Most Popular Lending Content
Proving Early Disclosures Were Made
01/03/2005
How do we document in our files that we have sent out Early TIL disclosures on a timely basis? We keep a copy of the Early TIL in the file, but it is not signed by the customer in some cases (if the lender mails them rather than giving them to the customer at the time of a face-to-face application). I am told by our lenders that borrowers don't always return a signed copy of the Early TIL, so that can't always be relied upon for proof. Any suggestions?
Paying Mortgage Referral Fees
01/03/2005
If a broker-dealer provides customer leads to a mortgage banker and the mortgage banker originates, processes and funds loans from some of the leads, can the mortgage banker pay a marketing or lead-generation fee to the broker-dealer?
GFE Requirements
01/01/2005
Question: We originate investor mortgages on 1-4 unit owner occupied properties. One of our investors is asking for a Good Faith Estimate within 3 days of the Credit Report.
Information Security: FTC Action
01/01/2005
Banks and thrifts are not alone when it comes to requirements to maintain security for customer information.
COMPLIANCE CALENDAR
01/01/2005
FEBRUARY
Get the HMDA data in by the end of the month - or sooner. Be sure to do a quality and edit check before sending in your data.