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Interest collection at dispursement on refi

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suziefcu

Junior Member
What is the name of your state?What is the name of your state? Indiana

I need help. I am a loan officer at a financial institution where we make home equity loans. I need to know if there is a specific section of RESPA regulation Z that indicates at what point insterest should begin, whether it be at settlement date or dispursement date. Any information on where I can find specific documentation on this would be greatly appreciated.
 


JETX

Senior Member
suziefcu said:
I need help. I am a loan officer at a financial institution where we make home equity loans. I need to know if there is a specific section of RESPA regulation Z that indicates at what point insterest should begin, whether it be at settlement date or dispursement date. Any information on where I can find specific documentation on this would be greatly appreciated.
Where is YOUR 'financial institution' attorney??
 

suziefcu

Junior Member
Unfortunately, the atty is employed by the same people that insist I close these loans incorrectly, collecting interest back to the settlement date and not dispursement date. Thought I would make sure I was correct before I called a compliance officer with the NCUA. Does anyone know where I can get a copy of the regulation that specifies this. Its not like I can ask my boss for it. They are the ones I will be turning in for violations.
 

pojo2

Senior Member
Ask your boss; cause it don’t matter what the law says, the law won’t fire you but your boss will.

Second… Read “State of California vs. Wells Fargo” There are State and Federal considerations here.
 

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