Most Popular Lending Content
First Time HMDA Reporter Has Questions
02/23/2004
Starting in 2004 we are new to collecting HMDA data. I have several questions: 1. When one of our real estate loans matures, we get a new note signed, issue a new loan number and prepare RESPA documents. Would this be considered a renewal or refinance and would it be reportable? 2. Are farm loans secured by a dwelling reportable if we refinance? 3. According to RESPA and monitoring, we are required to collect monitoring information on all reportable HMDA loans except corporations etc. How do we handle this for RESPA when collecting monitoring isn’t necessary at times?
Removing an Applicant, New Application?
02/23/2004
Situation: husband and wife submit a joint loan application. Husband's credit is fine, wife has poor credit. The loan is unacceptable "as is", however, if the wife is removed from the application, the husband qualifies perfectly on his own. Should the original loan application be denied and start a new application from scratch, or does this qualify as a denial/counteroffer?
Decline Reasons and the FCRA Notice
02/16/2004
If I have a customer that applied for a loan and I declined it based on employment history and not the customer's credit, do I have to check the FCRA box if I pulled a credit report? Can the customer still receive a free copy of their credit report if I didn't decline them for derogatory credit?
Credit Scoring and Fair Lending
02/16/2004
Are there potential fair lending issues if we use credit scoring for dealer paper credit decisions and pricing, when all of our other traditional loan products use other criteria?
Release/Return of Loan Documents
02/16/2004
Is there any requirement to return paid notes and canceled mortgages or other such documents to the borrower when the loan is paid off? Our management is trying to save time and postage.