Our underwriters do not revisit applications after the conditional approval is issued; why would an underwriting condition make our applications not “fully approved”?
If you deny an application because the applicant cannot get clear title on the property what reason would you use on the denial notice (would you create an “Other” reason)?
Is use of the new rules mandatory?
We do not schedule a closing unless all customary closing conditions are met and issue a denial if they are not. Why would we report differently for HMDA than we do for underwriting or creditworthiness conditions?
I have a customer that is going to purchase a primary residence for himself but he is wanting to put the loan in his LLC's name. Because of this, I am stuck trying to determine if this loan would be Consumer (based on purpose to purchase primary residence) or Commercial (if it is allowable for a Consumer purpose loan to be put in an LLC name). If it can be processed as a Commercial loan, are there additional disclosures they need to sign?