05/31/2020
What tangible costs are associated with paper loan files?
05/17/2020
How does an integration between LOS and imaging systems work?
05/10/2020
When renewing an existing RLOC and adding new money, do you need to payoff
the existing line and give it a new loan number since you are increasing the
loan amount or can you use the same loan number and renew and increase the
existing RLOC using the same loan number?
04/19/2020
I recently had a debate with a former colleague regarding the Mortgage Loan Originator (MLO) e-signature on the initial 1003 sent to the borrower for initial disclosure purposes. This colleague stated that the MLO had given consent/permission to the processor to complete the MLO's e-signature due to the expeditious nature of the loan in question as the MLO would not be able to get to it for a few days. Keep in mind that it was only the e-signature of the MLO on the initial 1003, not the borrower.
This individual was not being fired or resigning as they would be returning within 2-3 days but the loan needed to be moved into underwriting.
I was not to sure about this. Does this constitute a violation, or is it considered fraud?
04/05/2020
Why automate the distribution of exception reports?
01/05/2020
How is a bank supposed to handle loan payments which exceed what is currently owed?
12/08/2019
I have a loan secured by a dwelling and a savings account. According to the HMDA commentary, I include the savings account when computing the CLTV.
Okay, that's clear enough. My question is, do I include the savings account in reporting property value? Do I only include real property?
09/15/2019
A question has come up after we prepared a Note for a commercial loan. It was dated July 15,, but the customer did not return these documents until July 22. We funded this loan and effective dated our loan to the 15th to match the Note. Now management is saying we should not have effective dated the loan, only the date we actually funded it.
Can we do this, not just for commercial but also residential loans? What is the correct way to handle loan docs returned after the Note date?
09/01/2019
Are we required to disclose on a consumer payment deferral agreement that deferring a payment will lead to paying additional interest over the life of
the loan and a larger final payment?
07/28/2019
We know that HELOCs are exempt from 12 CFR 1026.43. Our borrower is applying for a HELOC. He has four residential properties which he owns and is paying the taxes and insurance on these. None of these are his primary residence nor are they investment properties. The taxes and insurance are not on the borrower’s filed tax return . Do we need to include the taxes and insurance for these other non-primary residence real estate properties as expenses when qualifying the borrower for a HELOC?