I work for a financial institution and individuals are referred to us by mortgage companies to get construction loans. Is it acceptable to use a credit report pulled by the mortgage company?
Are service providers, names, addresses and phone numbers to be included in the Home Equity Application Disclosure(Early Home Equity Line of Credit Disclosures). What is required and what is not required under third party fees?
Are adverse action letters or letters acknowledging the withdrawal of a loan request required for commercial loans (including commercial real estate) in all cases? If so, what regulation governs this given that Reg B is a part of the Consumer Credit Protection Act?
I recently read an article in our state compliance magazine that stated we are required to obtain and retain the borrower's signature to acknowledge receipt of the Standard Flood Hazard Determination, regardless of whether the property is located in a flood plain zone or participating community. Is this correct? I thought we were required to make the determination but not obtain borrower signature unless flood insurance was required/available.
What certification do we need to get from our correspondent banks concerning AML/BSA?