Most Popular Lending Content
Charging for updated credit reports
08/27/2023
Long ago, I was told by our credit report provider that we can't charge for credit updates for our mortgage customers relating to originating a mortgage. I see that FCRA prohibits charging for rescoring but if a tradeline needs to be updated or a non-reporting account needs to be verified, can we do a changed circumstance and charge the customer?
Can closing fees be marked up?
08/20/2023
Generally a bank charges a set flood certification fee around $18.00. It is identified as flood certification on the Loan Estimate and Closing Disclosure. No other flood fees are assessed. The actual flood amount charged is $13.25. The FDIC has never had a problem with this. Is that markup a violation of RESPA or another requirement?
Multi-lingual ads without Multi-lingual Apps?
08/20/2023
Is it acceptable to run an ad or share a flyer in a foreign language, but not provide applications or disclosures in the foreign language? For example, we have a Spanish-speaking lender who attends sessions hosted by area non-profits. The sessions are in Spanish, but the flyer he provides is in English. It would be more appropriate if the flyer were in Spanish, although we are not prepared at this point to provide Mortgage applications or disclosures in Spanish.
Refusing to Reconsider a Valuation
08/20/2023
Can we refuse to reconsider a value?
Can we hold a drawing?
08/13/2023
Our Mortgage Loan Originator's want to hold a drawing at a local high school for a $20 back pack. Since the entries are from students under the age of 18, what do we need to require? Will we need parental permission to enter the drawing or only for the winner to claim the prize?