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?
HMDA 2018 ... Should property value be entered based on the value used at time of credit decision or, if an estimate was used for decision, the actual value as indicated on an appraisal or other statement of value received at a later date?
Is flood insurance required when a building is located in a special flood hazard area that is located in a non-participating community?
Are we required to accept private flood insurance when requested by the borrower?
Are Home Equity Lines of Credit included in the new loan originator compensation rules? If so, can an employer incent a loan originator based on the amount drawn versus the line amount?