What are the differences between a deed of trust and a mortgage?
intent to proceed prohibits charging fees other than for credit report before the Loan Estimate is provided and the applicant's intent to proceed has been confirmed and documented. If due to a technical issue which we discovered post closing the Loan Estimate was never sent to the borrower, is the lender obligated to refund all closing fees based on the Intent to proceed rule?
What types of one-time events are tracked in tickler files?
Regarding NMLS: We have an employee who came to us already registered with an NMLS number which we transferred to our bank. The intent was to have her work her way into a lending position after sufficient training. Her role has changed and she is no longer going to be a possible MLO.
Since she is NOT in an MLO position but still has a number, is it required we include it on all of her correspondence, business card, etc. when she is not serving in this capacity? We may consider not renewing her NMLS at some point but she is renewed through 2021.
Our mortgage department is putting together a script for a generic radio ad promoting their department and our offering of home loans. I know the obvious requirement of FDIC and EHL being mentioned. However, I'm unable to find concrete support as to whether our bank's NMLS ID must also be included. I saw a comment in the forum stating that banks aren't required to include it but can't find regulatory guidance to support that. Can you offer me some wisdom or direct me to a resource? I'm in Texas, by the way. I've also searched for state specifications and came up empty.
Does a mortgage lender's business card require an Equal Housing Lender logo?
If an MLO transfers to another location at the same institution or there is a change in the address of the location that the MLO directly reports to,
how long does the MLO have to update the contact address on the NMLS consumer access site to reflect the (new) accurate address location?
I couldn't find anything specific regarding a time frame within the regulation, and it only touched on the requirement of internally auditing,
at minimum, annually to ensure accuracy.
Does a consumer lender's NMLS number have to be on a blank application if it is being given to a customer and no other information is collected or given out?
What are the rules for modifying a home mortgage loan to only lower a payment because the borrower made a significant principal reduction? He is not in foreclosure. Before TRID, we did modifications all of the time.
Can you still do that? The rate and terms will stay the same.
If an employee is bonus eligible do we still have to follow the federal contractor minimum wage requirement? We are looking at our mortgage loan officers that are paid on production. Would we have to change it if they aren't producing to make a bonus?