Do mortgage loan guarantors get loan disclosures?
09/29/2024
Should the guarantor of a mortgage loan receive a loan estimate?
Dan is Vice President and Compliance Officer for The Peoples State Bank with its main office located in Ellettsville, IN and supporting nine branches in surrounding communities. The bank is a privately owned bank that began its existence in 1904.
Dan entered the financial services arena in 1974 when he went to work for Commercial Credit Corporation. He worked eighteen years with Bank One and three years with the Indiana University Employees Federal Credit Union. In addition to serving as a Compliance Officer, he has served as a Collection Officer, Consumer Loan Officer, Commercial Loan Officer and Loan Operations Officer. His primary duties falls within lending compliance, training and consumer loan reviews.
He attended Three Rivers Junior College in Poplar Bluff, MO and Arkansas State University in Jonesboro, AR. He is also a graduate of the ABA Bank Card School, ABA Commercial Lending School and ABA National Truth-in-Lending Compliance School.
09/29/2024
Should the guarantor of a mortgage loan receive a loan estimate?
09/29/2024
When you are doing a modification to change a payment date on a loan do you need to give the Fed Box or other Reg Z disclosures?
09/15/2024
Can I advertise "FREE APPRAISAL" on a mortgage postcard, but indicate in small print (client must pay the appraisal upfront, reimbursement will apply once the loan has closed), to that statement OR "FREE CREDIT REPORT," one or the other?
07/21/2024
In reviewing our Consumer Loan Application, I noticed there is no formal Reg B section in which the Borrower(s) indicate whether they are applying for individual credit or joint credit. In my prior employment, the applications always included a formal Reg B section. Is this formal section required?
06/23/2024
We are advertising an open-end product via direct mail. The advertisement has triggering terms of 0% APR and $0 annual fee. We are trying to determine if each triggering term needs to have an asterisk directing the consumer to the terms and conditions to meet the rule requirements or if we can just provide a single link in the direct mail piece to the terms and conditions webpage that covers all the triggering terms.
06/09/2024
Under the The Servicemembers Civil Relief Act (SCRA), (50 U.S.C. § 4026), it states that under "Availability of non-business assets to satisfy obligations" that If the trade or business (without regard to the form in which such trade or business is carried out) of a servicemember has an obligation or liability for which the servicemember is personally liable, the assets of the servicemember not held in connection with the trade or business may not be available for satisfaction of the obligation or liability during the servicemember’s military service. Do the "assets of the servicemember not held in connection with the trade or business" include a personal guarantee of the servicemember?
04/21/2024
Is a mobile home community HMDA reportable if there is only pads and electricity and no homes on the collateral?
04/21/2024
If I am registered mortgage lender under a Montana NMLS number, working for a community bank registered under a Montana NMLS number, can we originate and service the loan if the real estate collateral is in another state?
03/31/2024
Is there a specific recordkeeping requirement for a lender/credit union to keep mortgage and home equity rate sheets? If there is not a reg, is there a best practice?
03/24/2024
A broker sends a potential borrower to the bank. He wants to pre-qualify for a loan that will be a finished house in a builder's subdivision which is represented by the broker. The dwelling will not be finished for 6 - 12 months. The bank received the application from the broker and pre-qualifies (no pre-approval program) for a later date. There would not be any early disclosures at the type of the pre-qual, correct?