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?
05/14/2017
What are some common loan exceptions that banks deal with?
05/14/2017
Do Reg B requirements apply when taking a "new" application to renew an existing loan?
If the existing customer has already been identified through CIP and we have address/contact/employment information on file already, does Reg B require that we read the standard application disclosures again at time of renewal and is it a regulatory requirement to update driver license expiration, as well as get all new income information, etc. ?
I know we need income information for ability to repay and my understanding is that once they go through the CIP process, we don't have to identify them with each subsequent transaction but in general what are the
regulatory requirements on a renewal application?
06/03/2013
I have a purchase money mortgage with a non-occupant co-signer. Can both parties sign one set of disclosures and one loan application or do we need them to each sign their own set?
04/22/2013
Mortgage loan application, joint applicants are husband and wife. The wife is the Attorney In Fact for husband and both own the real estate. Who should CIP data be collected on? Attorney in Fact?, both?
04/08/2013
Is there a prohibition against conditioning approval of a loan application for a residential first mortgage loan upon authorizing a direct debit of monthly payments from a borrower's deposit account?
01/28/2013
Concerning a loan application for real estate and consumer loans, for what period is the loan application valid and when is it considered stale and must be redone?
11/12/2012
An owner occupied RE Refi loan was declined due to debt/income. He now has his son, who does not reside in the home, as a co-borrower. Do I need to redisclose to both or are the original disclosures sufficient?
10/01/2012
Regarding SAFE Act compliance - the "Relation to Other Laws" section on page 9 of the March 2012 CFPB Safe Act guide - seems clear the MLO's NMLS number must be included on the loan application. BUT - if the loan is going to be kept in-house and not sold to the secondary market - is it still necessary to include the MLO's NMLS number on the loan application?
09/24/2012
When a Commercial Department is presented with an opportunity to provide a term sheet for a commercial loan - prior to receiving a loan application - is this request to be considered a loan application? Does HMDA reportable issue apply if the bank never received a loan application and there is no loan decision?