Recently, I had a conversation with a very concerned gentleman regarding mortgage refinance solicitations from “Googain”. He was quite upset that he had received a number of written requests from …
Category: Knowledge
Divorced and Separated Borrowers
Occasionally Borrowers will either be in the process of or have completed divorce proceedings. In addition, depending on state law, there can be a legal separation between spouses that is …
Deed of Trust
After the mortgage note, the second most important document within a mortgage closing package is the Deed of Trust. While the Note establishes the terms of the loan (the loan …
Mortgage Notes
One document that will be at all mortgage loan closings is the mortgage note. As common as this document is, there are many who don’t really understand what it is …
California Propositions 60 & 90
California has unique requirements regarding computation of value for property tax. A very simple summary is that a property’s value for tax rates are determined by the value of the …
Title Insurance
Customers often become confused over the issue of Title Insurance. They often wonder what it is, why it is required, and what is the difference between a Lender’s Policy and …
Flood Certifications and Flood Zones
A flood certification is required on all mortgage applications. The certification is provided by a third-party vendor for the lender to verify whether the domicile and any structures that are …
Truth-in-Lending (Reg Z) – (Initial Disclosure LE – Part 2 of 3)
In the first post on initial disclosures, there was a discussion of the Lender Estimate (“LE”). In this post, part 2 of 3, this is a discussion of the other …
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Lender Estimates – (Initial Disclosure LE – Part 1 of 3)
As part of the application process, a lender must provide a Lender Estimate (“LE”) and a Truth-in-Lending (“TIL”) statement within 3 days of a loan application. Often there is confusion …
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Annual Percentage Rate
One of the disclosures that borrowers receive that often causes confusion is the Regulation Z – Truth-in-Lending statement (TIL). The primary area is the statement regarding the Annual Percentage Rate …