09/22/2024
An auditor just told us we have an APR violation on a TRID loan, and we need to make restitution to the borrower. Don’t we need to send a corrected Closing Disclosure too?
09/15/2024
Does UDAAP apply to just consumers, or all customers?
08/11/2024
A customer just received her initial ARM adjustment rate notice, and is kind of flipping out. She thought she was paying a lot more toward principal, and with the rate now adjusting up, she is even more dismayed to see how much will be going to interest. Do we HAVE to break down the principal and interest amounts on her ARM notice, or may we just say the total projected amount?
08/04/2024
We are doing a change in terms to modify a consumer’s ARM loan. We are reducing the margin to make up for a higher index rate when the rate adjustment hits, and are resetting the adjustment period from 5 years to 3 years. The customer is benefiting from this change (the rate will actually go down just a touch), and they are signing a CIT agreement. Is this OK to do with just a CIT agreement?
07/28/2024
Can a fixed interest rate be increased with only a modification agreement? Or is a new note with new disclosures required since the rate is not being reduced?
07/21/2024
We have a HELOC that has matured, and the customer is having trouble repaying. Can we do a workout agreement on it (reduce the variable rate interest to thereby reduce the payment and give them a breather)?
07/14/2024
I’ve been hearing a new mortgage ad slogan: “Date the Rate, Marry the Home”. What is this all about, and should we adopt it too? It is catchy, and might garner us some new loan apps.
07/07/2024
Are buydowns the same as discount points?
06/16/2024
I’ve been hearing about the new $8 cap on credit card late fees. My bank offers cards issued by an agent bank, but the card shows our bank logo and we hand out brochures for the product. Will our customers be impacted?
06/09/2024
My boss told me today our bank is seriously considering doing an in-house credit card program. HELP! I don’t even know where to begin. What should I expect and where can I learn more?