What does BISG stand for, and what does BISG mean for Fair Lending Compliance?
What is required on a loan application?
In Fair Lending Risk Assessments should you look at total number of exceptions or total number of loans with exceptions?
Is it permissible to require that loan applications are completed only in English and are available only in English?
Our bank would like to engage in an affinity program with several large companies in our community. The program is intended to offer secondary market purchase money mortgage loans with discounts, such as: waived origination fees and a lender credit of $500 to be used toward third party origination costs. We do not have any partnerships/ownership stake with our third party vendors. Once established, the program incentives will be offered to any employee of the company regardless of salary level, full-time versus part-time, tenure, etc. Of course, all normal credit policy guidelines apply before final approval is determined. We are a small community bank with approximately $650 million in assets.
My questions are:
1. Should we be concerned about any fair lending, ECOA or UDAAP violations as a result of our special program offered only to specified borrowers?
2. How should we document the program to avoid any concerns of disparate treatment?
What should I know before doing a consultant-led risk assessment?
How regularly should we conduct a Fair Lending risk assessment?
Is Regression Analysis right for me?
On our banking website do we need both the equal housing lender logo AND disclosure? I read that we do but can find one banking website that actually does.
We would like to start charging for credit report fees at our financial institution. Are there any fair lending considerations that we should be aware of (especially where pulling joint credit bureau reports is concerned)?