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#1778556 - 01/22/13 06:22 PM
Checked ALL boxes???
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Quick search didn't help. Wise guy borrower checked do not wish to provide AND not Hispanic and ALL of the race boxes. Normally I'd just report it all but LO wrote on application not/white/male based on face to face so I'm asking for confirmation that I report everything the borrower marked, right? Life was not meant to be easy.
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#1778625 - 01/22/13 08:02 PM
Re: Checked ALL boxes???
Truffle Royale
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Don't know if this is right, but this is what I would do.
The lender should call the applicant and ask what the applicant intended by checking that he didn't want to provide the information and then providing it. Evidently, the applicant did not read the HMDA disclosure or the lender did not instruct him to read it.
You (or the lender) might re-explain that federal law requires that the bank must report this info, explain about a face-to-face interview and then just ask him....does he want the bank to guess the info or does he want to select what the bank will report.
Last edited by swiggles; 01/22/13 08:02 PM.
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#1778645 - 01/22/13 08:27 PM
Re: Checked ALL boxes???
Truffle Royale
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The Swamp
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We've had a few borrowers do that as well..either being smartelecky or just marking everything without paying attention to what was being marked. We entered everything they put except they couldn't be both male and female...that's the real quandry on those uber smartelecky ones! I will say I don't think I've seen a LO try to explain what they are after that tho! LOL!
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#1778652 - 01/22/13 08:32 PM
Re: Checked ALL boxes???
Truffle Royale
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I would just be nervous about the contradicting answers. Yes, supposedly it could be viewed that he overrode his "do not wish to furnish" answer by then checking boxes. But the fact that he checked all the boxes, to me makes the info worthless. And the application will automatically fall into the minority bucket. So how will an examiner view it? Plus, it would appear that perhaps the bank did not fulfill its role in helping the applicant to understand the disclosure and the reason for the information. I would still be contacting the applicant, verifying and documenting what the applicant wants.
Perhaps educate the loan officer to inspect the application in a face-to-face interview before letting the applicant walk away?
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#1778672 - 01/22/13 09:00 PM
Re: Checked ALL boxes???
Truffle Royale
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I wouldn't have a problem reporting all the boxes if the applicant had not also indicated that he didn't want to disclose the info.
But as Kathleen pointed out...if he checked "I don't want to furnish" and then goes ahead and furnishes, well I guess the "do not" box becomes moot.
So yeah....guess I agree with that.
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#1778799 - 01/23/13 01:07 PM
Re: Checked ALL boxes???
Truffle Royale
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TN
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That's what I would do - and maybe put a memo in file to explain the thought process.
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#1778855 - 01/23/13 02:36 PM
Re: Checked ALL boxes???
Skittles
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and maybe put a memo in file to explain the thought process. Yes.....'cause THIS loan will be in the examiners' sample. It seems to always work that way.
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#1778951 - 01/23/13 03:50 PM
Re: Checked ALL boxes???
swiggles
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....'cause THIS loan will be in the examiners' sample. It seems to always work that way. Do you know WHY it always seems to work this way? Because the first thing that happens to your LAR when it hits your examiner's inbox is that it gets loaded into Excel and pivoted! Pivoting breaks out the information into little boxes. So any loan like this one will end up in its own little box with a big Ol' bullseye painted on it for the examiner to zero in on. That's why I'm grateful my examiner taught me how to do pivot tables. Most times, I have a good idea what's going to be under scrutiny before I even submit my LAR so I can prepare for it better.
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#1778988 - 01/23/13 04:42 PM
Re: Checked ALL boxes???
Truffle Royale
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....'cause THIS loan will be in the examiners' sample. It seems to always work that way. Do you know WHY it always seems to work this way? Because the first thing that happens to your LAR when it hits your examiner's inbox is that it gets loaded into Excel and pivoted! Pivoting breaks out the information into little boxes. So any loan like this one will end up in its own little box with a big Ol' bullseye painted on it for the examiner to zero in on. That's why I'm grateful my examiner taught me how to do pivot tables. Most times, I have a good idea what's going to be under scrutiny before I even submit my LAR so I can prepare for it better. All the more reason to contact the borrower and verify the borrower's intent......possibly turning this into a non-hispanic white application. There is no sense putting stupid red flags into the LAR that can be dealt with beforehand. If the borrower is THAT big of a Smartbutt, perhaps he should be asked to come back in remove and initial the "I do not want to provide" box. That will teach him.!!!!
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#1779017 - 01/23/13 05:12 PM
Re: Checked ALL boxes???
Truffle Royale
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I guess my main beef is that if the borrower enters conflicting information....."I don't want to provide" and then provides, the bank has the right to clarify....not instruct, not influence....just clarify.
Though if the ap is that old, I agree...especially if it was withdrawn or declined or approved but not accepted, would not contact the applicant.
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#1779235 - 01/23/13 09:37 PM
Re: Checked ALL boxes???
Truffle Royale
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Gosh, Kathleen. Lenders don't have time to mess with all that "compliance stuff!"
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