Loan Product FAQs

The discussion below represents our understanding of the statutes and regulations and is not intended as legal advice.

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    Do I have to order an appraisal on my Higher-Priced Mortgage Loan?
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    Do I have to have an Impound Account with my loan?
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    Does Rose Financial accept “Asset Depletion” as full income documentation?
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    Will Rose Financial accept Stocks and Bonds under their Asset Depletion program?
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    Does Rose Financial make loans to Foreign Nationals?
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    Can my borrower use a Matricula Consular Card as their sole Identification for the loan?
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    Does Rose Financial finance “Flip” properties?
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    What Are the Exceptions to the Higher-Priced Mortgage Regulations?
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    What is a SIMPLE INTEREST loan?
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    How is interest computed on my loan?
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    How will my monthly loan payment be applied?
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    Will Rose Financial accept 12-month bank statements as full income documentation when originating a Higher-Priced Mortgage Loan?
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    Does Rose Financial Make “Stated Income” Loans?
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    What is the definition of a “completed loan application”?
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    Is the Mortgage Loan Disclosure Statement still required under TRID?
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    Do I have to wait the 7-day “cooling off” period before moving forward with my consumer-purpose loan collateralized with a 1-4 unit primary residence?
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    What is the difference between a Consumer-Purpose Loan and a Business-Purpose Loan?
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    Are there any loan Consumer-Purpose transactions that do not fall under TRID?
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    How long of a time period must transpire before a lender must take action on a loan submission?
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    How long of a time period must transpire before a lender must take action on a loan submission?
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    Can a Borrower Waive the statutory waiting periods under Reg Z and/or TRID?
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    Can a non-person borrow as a consumer loan (LLC, Corporations, Partnerships)
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    Does a consumer have a 3-day Right to Cancel a loan if the loan is defined under § 1026.3(a) as a Business-Purpose Loan?
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    Does Rose Financial Make Foreclosure Bailout Loans?
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    If a Changed Circumstance Occurs Prior to the Closing Disclosure Going to the Borrower, does a New Loan Estimate Trigger Another 3-Day Period Before the Closing Disclosure Can Be Sent?
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    What is the difference between a Vacation Home and a Rental Property?
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    How do you treat an owner-occupied rental property with respect to TRID regulations?
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    What is a Bridge Loan?