06/02/2014
Does the new appraisal rule under the ECOA apply to Home Builders?
05/19/2014
We do a lot of investment (rental) property financing as commercial loans. They are 1st lien, 1-4 family dwellings. We do not have an official commercial application. Trying to determine if we need to send or give the customer the Appraisal Notice, and if so, 3 days from what date since there is no application?
05/12/2014
Reg B - appraisals - can we email a copy of the appraisal to the Borrowers as long as it is secured and we get a read receipt for the email? How long after this do we need to wait to close the loan?
04/14/2014
Is it legal to send Adverse Action notices by email?
03/03/2014
Are both applicant and co-applicant required to get a copy of the Right to Receive Copy of Appraisal notice?
02/24/2014
Several of my colleagues and I participated in the Triage Conference via remote connection and appreciate how the material was presented and the level of detail provided. However, in reference to Regulation B (1002), I would like confirmation on whether a copy of the appraisal must be provided in three distinct situations as noted below:
1) If a loan is being renewed or extended but no new application is taken, must a copy of the appraisal be provided to the borrower if a new one is obtained?
2) If a new appraisal is obtained during the life of the loan but not in relation to any new credit or extension/renewal (i.e., prior to possible foreclosure proceedings), does a copy of the appraisal need to be provided to the borrower?
3) If a loan is not secured by a "dwelling," but a guaranty on the loan is secured by a "dwelling," must a copy of the appraisal be provided? If so, is the copy provided to the applicant or the guarantor?
02/17/2014
Under ECOA requirements an individual needs to be notified if the financial institution will approve a credit application or not. Does this need to be in writing or can it just be documented in the file?
12/16/2013
I am trying to determine if our mortgage company has to send a separate notice, aside from the required Reg. B notices, when an applicant withdraws his loan. Are there different requirements depending on the state?
12/09/2013
Should we collect GMI for HMDA purposes for an individual borrower for the purchase of a residence to use as an investment property? Is the requirement for collection of GMI under the Equal Credit Opportunity Act different than the requirement under HMDA?