If a non-FEMA policy does not meet the definition of "private flood insurance" can it still be accepted?
Our underwriters do not revisit applications after the conditional approval is issued; why would an underwriting condition make our applications not “fully approved”?
Is use of the new rules mandatory?
We do not schedule a closing unless all customary closing conditions are met and issue a denial if they are not. Why would we report differently for HMDA than we do for underwriting or creditworthiness conditions?
I have a customer that is going to purchase a primary residence for himself but he is wanting to put the loan in his LLC's name. Because of this, I am stuck trying to determine if this loan would be Consumer (based on purpose to purchase primary residence) or Commercial (if it is allowable for a Consumer purpose loan to be put in an LLC name). If it can be processed as a Commercial loan, are there additional disclosures they need to sign?