We have an account holder with a variety of small business loans. He "paid" his business partner, who is not on any of the loans, with a piece of property in which we hold the lien. The business partner has recently asked that we sell him all outstanding notes. Do we face a privacy concern by letting the partner know loan balances, etc. or are we covered by mortgage servicing rules? I believe that we can just send the mortgagee a notice that his servicer will change and accept the note payoff from his partner. My CEO seems to think there might be a privacy concern. I appreciate your thoughts!
Is the NMLS# required on HELOC notes?
HMDA: If a borrower says he does do not want to provide information at the time of initial application, but then they complete the GMI information on the 1003 at closing, what information is reported on HMDA? The updated information or the original information provided by the applicant?
Is the Housing Counseling Notice required for mobile home loans when the loan is only secured by the mobile home itself, not the land it will be situated on?
We recently found a fee that was charged to a borrower and needs to be cured. The closing has already happened and we charged too much. Could you tell me the proper steps on how to cure a loan post consummation and where do we place the cured amount on the cd?