Most Popular Lending Content
Printing and scanning electronic credit and loan documents
06/11/2023
What are drawbacks to printing and scanning electronic credit and loan documents?
Escrow collection when the tax payment is due before the first payment date
06/11/2023
Our county’s property taxes are due in May and November. This makes escrow setup a challenge every spring and fall. What is the correct method of collecting escrow when the tax payment is due before the first payment date? We can never seem to get our initial escrow analysis right!
Are short-year escrow statements required for paid-off loans?!
06/11/2023
We had an auditor tell us we need to be sending an escrow statement when a mortgage loan pays off early. We send an escrow refund check, but since there is no escrow analysis occurring, we don’t include any escrow statement. That would be silly, wouldn’t it? What are they talking about?
Escrow Compliance – Be the One Who Understands It All!
06/09/2023
On escrow account statements where the borrower has a shortage, we’d like to add a blurb below the shortage amount, telling the borrower that they may optionally pay a lump sum to their escrow account to avoid higher monthly payments. We’d make it clear that such action is voluntary and not required. May we do so?
New Small Bus. LAR, Does it Duplicate HMDA
06/04/2023
Regarding the new small business data reporting requirement expected to come out soon. Will this "1071" requirement be similar to HMDA and CRA whereby if it’s HMDA it cannot be reported as CRA? So if it’s a HMDA reportable loan, then we won't report it for the small business data?