09/22/2008
Are we required to get marital status on a loan application to construct the borrower's primary dwelling?
08/18/2008
I am a branch manager for a national mortgage broker retail company. Our office has received alot of manual underwrite recommendations from FHA total scorecard. Instead of assigning a loan number and delivering RESPAs on these, can we issue a letter of counteroffer that explains the process of a manual underwrite? If the borrower accepts it, then we would send out the RESPA package.
07/14/2008
Someone in our holding company's compliance area told us that unmarried co-borrowers should complete separate loan applications when applying for joint credit. I've reviewed both the WBA-FIPCO forms and the Wolters Kluwer Financial Services ARTA Lending forms and they appear to allow unmarried co-borrowers to be on the same loan application. Can you give me any regulatory guidance here?
01/28/2008
Does a CD secured loan have to be reported on the loan application register? Is geocoding necessary? If so, what address is used?
01/21/2008
An individual applies for a loan and is not credit worthy. Now he or she would like to have a co-signer to proceed with the loan application. Would this be a joint application?
12/03/2007
During a face-to-face loan application interview, does the borrower have to complete the government monitoring information in their own handwriting? In most cases, applications are being originated on loan origination software. Is it acceptable for the originator/lender to orally state the GMI statement to the borrower and input the borrower's response so it displays on the application document in typewritten form?
11/05/2007
Does a CD secured loan have to be reported on the Loan Application Register? Is a GEO coding necessary? If so, what address is used?
10/15/2007
Is a Uniform Residential Loan Application (URLA) required for an applicant that is an LLC?
04/16/2007
Can a loan be denied solely on the applicant's not having a positive net worth or a net worth sufficient to cover the amount of the unsecured debt?
04/02/2007
Is it necessary to have the lender sign the original Universal Residential Loan Application (URLA - 1003)?