Our Executive VP earns a substantial annual bonus. He doesn’t really do any real estate lending, but he certainly talks with many bank customers (often on the golf course) about how the bank can provide various loan solutions, including home loans. Up to this point, he has kept his NMLS ID # and registration current “to CYA”. I’m concerned his bonus may be non-compliant with Loan Originator Compensation requirements. Should I be worried?
If a home equity loan application is not decisioned within 3 business days and preliminary disclosures are not sent out within those 3 business days, does the application need to be canceled and a new application keyed in? That is our current practice and it's a nightmare for HMDA monitoring submissions.
We have a loan that closed under the NC Down Payment assistance program and need to know how it should be coded for the purchaser type on the HMDA LAR?
Which regulator issues the most enforcement actions?
We have a loan that we are working on that is a purchase of a second home. The borrowers are son and daughter in law and mom. Son and daughter in law live in Michigan, mom lives in Florida. * How do we get the closing papers signed and what should they be dated? * Do we send two closing packages, one to each and then combine them, or send one closing package and have the son and daughter in law forward to mom? * Can they date the documents before the closing?