Vendor Guru Q&A - Lending

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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?

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?

Source of Appraisals and Reg B

10/01/2005

Question: I know that we have to provide copies of a full appraisal, but what if we only use a tax appraisal?

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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.

Private flood insurance – practical challenges

08/25/2019

What is a private flood insurance policy?

Rate sheet content

08/25/2019

If we have a rate sheet that we give to real estate agents and our loan originators, but we know the true use will be for them to hand it to consumers or post it where consumers can readily access it, wouldn't we need to have the APR on it?

"XYZ Data" on Adverse Action Notice

08/25/2019

I have a client (a lender) who orders their credit reports from "XYZ Data" and when a loan is declined, they list Equifax on their Adverse Action Notice (with appropriate address and phone number) and they have now been told that because "XYZ Data" is considered a reseller of credit under the FCRA 603(u) that they should also list XYZ Data (along with its name and telephone number) on the Adverse Action Notice. Is this true?

Elements of a TRID application

08/25/2019

Can a lender purposely not get one of the six TRID items to avoid getting an application in order to delay the loan estimate delivery date?

Monthly life Insurance Policy Fee on LE/Closing

08/25/2019

Does the monthly life insurance policy fee need to be disclosed on the loan estimate and closing disclosure on 1st and 2nd mortgages? The policy is offered by the lender but it is not a requirement of the loan. This one is on a 2nd closed-end mortgage and the monthly fee is included with the P & I payment for the mortgage.

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