Most Popular Lending Content
No Loan Amount Obtained – How to Report
10/20/2019
What do we report for Loan Amount if an application is taken, under our financial institution’s definition of HMDA Application which does not include a loan amount, and the applicant withdraws or the lender denies before we have a loan amount?
Reinstated Applications
10/13/2019
Can an application be reinstated once final action has been taken?
Correction Method for ACH Refund Error
10/13/2019
A loan customer gave us permission to originate ACH transactions to pay his loan payments. I originated a payment on the 30th of the month and a payment was posted to his loan. He then paid the loan in full. In error, I originated an ACH to refund the loan payment. Then I received a return of the payment on the 30th from his bank for a closed account. But they did not return my refund origination for account closed. The bank confirmed to me on the phone that the account is closed so I asked why they didn't return the refund for account closed, I was told they could not discuss the transaction. What is the proper 'correction' method and wouldn't the bank have some sort of responsibility to return ALL transactions on a closed account?
Limited English Proficiency
10/13/2019
Do we have to provide translators for loan applicants who do not speak English?
Flood Insurance for 2 Properties
10/13/2019
We have a loan with two properties. One is a flood zone and one not in. The value of the property in a flood zone is $50,000. Can we require flood insurance only on the amount of the property that is in the flood zone or do we have to get flood insurance to cover the entire $250,000.00 loan balance?
