We mailed the borrower’s Loan Estimate and they emailed us that it was received, and they want to proceed with the loan. Can we act on this emailed notice?
Hasn’t military lending been quiet this year?
Will section 1071 rules be covered in the program?
Are escrows required for commercial loans?
Are we required to use a rate sheet for commercial loans?
Aren’t fair lending concerns limited to mortgage loans?
I thought business purpose loans were exempt from HMDA reporting.
Credit Reporting Loans to Minors
We have a business entity request for commercial credit and a credit report was pulled on the two owners, with the credit request denied based on one owner's credit score.
If the FCRA portion of the Adverse Action Notice is completed is that wrong?
If this is included and the score, key factors etc. are for the credit score used in making the credit decision is sent to both owners, in the name of the business entity, is that wrong?
If I am doing a loan for an LLC where two partners own 40% each and the third owns 20%, do I need any information/documentation on the third owner if he is not going to be a borrower on this loan? Would meeting minutes be required where it is decided the third owner will not be signing the loan?