Vendor Guru Q&A - Lending

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Latest Lending - Loan Application Topics

HMDA Rule: Increase w/ New Loan Estimate Issued

03/24/2019

Under current HMDA rules, if a borrower submits an application for one amount and then requests an increase and a new loan estimate is issued, do we report the original amount requested or the increased amount?

Deny Credit If Report Pulled Over 6 Months Ago?

12/31/2017

Can credit be denied based on a credit report pulled over 6 months ago or should a new report be pulled? (In this case, the credit requested 6 months ago was denied and now a new credit request has been received.)

Buy or Build: Transforming Commercial Credit Origination

12/10/2017

When considering new technology for credit origination, how can banks decide whether to build in-house or buy an existing technology?

Impact of Home Equity Lines of Credit in New Loan Originator Compensation Rules

12/10/2017

Are Home Equity Lines of Credit included in the new loan originator compensation rules? If so, can an employer incent a loan originator based on the amount drawn versus the line amount?

Starting budget for loan imaging software

12/03/2017

What is a ballpark budget for loan imaging software?

PDF 1003/URLA w/Demographic Info Addendum?

11/26/2017

I'm looking for a PDF fillable 1003/URLA with the 2018 Demographic Information Addendum attached with the old GMI section on page 4 being crossed out. We need it for our website. Are you aware of anywhere this is available?

Traditional vs Alternative Lending

11/12/2017

What can traditional banks learn from alternative lenders?

Competing in Small Business Lending

11/12/2017

How do banks start serving small and medium-sized enterprises again?

Are Offering Specific Types of Loans Prohibited?

10/08/2017

Are financial institutions prohibited from offering specific types of loans (i.e.mobile home loans)? Should loans which are acceptable and not acceptable be documented in the bank's loan policy, along with the procedure for any exceptions?

Common loan exceptions

05/14/2017

What are some common loan exceptions that banks deal with?

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COMPLIANCE Q & A: Updated URLA?

Question: Our current Uniform Residential Loan Application (URLA) that is provided in our loan processing software has a revision date of 06/09 and is 5 pages.

COMPLIANCE Q&A: Invalid loan conditions

Question: Our Director’s Loan Committee recently approved a loan request for two individuals to purchase their primary residence contingent on certain conditions.

Escrows, more than dirt

09/15/2019

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?

Costly flood insurance violations

09/15/2019

Can a flood civil money penalty cost six figures or more?

Minimum Age to be a Member of LLC

09/15/2019

What is the minimum age a person can be to be a member of an LLC and if it is less that 18, does it impact that persons ability to borrow on behalf of the LLC?

MLO Transfers to Location: Updating Address

09/15/2019

If an MLO transfers to another location at the same institution or there is a change in the address of the location that the MLO directly reports to, how long does the MLO have to update the contact address on the NMLS consumer access site to reflect the (new) accurate address location? I couldn't find anything specific regarding a time frame within the regulation, and it only touched on the requirement of internally auditing, at minimum, annually to ensure accuracy.

Requirements when Lending to a Non-US Citizen

09/15/2019

Are there any specific requirements or restrictions when it comes to lending to a non-US Citizen?

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