My institution is beginning an on-line mortgage application process and pre-qualification program. I have some questions with what follow up procedures should be. #1 Individual sees our site and enters a couple of pieces of information, but does not have a completed application. What should be our follow up? #2 The individual completes the application on-line but does not follow up within the 30 days with other required information. Is this an incomplete application? Also, on a prequalification, the individual is notified of being qualified and receives letter stating this online, but does nothing in the allotted time period. Are we required any documentation be sent to applicant? I know this is a lot of questions, but there are so many variables. We are trying to set up our procedures. Any other information in regards to on-line application and pre-qualifications would greatly be appreciated.
A local swim club has applied for a $25,000 loan to do improvements. The flood search shows that the security property (which is one parcel) is in a flood zone. Per the insurance company that insures the swim club, the pump house is not in a flood zone. Using the flood maps, the township engineer says that he will issue an elevation certificate and a letter certifying that the clubhouse on the security property is also not in the flood zone. The pool itself cannot be covered by a flood policy. If our bank gets an elevation certificate and a letter from the township engineer, is this sufficient to warrant our bank putting this loan on without flood insurance?
We are new to auto loan lending and had a general question about allowing credit cards for monthly payments (including our own credit cards). Is this a wise business practice? What is the industry standard for making auto payments via credit cards?
We have a commercial customer doing a construction draw down line of credit. The construction and collateral will be a single family residence. t's a three year term.The first two years the line is a draw down line of credit, with interestonly payments; the last year it will be P&I with a balloon payment. Is this line/loan HMDA-reportable?
HELOC's primary residence upon maturity and the applicant wants to renew the loan for another term. No new funds same type. What disclosures are required?