Thread Options
#821566 - 09/24/07 04:29 PM Consumer Mortgage - Participation Loan
OnTheEdge Offline
Diamond Poster
Joined: Apr 2002
Posts: 1,677
SmallTown, USA
Just learned that we will be partcipating out a couple of consumer mortgage loans. Orginally I thought we might need to send RESPA's notice of transfer, but after I found we will still be accepting payments here, I decided that was not applicable. Are there any notices that we should send to the consumer? Or since the participation is actually between banks, could it be possible notificaiton is not required?
_________________________
The opinions expressed are mine and do not necessarily reflect those of my employer.

Return to Top
Lending Compliance
#821588 - 09/24/07 04:41 PM Re: Consumer Mortgage - Participation Loan OnTheEdge
Kathleen O. Blanchard Offline

10K Club
Kathleen O. Blanchard
Joined: Dec 2000
Posts: 21,277
If you are just participating a portion of the mortgage to another FI (due to loan size, for instance), there is no effect on the customer and no notice needed.
_________________________
Kathleen O. Blanchard, CRCM "Kaybee"
HMDA/CRA Training/Consulting/Mapping
The HMDA Academy
www.kaybeescomplianceinsights.com

Return to Top
#821766 - 09/24/07 06:43 PM Re: Consumer Mortgage - Participation Loan Kathleen O. Blanchard
OnTheEdge Offline
Diamond Poster
Joined: Apr 2002
Posts: 1,677
SmallTown, USA
Kaybee,
Just the answer I was hoping for.
Thanks a bunch!
_________________________
The opinions expressed are mine and do not necessarily reflect those of my employer.

Return to Top

Moderator:  Andy_Z