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.
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?
How are the CFPB and FTC protecting military consumers from first-party debt collection?
Every year we do a bake sale to raise funds for Breast Cancer Awareness/Local Hospital Foundation. Is this acceptable?
We ran a contest and no prize was over $300. We didn’t need to collect non-public private information from the winners since the prizes were small, did we?
Is following the standard Regs, B, Z, DD and fair housing going to ensure advertising compliance?
Can a relationship manager be personally liable for flood damage?
Now that banks can participate in lotteries, can we facilitate raffles unrelated to the bank for local service groups- post lobby posters or sell tickets for or be a sponsor, etc.?
We are signing a merchant services contract with a third party. They have a service where the bank can share transactional data of customer accounts to determine if the commercial account it utilizing another card processor. I was under the impression that we did not have to disclose to our customers if we were only sharing commercial account info. Am I correct on this?