Vendor Guru Q&A - Lending

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Latest Lending - Disclosures Topics

Initial Disclosures Before Underwriting?

10/13/2019

Are initial disclosures required to have the borrower(s) signatures prior to going to underwriting for initial review? I understand that the loan estimate and 1003 need signatures but what about the other initial disclosure documents i.e.: toolkit, counseling forms, servicing disclosure, AfBA, FACTA, Privacy, Patriot etc..

Modifying Real Estate ARM Loan-Disclosures

02/03/2019

On a consumer real estate ARM loan, the loan just adjusted. The officer is requesting to modify the loan and change the index, margin, and adjustment period. The request is primarily due to competitive reasons. Can we change the index, margin, and adjustment period without having to do disclosures?

Disclosures for HELOC-Upon Maturity Renewal

01/06/2019

HELOC's primary residence upon maturity and the applicant wants to renew the loan for another term. No new funds same type. What disclosures are required?

HELOC Early Disclosure- Acknowledgment of Receipt

09/16/2018

For HELOC early disclosures (ex. appraisal notice, consumer credit score disclosure, acknowledgment of receipt of counselor list, home equity application disclosure,) is the borrower required to sign these forms to acknowledge receipt, or can we have copies and a letter listing them out as proof in the file that they were delivered?

Update Home Equity Disclosure w/Change Rate Index?

07/29/2018

Do Home Equity Disclosures have to be updated with the change in the index rate or do you just do one annually?

Documentation: Increase Overdraft Line of Credit

06/03/2018

If we increase an overdraft line of credit (unsecured) limit, what documentation do we need? Does the customer need to sign anything? Do we have to do a whole new loan or just document it in the file?

Vehicles to Pay Off CC-RE Disclosures

04/22/2018

I have a borrower who wants to pay off credit card debt with a consumer loan from our institution. The collateral in this case would be two vehicles and I would like to reference an existing mortgage that is on a rental property (owned by my borrower's father.) The borrower is not the owner of the RE 1-4 family rental property. What RE disclosures do you see need to apply?

HOEPA Consuling Fee-Added as Free Charge?

10/29/2017

When the bank is refinancing a loan and the loan is subject to HOEPA, the customer has to go to consuling. After the LE is given, the customer comes back and says he cannot afford the $100.00 consuling fee. Can that fee be added as a fee charge or should it be added to the amount requested? If added to the amount requested, does this trigger a right of rescission?

Foreign National Borrowers-Docs if Stop Disclosing

01/29/2017

We deal mostly with foreign national borrowers. We understand RESPA and TILA do not apply, however we disclose to these borrowers. In the event we stop disclosing, what documents do we still need to provide the borrowers with --application, ARM disclosure, LE and CD? Please clarify.

State-Specific Disclosures: Residence State?

11/20/2016

Are state-specific disclosures (such as home equity or ARM, etc.) specific to the borrower's residence state or the state of the originating bank is? If a borrower crosses a state line to use a branch nearer their home or a borrower is buying a vacation home in another state and goes to a bank in that state, which state applies to the disclosures?

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COMPLIANCE Q&A: Loan modification, credit scores, and disclosures

Question: We are a small and rural servicer and as such, have home loans that are balloon loans.

COMPLIANCE Q&A: Attorney client privilege & correct closing disclosure

Question: The Bank is doing a consumer construction loan and the closing attorney (selected by the borrower) refuses to disclose certain closing fees.

Signature for Online Loan Application

11/17/2019

We have an online loan application that our members complete. It does not have a signature on it. We use that to pull credit, make the loan and the members come in and sign loan documents. My question is do I need them to complete a loan application in person with a signature or is the on-line application sufficient?

What counts for HMDA reporting thresholds

11/17/2019

Are all transactions that are HMDA reportable counted toward the thresholds?

Right of Rescission Rule Interpretation

11/17/2019

I need some help with the right of rescission rule interpretation. On a refi loan, if the borrowers receive all TRID disclosures on a Saturday but our offices are closed that day so their signatures would have to be made on Monday. My question is, when should the 3 day rescission period begin? On Monday- Wednesday ( based on disclosures received on Saturday) or Tuesday-Thursday ( based on the effective signing date of Monday)? Reg Z states: 1026. 15(a)(3) i. The period within which the consumer may exercise the right to rescind runs for 3 business days from the last of 3 events: A. The occurrence that gives rise to the right of rescission. B. Delivery of all material disclosures that are relevant to the plan. C. Delivery to the consumer of the required rescission notice.

Reason for Suspicious Activity on SAR

11/10/2019

We have a customer who asks for random people's help by having them issue checks to him and he provides them cash (more than the amount on check) in return. For us, it's suspicious but don't know what is the best reason to put in the SAR?

Open-end or closed-end?

11/10/2019

How are lines of credit that do not revolve treated; are they open-end or closed-end?

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