Is an adverse action/counter offer determined by the loan product or the loan amount? If I am doing an 80% LTV cash out Mortgage refinance (ex: $80K loan on $100K estimated value) but the appraisal value comes in for less than estimated, I now have to change the loan amount to 80% of the actual value (ex: verified value = $90K therefore new loan amount is $72K).
Does this mean that I have to do an adverse action/counter offer in addition to re-disclosing an updated loan estimate for the change in loan amount? My product is still the 80% LTV cash out mortgage refinance. My product did not change and I am still giving the borrower cash out that he requested, it just isn't as much as we estimated.
If the bank receives a joint application but one of the joint applicants is a minor, can the bank deny the loan based on age of one
individual (the minor) without facing possible discrimination? Under ECOA an institution may treat credit applicants different when under the age of majority based on state laws. But what if it is joint and the other applicant is of age?
What should the application date on the HUD 1003 be based on, the applications definitions for Reg B, HMDA, RESPA & TRID?
If an applicant is declined for a loan but then decides to re-apply with a co-borrower is this considered a counteroffer, meaning an adverse action for the first request would not need to be sent?
We are trying to set up mortgage application online. We are having debates on what disclosures we need and how to provide the disclosures. Is it something as simple as sending a PDF or does it require us to follow E-SIGN? If the mortgage is submitted online, do the disclosures need to be sent online?
Two years ago we granted a new loan and took a first mortgage on a piece of vacant land as collateral. The loan is now going through a renewal. While completing the evaluation, we learned that the borrower; using his own cash, built a home on the property that’s encumbered. The way our mortgage reads, we have interest in ... all existing or subsequently erected or affixed buildings, improvements, and fixtures...
When we complete the valuation report, should the value of the home be included in the report and furthermore, if so, should the report be mailed to the borrower under Regulation B?
What are the requirements if a written adverse action notice of denial is provided to the applicant with a counteroffer and then the counteroffer is denied later on during the process of the application? Is the creditor required to send another adverse action notice denying the counteroffer?
We have a mortgage loan application accepted in 2018 that has a completed 2017 GMI info section. We can we do to fix this?
Where can I find information or samples of ECOA self-testing to get started on this project for my bank?
If we have a 1-4 dwelling that is being used for a commercial purpose (day care, real estate office, doctor or dentist office etc.) and our lien will be in first position, since the loan is a commercial loan do we still need to send the upfront appraisal notice? If the property is zoned commercial or granted a zoning exception does that matter?