I receive frequent inquiries from bank clients who are concerned because their mortgage borrower has requested permission to transfer the collateral real property to another entity. These requests commonly are made for estate planning purposes (though other reasons are often cited) and may involve transferring the property to other entities such as a trust. The… Continue Reading
Category Archives: Residential Real Estate Lending
Subscribe to Residential Real Estate Lending RSS FeedResidential Lending and the Ability to Repay Rule
Posted in Residential Real Estate LendingOn January 10, 2013 the Consumer Financial Protection Bureau issued a rule imposing new requirements on residential mortgage lenders. The “Ability-to-Repay” rule was created to help implement certain provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act in an effort to enhance the reliability of residential mortgages by ensuring that underwriting standards address… Continue Reading
Documentary Stamp Tax: a Quick Review of the Basics
Posted in Commercial Lending, Commercial Real Estate Lending, Residential Real Estate Lending, State Tax IssuesHappy new year to our blog readers! In 2013, we are all hoping for an improved economy and, with it, an increase in the volume of commercial and consumer loans. Remember that Florida has certain transactional taxes for which lenders are the responsible collecting parties including documentary stamp taxes. In case you are new to… Continue Reading
More Changes in Store for the Hud-1
Posted in Residential Real Estate LendingMany of you will remember the sweeping revision of the venerable HUD-1 form which went into effect in 2010 as well as the hours of retraining that we all went through to understand it. Since its formation, the Consumer Financial Protection Bureau (created by the Dodd-Frank Act) has been implementing forms to be used in… Continue Reading