When sending a letter to close a member's accounts due to multiple fraud incidents, are we required to include verbiage relating to their right to re-consideration?
There are competing thoughts on the appropriate way to treat an application when the Loan Estimate is not provided by the 3rd business day following the applicant's submission of the six pieces of information. Theory 1 - Cancel the existing application and restart the application process. This may be due to some issues with selling the loan on the secondary market. Theory 2 - Show it cas a "self-identified" issue on the file and continue with the file as is. As long as it is not a pattern in practice and is just a one-off from the established controls, there should be no ramifications. Please help in identified whether #1 or #2 (or may be a 3rd option we aren't thinking of) would be the most appropriate.
What are some of the primary responsibilities of the compliance committee?
Is there a time limit on the construction phase of a one-time close construction-perm loan? In the old days, Reg Z limited the construction phase to 12 months but I'm unsure what apples now.
I have a closed-end consumer 1-4 family refinance with new money being loaned. This loan has a right of rescission. Am I to collect interest on the refi loan to the date of the loan or the day it comes out of rescission?