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Latest Lending - Loan Application Topics

Disclosures - Changes to the Loan Amount

09/18/2022

Do you need to document the credit file giving the reason if the application loan amount changed compared to the closing table amount, whether it is a consumer, commercial, or residential loan application?

Signing Financial Docs for Acceptance

05/29/2022

We are a community bank and keep all our loans in house. Must a tax return submitted by the borrower be signed to comply with lending regulations on consumer and commercial loans?

Loan Status when Docs Pending

03/06/2022

Under Reg B notification requirements, when an applicant is advised their application is approved pending additional documentation, (i.e. bank statements, insurance policies, loan payoff information, etc.) is this considered an approval or incomplete application under Reg B?

Is requiring co-borrower a denial?

03/06/2022

I saw a post on the BOL website from 2018 by David Dickinson titled "Applicant Re-Apply w/Co-Borrower: Counteroffer?" It was unclear to me whether the lender's requirement to add a co-borrower constitutes an "other term" as part of a "counteroffer" or whether the requirement to add a co-borrower requires the denial and written adverse action of the borrower and a new application by the borrower and co-borrower (i.e. is requiring a co borrower really a counter offer). I would appreciate any clarification on the issue.

HMDA Purpose Help

02/13/2022

What is the HMDA purpose classification when refinancing a construction loan and converting it to permanent financing - purchase or refinance?

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Pros and Cons of Commercial Loan Apps

11/26/2023

Currently, the bank I am employed by uses commercial loan applications. In my prior work lives, the banks never had a specific cmmercial loan application. Are they required? I realize some compliance related items are collected on them; but believe this could be done in another manner. Thoughts on this topic and why you would recommend keeping them or eliminating them.

HMDA Ag Exemptions

11/19/2023

Our borrower inherited half of her father's farm. We made a loan for her to buy her sister's half. The loan is secured by the farm. Our customer is going to rent out the land and the home. She won't be farming it herself but will be receiving rental income from it. Does this qualify for the agricultural exemption for HMDA?

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