Tag: Compliance

Mortgage Loan Originator Signature on the Final 1003

Question: Is it a requirement that the MLO sign the final/closing 1003? Answer: Here is what I can share with you regarding signatures: There are no written regulations that require the LO to sign the application, but that does not mean the secondary mortgage market will be okay with that. I have every confidence that […]

A subscription is required to access this content—please view our available subscription options. If you are a current subscriber, please log in.

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: […]

A subscription is required to access this content—please view our available subscription options. If you are a current subscriber, please log in.

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 […]

A subscription is required to access this content—please view our available subscription options. If you are a current subscriber, please log in.

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 […]

A subscription is required to access this content—please view our available subscription options. If you are a current subscriber, please log in.

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 […]

A subscription is required to access this content—please view our available subscription options. If you are a current subscriber, please log in.

Scroll to Top