What do we report for Loan Amount if an application is taken, under our financial institution’s definition of HMDA Application which does not include a loan amount, and the applicant withdraws or the lender denies before we have a loan amount?
Can an application be reinstated once final action has been taken?
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?
A loan customer gave us permission to originate ACH transactions to pay his loan payments. I originated a payment on the 30th of the month and a payment was posted to his loan. He then paid the loan in full. In error, I originated an ACH to refund the loan payment. Then I received a return of the payment on the 30th from his bank for a closed account. But they did not return my refund origination for account closed. The bank confirmed to me on the phone that the account is closed so I asked why they didn't return the refund for account closed, I was told they could not discuss the transaction. What is the proper 'correction' method and wouldn't the bank have some sort of responsibility to return ALL transactions on a closed account?
Do we have to provide translators for loan applicants who do not speak English?