Most Popular Lending Content
Reasons for Denial and Joint Applicants
12/24/2023
When sending an adverse action letter for joint applicants with different reasons for denial, can I use two letters (one for each applicant) for all denial reasons combined?
Loan cover sheets
12/24/2023
How might a financial institution use loan-specific cover sheets during scanning?
Is email receipt for the LE sufficient?
12/24/2023
We mailed the borrower’s Loan Estimate and they emailed us that it was received, and they want to proceed with the loan. Can we act on this emailed notice?
Military Lending Rules
12/17/2023
Hasn’t military lending been quiet this year?
Extensions on missed construction loans
12/17/2023
Are there alternatives to extensions are others using when dealing with construction-to-perm loans that are not finished my maturity? We are considering the possibility of advancing any remaining proceeds available on the loan to a checking account, which would have a hold to prevent use outside of the original agreement, and starting P&I repayment rather than extending the loan. We would continue to draw those funds to complete construction, just from the checking account rather than the loan itself. Curious if there are any drawbacks or compliance issues with this method.