We have an in-house first deed-of-trust mortgage loan. After the loan closed one of the borrowers legally changed his name. What needs to be done in regards to our loan documents?
If you have an LLC secured by a home and the LLC uses the SS# of the owner how do you report it to the IRS?
A borrower goes to a branch to obtain a cash advance on their HELOC. If the teller uses a withdrawal slip to withdraw from the line instead of a bank printed check to document the loan advance, what is the risk to the bank?
Is there a requirement that lending agencies require proof of identity by coming in in person and giving a copy of a state issued ID before a loan is issued?
For the second time, a loan officer has presented a loan which is to purchase rental property through the customer's IRA. The Trust Company had procedures on how to title the property, etc. and we followed it to a tee. However, even though we followed their rules, I am not 100% sure that we are following lending rules. The borrower and owner of the RE is stated as "___ Trust Company dba ___ Trust Company Custodian FBO __[our customer's name]__ IRA #______". How do you CIP this entity? Whose TIN and address to use? We were instructed to use the TIN of the main Trust Co, but to use the address of the 'dba' Trust Co. The corporate docs were obtained for the main Trust Co, and all they give us is a list of 22 people from the main Trust Co and their signatures with titles of "Corporate Alternate Signer" stating any of them can sign our docs but state they cannot tell us which of those 22 will be the actual person signing and state they are not required to submita copy of that signers ID. I just want to make sure we are following all steps correctly (legally).
What is required for the Mortgage Loan Officer's NMLS ID numbers? Do the ID numbers need to be included on documents, business cards, and lobby notices? Is there anything else that we should be aware of?
This is a compilation of links to some of the liveliest recent threads relating to the lending compliance challenges bankers are dealing with at this time.
With regards to the new FACT Act/Fair Credit requirements; is there any guidance on how lenders should provide the credit scores and reasons for the scores? Can we provide a copy of the credit report to the borrower along with the disclosure?
FACT Act requires records release for I.D. theft victims
Answer by Mary Beth Guard, BOL Guru
How much information can a bank representative discuss with a loan applicant regarding their credit report without any lending regulations? I've heard everything from "nothing" to all but providing a copy to the applicant.