Most Popular Lending Content
Determining Loan Purpose for HMDA
02/16/2004
Under HMDA, if the borrower is refinancing - cash out but using the proceeds to buy another home, is the loan purpose a refinance or a home purchase?
Term to use on HMDA Rate Calculation
02/16/2004
When using the HMDA rate calculator, which term would we use on our loans? On most of our real estate loans, we lock the interest rate in for 2-4 years, but set the payments up on a 10 year payoff. Would we use the 2-4 years or the 10 year term that it will take to pay the loan off? We want to use the correct term.
Decline Reasons and the FCRA Notice
02/16/2004
If I have a customer that applied for a loan and I declined it based on employment history and not the customer's credit, do I have to check the FCRA box if I pulled a credit report? Can the customer still receive a free copy of their credit report if I didn't decline them for derogatory credit?
Credit Scoring and Fair Lending
02/16/2004
Are there potential fair lending issues if we use credit scoring for dealer paper credit decisions and pricing, when all of our other traditional loan products use other criteria?
Release/Return of Loan Documents
02/16/2004
Is there any requirement to return paid notes and canceled mortgages or other such documents to the borrower when the loan is paid off? Our management is trying to save time and postage.