11/22/2010
Recently our mortgage department went to scanned documents. What documents that are signed at closing should be retained in our scanned document area? Since these files won't be hard copies any longer, I just need some insight on what signed documents should be kept and what signed documents don't need to be kept.
10/18/2010
We qualify loan applicants based on gross income. Our credit officer says that tax free income from SSI or VA Disability is the gross income and shouldn't be grossed up. I say the income is net and should be. Who's right? If we don't gross tax SSI up, are we discriminating?
06/07/2010
When the new calculations for flood insurance went into effect in Sept, 2009, did that regulation require that lenders recalculate each existing loan in a flood zone?
05/24/2010
We have several loan production offices. They don't have cash drawers, are not listed as branches, and they don't service the deposit customer walking in off the street. Do we need signage such as the FDIC stickers? What if a courier for the bank picks up some proof work where only our employees make deposits instead of running to a branch?
02/22/2010
Can you define the role of the lending compliance officer? Is it the lending compliance officer’s responsibility to see that internal lending policies are being followed and should they be responsible for keeping the policy updated?
11/23/2009
Is an "All Risk" policy one that covers hazard and flood acceptable for flood insurance?
11/16/2009
Can LTV be calculated using either loan amount to appraisal or loan amount to sales price? If so, are you allowed to use either intermittently, or should the LTV be calculated the same way consistently?
08/24/2009
In researching a blanket insurance policy, it says it covers everything under the property. Does that include Flood Insurance or is a separate rider required?
06/22/2009
What does the term "flood insurance" permanently affixed to real estate mean as it pertains to mobile homes needing flood insurance? If the bank took on the mobile home as collateral, and the mobile home that still has the tongue attached is not considered to be permanently affixed, does the mobile home not require flood insurance? Clarification is needed as to what constitutes that a mobile home has been permanently affixed versus not permanently affixed and/or anchored to a foundation.
05/11/2009
Regarding flood insurance and the 45 day notification/waiting period before you can force place it; what happens if during that 45 day period the property floods? Is the bank just out of luck? Also, what is the logic in having to wait 45 days?