t requested SCRA protection and is past due on her mortgage, can we start foreclosure as we normally would?
Are there any compliance/early disclosure requirements for a consumer loan that is a line of credit with a 1 year term secured by bare land? The land to be used for collateral does not have a street address nor will it per the county.
On a RE Refinance with cash out if you disclose the LE and then the appraisal comes in lower than expected and the loan amount changes (goes down) but the IR stays the same and the APR is still in Tolerance do you have to re-disclose the LE?
Looking for a cite in the TRID rule that clarifies whether or not the collateral has to be owned in an individual's name verses an entity, if the purpose is consumer. I know it says the collateral can be a commercial building, but I need something showing me that the owner of collateral could be an entity and still subject to TRID.
I am doing a loan for a customer that will be pledging a tractor for collateral. Can I do the loan as a consumer loan or will it need to be a commercial loan? The purpose of the loan is not business related; it is to help with a down payment on building a new home for them.
Are we correct that we do not have to send an adverse action notice in the event we freeze a HELOC for “inactivity, default, or delinquency” of the account? Do we need to send a notice to restrict credit? If so, is there sample language? We have not been able to find an example of this notice.
(c)Change in terms -
(1)Rules affecting home-equity plans -
(i)Written notice required. For home-equity plans subject to the requirements of § 1026.40, whenever any term required to be disclosed under § 1026.6(a) is changed or the required minimum periodic payment is increased, the
creditor shall mail or deliver written notice of the change to each consumer who may be affected. The notice shall be mailed or delivered at least 15 days prior to the effective date of the change. The 15-day timing requirement does not apply if the change has been agreed to by the consumer; the notice shall be given, however, before the effective date of the change.
(ii)Notice not required. For home-equity plans subject to the requirements of § 1026.40, a creditor is not required to provide notice under this section when the change involves a reduction of any component of a finance or other charge or when the change results from an agreement involving a court proceeding.
(iii)Notice to restrict credit. For home-equity plans subject to the requirements of § 1026.40, if the creditor prohibits additional extensions of credit or reduces the credit limit pursuant to § 1026.40(f)(3)(i) or (f)(3)(vi), the creditor shall mail or deliver written notice of the action to each consumer who will be affected. The notice must be provided not later than three business days after the action is taken and shall contain specific reasons for the action. If the creditor requires the consumer to request reinstatement of credit privileges, the notice also shall state that fact.
If a borrower finances their closing costs on a HELOC, we provide an itemized billing statement. Our software then requires that 100% of those financed fees be paid in full with the first billing on top of any other P&I payment required. Are the financed fees required by the regulations to be paid or is this a software billing issue?
How many Qualified Mortgage options exist today?