Category: Compliance

What Was Added – What Was Changed

In each Rules Issue, we post, “What was Added and What Was Changed!”  This helps our subscribers stay up to date on all of the additions to the site as well as changes to our charts, checklist, and MTPs that are changed each month, due to guideline updates. What Was Added This Month! Charts & […]

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Adding a Co-Borrower After the Initial CD

Question: Is there any issue with adding a co-borrower to a mortgage loan after the initial CD is issued? I don’t believe there are but cannot find anything definitive. I would have our team send a copy of the CD to the new borrower but I’m not even sure that is needed (purchase transaction) Answer: […]

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Use of Lender Credits

Question: I have a $700k purchase with $36,000 in closing costs & prepaids including points. The seller is providing $36,000 to cover those costs. I want to add a $15,000 lender credit on top of that because they have a $60,000 stucco issue, I am trying to help them with, but I am being told […]

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HPML and Investment Property

Question: I am running into a big issue with HPML on investment property loans where the best terms we have are a rate with substantial points. Our compliance person is saying we cannot do this loan because it becomes an HPML file, and our company would have to take a huge hit to make it […]

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Should an Appraisal “rush fee” be Disclosed on the Appraisal line of the LE?

Question: Our client needs a “rush” appraisal, and we want to disclose this properly on the LE since there is no tolerance on appraisals. Technically, the appraisal is one item and the fee to rush it is another fee.  Should these be combined on the appraisal line or disclosed separately? Answer: It would require a […]

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