Forum Replies Created
Dance With Fate, Whitney Fuller, Alliance Bank, Group 3
Yes, sorry I didn’t clarify…like on student loans…
I thought HELOCs were not covered under ATR???
yes, I am logged in and it still says the page cannot be found….
Is anyone else having trouble viewing this?? I can’t get it to display the link…
Would a commercial loan subject to reg B, but not reg Z fall under e-sign rules for this disclosure?
Also, what is the best way to document e-sign through e-mail? We are set up on our website for e-sign disclosures when someone signs up for e-statements, but I am not sure how this would be done via e-mail? Would an e-sign document at application that the customer signs in person be acceptable relating to future documents (such as this one) involved in the transaction?
I guess it is the part about making referrals that has me confused. That isn’t mentioned anywhere in the S.A.F.E. act so this part seems to be specific to the new rules. It also mentions advertising, so this would include those in Marketing for the bank?
Is getting them registered under the S.A.F.E. act the safest way if they must meet some kind of standards now? Or would we be better to meet the standards in the new rule?
The loan officer tells me the current house (the one being used as collateral) has sold and will close this month and this loan will most likely be paid off this month, so both loans will happen to be short term even though they weren’t set up that way. I was thinking report only the second one as a purchase because essentially they are using all the funds from the second loan to purchase the other home…then not report the first at all….
Are you still thinking purchase on the first one and refinance on the second?
The first loan was set up as a 3 year balloon
Second loan was set up as a 1 year balloon
They are on monthly principal and interest payments.
I misunderstood, there is no contractor, the home being purchased is already there, not construction.
The anticipated pay out is the sale of their existing home, but the borrowers felt more comfortable to go ahead an make payments on the loan, rather than interest only.