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 does an electronic pipeline management system do?
How do we resolve a conventional 30 year residential loan, originally floating at application, that was closed without being officially "locked," at the rate originally stated on the LE, which did state that the rate was floating? Will the resolution differ if the now current market rate has dropped lower than the original stated rate versus an increase in the rate?
Does anyone have any suggestions for putting together a policy on how to handle customers using cell phones to take photos or record interactions within a branch?
Can a check that is payable to an individual be accepted for a loan payment?
This pertains to a loan modification on s consumer lot purchase loan. No new money is lent. We are modifying the maturity date and terms.
(1) Can the interest rate be modified?
(2) Does TRID apply?
What are the downsides of tracking policy exceptions in a spreadsheet?
We are going to open a loan production office and need guidance on what types of signs need to be in the lobby. I'm thinking only the Equal Housing Lender Poster, but not sure. We are not taking deposits, and we are not a HMDA reporter.
What are the biggest issues with manual loan ticklers?
On a secondary market loan where our loan servicer charges a tax service fee, should that be included in the origination charges section or services you cannot shop for?