Are banking lenders required to have blank loan applications (1004) available upon request for mail-in applications, when we only take applications via internet or call center? We currently have them available, but would like to discontinue.
I understand per the Interagency Statement on Retail Sales of NDIP that the referral fee may be a one-time nominal fee paid to the bank employee by either the insurance agency or the bank. If we structure a referral fee so that the first three referrals do not warrant a referral fee and starting with the fourth referral the bank employee receives a fixed amount nominal fee per referral retro-active to the first referral made. Would this be acceptable as a one-time fee?
Is a demand clause needed for an executive officer's loan taken out prior to that employee becoming an executive officer?
I recently saw a response in a BOL Thread that "suggested" that when a bank is required to file a SAR on an employee (or insider) that the bank should also notify its primary banking regulator. I can find no other guidance on this matter and want to know when, or if, this is a requirement to notify our regulator when we file an employee/insider SAR.
We want to pay our bank employees a fee for referring mortgage applicants to our bank's mortgage department. I realize there is an exception for this in RESPA, however, must the fee be paid regardless if the bank actually closes a mortgage? The lender wants to pay only when it's a done deal; others believe it must be paid regardless.
I'm looking for a sample policy for employee loans, or some feedback/resources on what other banks do for employee loans that are past due. I'm also in need of some guidance regarding what actions may be taken and when.
We have recently hired some new loan officers and they have always been told that they cannot order their own appraisals. Is there anything in the regs that prohibits a loan officer from ordering appraisals?
We refer customers to an outside vendor for Merchant Services. The company we deal with has created an incentive program for these referrals. They have submitted one of our employees a check in the amount of $50 for a referral that resulted in a sale. I have read and understand the RESPA implications in regards to referrals in the mortgage lending area, but what about the Deposit side of the bank? Do we allow the employee to accept the check?
A mortgage company has approached our bank wanting to pay a specific employee a referral fee, if we would forward real estate loan applications we have turned down to them. I do not see how this is a legal process given Section 8 of RESPA's prohibition of referral fees. The only way I can see it would be legal, is if forwarding the application to the mortgage company would not be defined as a settlement service. I think it would be.