Latest Lending - FCRA Topics

When/Who is the SCRA Notice sent?

01/12/2020

When and to whom must HUDs SCRA mortgage notice be sent out? We prefer to wait for the 45 day notice we already send.

Monthly Report on New Loans Documentation

12/08/2019

During a review of new loans for the previous month, I found that a joint credit report (husband/wife) was pulled for a new loan that was made to just 1 of them (the wife). The previous loan was a joint loan and a joint credit report was used then How do I need to document this finding in my monthly reports? Along with some additional training for the loan officer, what other things should I be aware of and keep in mind?

Land Trust Department & Retail Banking Documents

12/08/2019

Are there any regulations concerning a Land Trust Department having access to retail banking documents in an institution?

Reporting Commercial Loans to Credit Bureau

11/24/2019

Can we report adverse credit to the credit bureau on a commercial loan and the guarantor if we don't normally report our commercial loans to the credit bureau?

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?

Elements of a TRID application

08/25/2019

Can a lender purposely not get one of the six TRID items to avoid getting an application in order to delay the loan estimate delivery date?

"XYZ Data" on Adverse Action Notice

08/25/2019

I have a client (a lender) who orders their credit reports from "XYZ Data" and when a loan is declined, they list Equifax on their Adverse Action Notice (with appropriate address and phone number) and they have now been told that because "XYZ Data" is considered a reseller of credit under the FCRA 603(u) that they should also list XYZ Data (along with its name and telephone number) on the Adverse Action Notice. Is this true?

RESPA - Thing of Value

08/18/2019

RESPA - is it a thing of value if a Realtor puts on their open house flyer a preferred lender's info?

Toughest Regulator

08/11/2019

Which regulator issues the most enforcement actions?

Highest Penalties

07/28/2019

Which violations result in the highest penalties?