Are there regulations or risk issues allowing customers to prepay consumer loans? I know that there is a risk of extecsions for installment loans, but need to know how many months in advance a customer can prepay installments rather than adding excess payment amount to principal?
What is involved with loan administration?
I have a HMDA LAR issue on Commercial - Non originated loans. I have received several edit notices - "Q648: If action is 1,2,3,4,5,7 or 8 then the first 20 characters of the ULI should match the reported LEI" when validating my HMDA LAR. These loans are non-originated HMDA Commercial where the ethnicity is "NA". Is this a known issue or something new?
Is a “mini-perm” reported for HMDA as permanent financing or is it excluded as temporary financing?
Our borrower applied with the occupancy type shown as a second home. Underwriting determined the occupancy type is an investment home. The loan was denied due to insufficient collateral based on the property type as an investment home and not a second home. Should we report on the HMDA LAR as a second home or an investment property?