How can a lender mitigate fair lending risk if a credit applicant is on maternity leave at the time of the application?
I have a question regarding joint intent, and documentation of such. If you have two unmarried borrowers - separate credit reports - is it required to have separate 1003s (applications)? If not, does joint intent apply according to the application or credit report (assuming they are run on different days). If they are required to have separate 1003s, does joint intent still apply and need to be documented?
Is a notification required to the consumer after 'conditional approval' has been granted and the consumer does not respond back with the necessary information or documents?
Is joint intent required at application or at a completed application status? The question arose, because if joint intent is not
established at application, can any change prior to a completed application status be considered contemporaneous?
Our loan software provider has recently deleted the Government Monitoring Form from the list of required documents on loans subject to HMDA. Is this completed form no longer required on HMDA loans?.
If a borrower was denied credit for insufficient income (non credit score related),
does the credit /score disclosure need to be included with the denial letter?
Many of our applications are done online. If a consumer fills out an application online, but does not hit the submit button, yet we can see the 6 pieces, are we required to disclose the loan estimate if they did not submit the application?
If you have to request an Amended Application and the transaction was a telephone interview on 8/27 and the borrowers signed the disclosures on 9/1 but were not received until 9/5 what is the correct application date you would note on the request to amend?
If a customer has a pre-computed (split rate) loan at the present time and comes back for another loan, are we allowed to have two of those type of loans to the customer?
What documentation is required to consider a mortgage application complete? I know we have 30 days from date of application to make a credit decision but trying to determine the start date. When you receive all the signed disclosures, notice of intent, income documents?