Vendor Guru Q&A - Lending

Latest Lending - Predatory Lending Topics

Proposed Limitations on Terms of Credit to Service Members and Dependents

04/10/2007

by Mary Beth Guard and John Burnett

10% Fee on Every Draw from a HELOC

10/30/2006

If a lender has disclosed that they will charge a 10% fee on every draw made from a HELOC, can the 10% be subtracted from the actual draw amount (only 90% given to borrower, 10% forwarded to lender as fee payment) or does the 10% have to be opened as a separate receivable?

Not So Fair Lending?

03/20/2006

I am a finance broker for several financial institutions, and have agreements in place to do business with them. We currently do financing and refinancing on chattel loans with several investors. My contract with one of the institutions states that I will not solicit any of their customers for refinancing. My question is as follows: Would it be breaking the Fair Lending or Fair credit Laws to deny someone the opportunity to refinance through my organization because they, who came to me direct, are financed with a company I do business with currently? I have a lender that is asking me to do this to my customer, and I feel like this is wrong and do not want to participate in this activity. Is this against the law? Where could I find information on this to prove to the lender that this is an improper activity, and is not treating the customer fairly and equally?

Nontraditional Mortgage Products: New Guidance

01/01/2006

The financial regulatory agencies have issued joint guidance on nontraditional mortgage products.

Managing Pricing

01/01/2006

At PCi's 2005 CRA Colloquium, there was much discussion on pricing in the context of fairness and predatory lending. The regulators' position was clear.

Lending Practices: Fair and Unfair

12/01/2005

Failures in lending compliance can cost as much as $14,000,000. That's the amount one lender will have to pay for unfair lending practices and compliance failures.

Updating Loan Policy to Reflect FACTA Changes

11/07/2005

I am in the process of updating my loan policy to reflect recent changes to FACTA and predatory lending. I was going to just add a general statement to the policy stating that we comply with the changes in the FACT Act. Should I elaborate more in my policy and do I need to outline the entire Act in my procedures? What recent changes that I may have missed that need to be added to adjusted to my policy?

HMDA: Finding and Managing Risk

10/01/2005

Now that the 2004 data is out, our concerns about HMDA and the related risk have a little more focus.

Likely Compliance Issues

10/01/2005

Release of the HMDA data puts fair lending and CRA front and center.

HMDA: Using HMDA Data

10/01/2005

The 2004 HMDA data is finally out and the numbers show what we expected and feared: Black Americans fare less well in the mortgage market than non-Hispanic whites. Now what?

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Appraisal Requirements and Higher-Priced Mortgage Loans

Many things went wrong in the mortgage lending process before the meltdown. Among the contributing causes were inflated property values and inaccurate property valuations.

Why Are We Confused?

If you are feeling confused, you are in good company. Almost anyone who deals with mortgage lending compliance is struggling with the changes. Questions are flying. We are surrounded by chaos.

New HPML Rules Defined

12/04/2022

Under the new QM/ATR rules that take effect on Oct 1, 2022, when does a loan become HPML? Is it still based on the 1.5%-1st lien, 3.5%-2nd lien, or does it now go by the new thresholds in the price-based tiers, for instance, 1st lien is less than $68,908 has a 6.5% threshold between the APR & APOR?

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