Do we have to give an appraisal disclosure to a home builder for each dwelling that is being built or can we use a master disclosure to cover all dwellings being built in the housing development?
The CFPB recently posted an update to what the difference is between a preapproval and a prequalification.
Has there been a change in regulation that minimizes Preapprovals?
We have a customer that has horrible credit, but owns acreage and real estate. Her only income is $500 a month. She wants to borrow money using her property as collateral. Her father, 86 years of age, will be on the deed and loan with her. He has income sufficient to support the loan but does not live with her. Can his income be included in the debt to income since he will not be living in the home?
Where can I find the regulation that states if a lender denies a loan application, the loan applicant must wait 30 days before reapplying?
I have a question regarding joint intent, and documentation of such. If you have two unmarried borrowers - separate credit reports - is it required to have separate 1003s (applications)? If not, does joint intent apply according to the application or credit report (assuming they are run on different days). If they are required to have separate 1003s, does joint intent still apply and need to be documented?
What is required on a loan application?
Is a notification required to the consumer after 'conditional approval' has been granted and the consumer does not respond back with the necessary information or documents?
Do the ECOA/Regulation B requirements around incomplete applications (12 CFR 1002.9(c)) apply to business credit applicants?
In a QC HMDA audit 2014 it was found that the action taken was inaccurate after the borrower was sent a withdrawn letter. It should have been declined. (ECOA Violation noted) The loan was not reported on HMDA LAR in 2014 due to the AA letter being prepared in March of 2015. The date of AA letter is what is used for reporting. Can this HMDA loan still be reported in 2015 using the date of the now final action taken of AA letter?
Am I required to provide a Right to Receive a Copy of the Appraisal when making a loan to a company (LLC)?