Vendor Guru Q&A - Lending

Sharing Exception Reports with Lenders

Latest Lending - Record Retention Topics

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?

Spreadsheet for Tracking Credit Documents

07/12/2015

Best spreadsheet for tracking credit documents?

Barcode Scanning: Does Batch Size Matter?

06/07/2015

Barcode scanning: does batch size matter?

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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.

Land Trust Department & Retail Banking Documents

12/08/2019

Are there any regulations concerning a Land Trust Department having access to retail banking documents in an institution?

Monthly Report on New Loans Documentation

12/08/2019

During a review of new loans for the previous month, I found that a joint credit report (husband/wife) was pulled for a new loan that was made to just 1 of them (the wife). The previous loan was a joint loan and a joint credit report was used then How do I need to document this finding in my monthly reports? Along with some additional training for the loan officer, what other things should I be aware of and keep in mind?

Opening Acct. for Campaign Fund- Use SSN?

12/08/2019

In the state of Texas, when opening an account for a campaign fund, are we required to have a TIN or can we use a SSN?

Equal Housing Lender Logo on Business Card?

12/08/2019

Does a mortgage lender's business card require an Equal Housing Lender logo?

Deed of Trust Construction Materials/Flood

12/08/2019

We have an interim construction loan that the real estate is in flood zone AE. Our Deed of Trust lists the real estate and the construction materials including drapes. All of the construction materials listed are covered under the buildings flood insurance, however the drapes are not. The plans and specs for the construction does not list drapes. Do we have to require contents coverage just to cover the drapes since it is listed in the Deed of Trust?

Latest Lending - Record Retention Topics

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