Most Popular Lending Content
MLA - Open-end and ODP Coverage
11/06/2022
The Military Lending Act does not specify if the Act applies to an open-ended Overdraft Protection line that is tied to a checking account or a closed-ended loan secured by the applicants’ deposit accounts such as a savings and/or certificate of deposit. Does the Rule apply to both consumer credit types?
Fair lending concerns
11/06/2022
Aren’t fair lending concerns limited to mortgage loans?
Pulled the wrong credit report, now what?
11/06/2022
Our lender input the wrong customer information and pulled a credit report. How do we handle this application this loan now that we have pulled credit? Can it be "withdrawn - taken in error" and submit a form to have credit bureau pull corrected?
Coding a Cash-out Refi to Buy a Rental
11/06/2022
This is about HMDA reporting for Loan Purposes under 1003.4(a)(3)-6. I think I might am being too literal in my understanding of home purchase. A customer is getting a loan, using their primary residence as a collateral, making this a refinance. The cash out portion will be funding is to purchase another property as investment rental. Our line of business is stating this would then be a home purchase because "Purchase" trumps refi. I do not agree. I feel that because they are using the refi loan as the source of funds it stays as a refi. If they were using the other property as collateral then I would agree. In that case it would be a home purchase because they are buying the collateral with the loan. How should this be coded for HMDA?
Timing for switching loan document imaging systems
11/06/2022
How much time is usually involved with switching loan document imaging systems?
