Vendor Guru Q&A - Lending

Latest Lending - Record Retention Topics

Participation Payment Breakdowns Retention

06/14/2020

For in the state of Minnesota, how long do I need to keep participation payment breakdowns, if I have to at all?

Imaging Software and Scanning

03/29/2020

What is the best way to get documents into our imaging system?

Docs to Verify Income or Tax Returns Required?

10/13/2019

We have a married couple wanting to fill out a home loan application. They state that they do not have any copies of their tax returns. Can we use the other documents to verify income or are the tax returns required?

Mobile Home Attached to Real Estate-Manufactured?

03/03/2019

Under current HMDA definition is a mobile home that is attached to real estate considered a 1-to-4 family dwelling or is it manufactured housing? In my opinion a mobile home affixed to real estate is more similar to housing manufactured off site and delivered/affixed to the land than a home that was traditionally stick built on-site. However, a mobile home does not meet the technical HUD definition of manufactured housing either.

Record Retention-Moving to Paperless Loan Files

08/26/2018

We are moving toward paperless loan files. Does anything have a sample policy concerning what documents you keep, what docs you shred, etc? Do you keep the original docs for a certain period of time then shred them?

2018 HMDA- Rule on Collecting/Reporting HELOC Data

07/08/2018

We are a credit union and want to make sure that I'm reading this right concerning HELOCs. Under the rule financial institutions originating 100 or more HELOCs will file 2020 HELOC data, but if we originate fewer than 500 in 2018 or 2019 we would not be required to begin collecting and reporting HELOC data until January, 1 2020. As a credit union do we fall under this rule as well?

Record Retention: Secondary Market Loans

02/14/2016

We are an electronic filing bank. All of our documents are scanned in and hard copies then shredded. On an MPF file (loans that are Secondary Market loans), how long do we need to keep the file once the loan has been sold/paid off?

"Blocking" Lenders from Viewing Documents

01/17/2016

We are now scanning all of our deposit and loan documents for our customers. Is there any reason to "block" our lenders from viewing all the documents - such as a drivers license? Currently our lenders are blocked from viewing all deposit documents as well as CIF documents - signature cards, resolutions, trusts, drivers license, etc. Our lenders are required to capture the information from the drivers license when completing the loan application. I can remember back when we had loan files that we weren't allowed to keep a copy of the DL in the file. But now that they are scanned, do they need to be "blocked" from certain employees for viewing?

Advertising Record Retention Requirements

09/07/2015

What is the current advertising record retention requirements for TILA, RESPA and TIS advertising?

Spreadsheet for Tracking Credit Documents

07/12/2015

Best spreadsheet for tracking credit documents?

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FinCEN's Latest: Non-bank Mortgage Lender Rule

Sometimes the playing field does get leveled - at least a little.

Implementing the New GFE

When the new GFE and HUD-1 take effect on January 1, 2010, you will need to have new procedures for collecting information to go on the forms and for compiling and delivering the forms.

Loan Portfolio Metrics

06/28/2020

What are loan portfolio metrics?

Additional Borrowers

06/28/2020

How many borrowers can apply using a single Uniform Residential Mortgage Loan Application?

ARM Notice After the Fact Circumstances

06/28/2020

We have a HELOC originated in 2008 that moved into the repayment phase in May 2018. The initial rate was WSJ prime and remains at WSJ prime (no margin) throughout the repayment phase. The loan has a interest floor of 3.75 percent so the rate has been set at that since May 2018. Since there is no set change date to enter in our system the CFPB ARM notice will not generate to give advance notice if the rate increases. Are we required to provide the ARM notice, and if so are these circumstances that allow the notice to go after the fact?

Notice of a Change in Terms for Credit Cards

06/28/2020

Is there any standard format to send notice of a change in terms for credit cards?

Title & Real Estate Settlement Co- Market Services

06/21/2020

Can I hire my brother who is in the mortgage industry, to refer business for a newly formed title settlement company? Can a title and real estate settlement company market services together? Does that person have to be a partner or employee of the business to not violate RESPA?

Latest Lending - Record Retention Topics

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