What is the Rate Spread Calculator?
In regards to the check box options on an adverse action notice, as a commercial lender, I would like to add “Length of time in business is too short” as we do deny credit to many newly established companies (per our credit policy), so my question is this: Can I create my own reason(s) or are there a specific set of reasons that I need to adhere to? Where does ‘length of time in business too short’ (or verbiage to that effect) fit on an adverse action notice?
We have a loan that is HMDA reportable and the borrower is an LLC. On the final application, the demographic information was completed, which it should not have been. Each page of the application references Page 1 of 6, Page 2 of 6, etc. Can we remove the demographic information pages so the last page of the application would read Page 3 of 6? Or, should the completed demographic pages be replaced with blank demographic pages so it still looks like the full application?
What data is included in the UBPR?
If you do a preapproval/prequalification where you have five pieces of information (not the property location) and the customer is approved for an amount but the customer never comes back to the bank. What is the proper procedure in this situation?