Most Popular Lending Content
TRID Required Wait Times Confusion
02/26/2023
I have an auditor questioning the timing of the revised Loan Estimate and loan consummation. I informed auditor that the borrower was sent revised Loan Estimate four business days prior to consummation and that is in line with the regulation; and the 7 business days requirement references the initial Loan Estimate (not revisions) --- Am I understanding the regs correctly or not?
Retention of Credit Line Statements
02/19/2023
We finance furniture and household goods purchases and establish credit lines for customers. We have retained statements since inception in the late 1970's, These statements are for revolving, installment and net 30 commercial accounts. How long are we legally obligated to retain this documentation in our system? I thought it was 7 years, but in reading through Reg Z - Record Retention, it sounds like it may be 2 years after closure and a zero balance is reached. Is there a difference for charge off / bankruptcy accounts?
Used car values dropped, is it the NADA?
02/19/2023
Our bank has noticed recently that the NADA website that we typically used for car and truck values has changed their formulas and the values are coming in are 20% to 30% different than the old values, depending on the make and model of the vehicle. I know that JD Power had recently purchased NADA, which may account for the difference. I am wondering what other lenders use for collateral values on vehicles now.
Negative customer experience caused by inefficient document tracking
02/19/2023
How can inefficient document tracking negatively impact the customer experience?
Examples of upfront exception tracking for commercial loans
02/12/2023
What are some examples of upfront exception tracking tasks for commercial loans?