Most Popular Lending Content
Signing a HUD-1/1A
10/18/2004
Do you know if there is a regulation or law that requires the HUD-1 to be signed by the title officer? If not what is the reasoning behind having this signature on the document? We were cited by the examiners for not having this.
Lending efficiencies in a changing rate market - TREEV
10/18/2004
With today's rising interest rates resulting in declining loan volume, how can a bank improve the bottom line while continuing to ensure loan quality?
Seller's Disclosures of OREO
10/18/2004
We sold property that was previously an OREO and financed the sale for the purchaser. Are there any special disclosures that should be provided?
Loan Denials for Third Party Applications
10/18/2004
Do Notices of Adverse Action need to be sent when application is sent to a bank by a dealer/merchant?
RESPA Referral Fees
10/18/2004
Our Internet branch has proposed a new idea, but I am worried about violating RESPA’s "referral fee" and "splitting fee" regulations. They want to recruit tax preparers (during their off season) to "team up" with our loan officers. The tax preparers would call their tax clients and offer to assist them with their mortgage needs (purchase loans, refinance loans, etc). The tax preparer would then take down personal information (i.e. income, assets, debt, etc) and give the information to their loan officer teammate. The loan officer would then do the rest of the work (i.e. final application, processing, etc). Once the loan funds, it is proposed that the tax preparer would receive 20% of the loan officer’s commission. Is this a violation of RESPA?