When there is conditional approval to an applicant for a HELOC based on stated income, but the applicant hasn't provided any of the requested documents to substantiate the income, is this a denial because we are unable to verify income or approved not accept by the borrower?
There is a festival in town and our bank will have a booth. Is there any reason why we cannot put out credit card applications for anyone to
pick up when they stop by the booth? It will not be tied to anything, They don't have to open an account.
What is a loan application?
How does HMDA define a "complete" and "incomplete" loan application?
We are currently using a 1003 for our HELOC applications. Our consumer lending team wants to discontinue the 1003 altogether for HELOCs. The loan officer would obtain much of the same information verbally and input the information directly into our loan origination system. The loan officer would verbally ask for GMI and obtain joint intent (when applicable.) Disclosure scripts would be provided for the loan officer, who would click a radio button indicating that the script had been read.
My research indicates that this method is permissible for both GMI and joint intent requirements. That said, is there any other reason why we would need a HELOC application form? Our consumer team is telling us that we're the only bank that uses a 1003 for HELOCs, and they're questioning the reason we need to continue the practice.
If the customer doesn't provide an estimated value of property on the application, can the lender use a tax card? Must the estimated value of the property be written on the application?
Is there a requirement to ask for "Citizenship" on an application? A 3rd party vendor is telling the bank that it is a requirement now on the application.
Currently my bank allows a customer 25 days to respond to a counteroffer on a mortgage application. Are we required to offer a longer period?
It is my understanding that when a loan is HMDA reportable, the information contained on the HMDA addendum must be gathered "at the time of application." Does this requirement also apply to the property type, occupancy type, collateral address or improved address? Or, can that information be obtained after the app is submitted?
When I have three co-borrowers made up of two LLCs and one person, how do I enter that on the LAR?