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Latest Lending - Loan Application Topics

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?

Deadline for TRID's Loan Estimate

05/31/2020

Assume we have a real estate application with all six needed items received on the weekend when business is closed. We open only Monday - Friday but it could come in electronically. Is the deadline for TRID's loan estimate Wednesday or Thursday?

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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.

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Commercial Loan Modifications

05/15/2022

Do you need to modify or prepare a change in terms on a commercial loan when lowering the interest rate but not changing the maturity date? Can it just be done with a maintenance request?

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