We have an elderly man who has contacted us about a loan. When he first came in "to see" if he could get the loan, the lending officer wrote at the top of the application that he would be coming back in 'if he remembered'. In the meantime, his daughter called and said that he was not mentally fit and requested that we not lend him any money. When he came in the next time, his mind seemed pretty clear this time. His payment history is good with us, and he could afford a small payment. Can we refuse the request due to the daughter's request and his mental capacity from the first visit, with violating Fair Lending? I told our lenders to be careful, we are not doctors to determine his mental ability and also would his daughter be willing for us to check on the denial "Information received from another source" if we did refuse him.
If a loan is secured with a mobile home NOT attached to real estate, is a flood determination needed?
On variable rate business and commercial loans are we required to send notification each time the rate changes if the loan documents specify that the rate may change and the index to which it is linked?
In short, we are now under HMDA. Until now, there were instances when getting monitoring info would get us into trouble. Can we now get monitoring info on every "1003" application we take without fear of violations.