While auditing a mobile home loan I saw escrow statements. Isn’t this unnecessary since RESPA doesn’t apply when we don’t have real estate as our loan collateral?
When reporting revenue on the small business LAR can you please clarify the following for me:
We have a loan program called "Low Doc" in which financials are not used in making the credit decision based on a number of factors, however we do have the revenue information from the customer. In order that these loans are not reported as a code 3 – and not counted in our CRA totals, is it appropriate in using the business revenues that the customer provided?
We want to know if there is a vendor or website our bank can utilize to quickly retrieve public records online from various Secretary of State offices, tax cards & tax bills to pay escrowed taxes, retrieve recorded real estate docs i.e. recorded Warranty/Quitclaim Deeds, MTG-DOT and AOR's. The majority of states have their records available online but behind a paywall where you have to pay for each individual page of each document. There's 25+ of us between Lending, Legal, and Compliance that need access at our bank to these docs. In my previous banking career, we utilized a website called NETRONLINE.com with a paid subscription but it appears it is no longer available. Is there a substitute?
Please explain the precautions which should be used when issuing a transferable letter of credit.
Here is our problem. Our customer's house is barely in flood zone A but the insurance agent wrote it in zone X. The home equity loan is for $76,100 and the flood coverage is for $140,000. Are we ok or do I need to force place insurance in the correct flood zone?
Do we have to send a periodic statement on a closed-end mortgage loan on a
dwelling, where both borrowers are now deceased and the property has gone
thru a short sale and the remaining balance is charged off? We are
currently not providing the "Suspension of Statements & Notice of Charge
We had a customer ask to start a voluntary escrow account on an existing loan. Do we need a new agreement?
PMI Insurance, we are receiving contradictory views on how to complete the escrow block on the closing disclosure. What is your take on how the Closing Disclosure should be completed when the borrower is paying PMI and with no prepaid PMI?
Do you have to revise the issue date of the Final CD to match the CD date if nothing has changed from the Initial CD issue?
How is e-mail delivery for the disclosures considered as far as timing?