Most Popular Lending Content
MLA Checks on All New Loans
02/18/2024
I'm new to the compliance world and brand new to this institution. I just received an external audit from a consulting firm that cited multiple MLA findings for obtaining applicant's MLA status for an exempt transaction (vehicle purchases). Our credit reports include the MLA check automatically. Are those legitimate findings? Do we need to turn off the MLA check that's part of the credit report?
When to and Not to Verify MLA Status
02/18/2024
How often does active duty have to be checked to comply with MLA? If we have originally checked the active duty status on an origination and we need to renew the loan, should we check that status again?
Letters of Credit and Call Reports
02/11/2024
We have backing lines attached to our Letters of Credit. Most of our backing lines are secured however, the letters of credit are unsecured. We have been told by our core vendor we must attach a backing line. Questions is, do we report the backing lines that are secured based on the collateral when reporting the call report code or do we report in 4A with the Letter of Credit that is unsecured? We haven't found any definitive answers but we want to make sure we are reporting correctly.
Increasing efficiency and accuracy with barcodes
02/11/2024
How might using barcoded loan documents impact operations?
Maintaining an “arms length” distance from settlement service providers
02/11/2024
Is it okay for us to share subscription services that the bank has access to with our mortgage service providers?