Most Popular Lending Content
Limited English Proficiency
10/13/2019
Do we have to provide translators for loan applicants who do not speak English?
Flood Insurance for 2 Properties
10/13/2019
We have a loan with two properties. One is a flood zone and one not in. The value of the property in a flood zone is $50,000. Can we require flood insurance only on the amount of the property that is in the flood zone or do we have to get flood insurance to cover the entire $250,000.00 loan balance?
Initial Disclosures Before Underwriting?
10/13/2019
Are initial disclosures required to have the borrower(s) signatures prior to going to underwriting for initial review? I understand that the loan estimate and 1003 need signatures but what about the other initial disclosure documents i.e.: toolkit, counseling forms, servicing disclosure, AfBA, FACTA, Privacy, Patriot etc..
Docs to Verify Income or Tax Returns Required?
10/13/2019
We have a married couple wanting to fill out a home loan application. They state that they do not have any copies of their tax returns. Can we use the other documents to verify income or are the tax returns required?
Correction Method for ACH Refund Error
10/13/2019
A loan customer gave us permission to originate ACH transactions to pay his loan payments. I originated a payment on the 30th of the month and a payment was posted to his loan. He then paid the loan in full. In error, I originated an ACH to refund the loan payment. Then I received a return of the payment on the 30th from his bank for a closed account. But they did not return my refund origination for account closed. The bank confirmed to me on the phone that the account is closed so I asked why they didn't return the refund for account closed, I was told they could not discuss the transaction. What is the proper 'correction' method and wouldn't the bank have some sort of responsibility to return ALL transactions on a closed account?
