Most Popular Lending Content
Existing Customer vs. Former Customer
11/17/2003
This is regarding the USA PATRIOT Act. My question: If a loan customer has an existing loan (no other open accounts) before October 1 and pays that loan off after October 1, can that customer come back later and get another loan without going through the identification process?
CIP and Denials
11/17/2003
Do the identification and verification requirements apply to loan applicants that do not qualify to borrow and are denied?
Disclosures for Adding Credit Life Insurance
11/17/2003
If credit life and/or disability insurance is added to a residential real estate loan, are there extra disclosure requirements?
Proper HUD-1 and GFE Completion
11/17/2003
Must the fees/charges paid outside of closing by buyer or seller be disclosed on the GFE at all? If so, should they be disclosed as POC? Also, on itemization of Amout Financed, must the fees in the category "amounts paid to others" be an exact match of Final Hud-1 figures?
Disclosures Timing on Phone and Mail Apps
11/17/2003
Disclosures must be signed and dated within 3 days of application. Does this apply if someone applies by mail of by phone?