03/28/2021
My financial institution has decided to use the 6 items that mandate TRID disclosures to trigger an application for HMDA. Is this an acceptable definition:
03/21/2021
Does an incomplete application for Regulation B mean an application is not HMDA reportable?
03/14/2021
Should a written application be required for all business purpose applications, including those for HMDA reportable transactions?
03/07/2021
A loan officer took an application for a dwelling secured but failed to ask what type of dwelling (site built, manufactured home, etc. Can we report NA for that field?
11/01/2020
We have made a loan to a builder to construct a spec home. Does ECOA apply? The same builder also has a contract build; does ECOA apply to that? We structured both of these as interim construction because both will be refinanced once the homes are complete. Neither will be our borrowers as these are investment properties.
10/25/2020
I am looking to find what aspects of Reg B are applicable to small business lending. I am creating a line by line assessment and am curious if something like this exists.
09/20/2020
It is my understanding that we have 30 days to notify the customer of our loan decision when denying the request. My question is, does the letter date have to reflect the same date of denial? I had a loan officer deny a mortgage loan within three days of application to avoid early disclosure requirements, but then the application was re-activated and the lender made a second decision with a later date. This second decision date makes the denial notice reflect more than three days from the application date.
Any advice?
08/30/2020
If a home equity loan application is not decisioned within 3 business days and preliminary disclosures are not sent out within those 3 business days, does the application need to be canceled and a new application keyed in? That is our current practice and it's a nightmare for HMDA monitoring submissions.
05/24/2020
Is a large bank required to send adverse action notices when a payment due date change or extension is denied for consumer loan products?
05/03/2020
Scenario: In California - a community property state - assume a couple files for divorce but it is not finalized yet. The husband needs a place to live and applies individually for an FHA loan, leaving the estranged wife as a non-applicant, non-borrower, who plans on using non-marital separate funds to purchase her home.
Since this is an FHA loan, the lender needs to pull a credit on the estranged wife to count her debts towards the husband's since the divorce is not final. When the lender calls the estranged wife for consent to pull her report as per our risk management policy, she denies consent for her report just to keep the husband from getting his own place. This makes it harder for him to claim joint custody of the kids.
Reg B has contradicting situations: permissible purpose is granted for community property states so lender does not need spouse's consent. However it also states there is no permissible purpose to obtain a consumer report on a .... nonapplicant spouse who has legally separated or otherwise indicated an intent to legally disassociate with the marriage.
Can lender pull the non-applicant non-borrowing spouse's credit report without her consent due to being in a community property state, or would the divorce show intent to legally disassociate the marriage and overule the permissible purpose granted by being in a community property state?
