Most Popular Lending Content
Disclosing discount rates
03/10/2024
If our bank does not offer a rate lock program and all of our loans are fixed rate loans, can a buyer purchase discount points to lower the interest rate? If they can, do they have to sign a form reflecting the discount rate or can we just disclose the discount and fee on the loan estimate?
FCRA Signature Required?
03/10/2024
We are transitioning to a new loan software program and have noticed the Negative Information Disclosure document provided at closing is not providing a signature line for the borrower to sign. Our current loan software has the signature line that isn't removable so we have always assumed it was required. I cannot find any information in the regulation that a signature is required. 1) Is a signature required and 2) If it is not required to obtain signature, is it required that we retain a copy of it with the closing package to show examiners it was provided at closing? It just seems odd from what we have always seen and would like to know if we should request a signature line be added.
Automated exception reporting
03/10/2024
What are the advantages of automated exception reporting?
Must every Loan Originator be registered on the NMLS Registry?
03/10/2024
Must our Loan Originators (LO) be registered on the NMLS Registry?
Multiple steps to resolve exceptions
03/03/2024
Why does resolving an exception usually involve multiple steps?