Most Popular Lending Content
Advertising, IRS tax forms, Privacy, RESPA
02/25/2024
Our marketing department brought up the idea of handing out $50 coupons to our customers to entice them to refer folks to get a mortgage loan with the bank. The idea is that if a customer refers someone for a mortgage loan and it closes, the customer can redeem the $50 coupon for cash. I reviewed 1026.36 but it only seems to cover MLO compensation. RESPA's 1024.14(b) seems most applicable but i'm not sure if that just pertains to the parties involved in the transaction. This would be a referral for our customer who told someone to get a mortgage with us. Are there any regulations on a $50 referral ‘bonus/compensation’ to our customer for referring someone to one of our MLO’s to close a mortgage? It seems similar to what the big banks do with something like a $200 bonus to open an account with them.
Credit and loan exceptions that need to be resolved
02/25/2024
What types of credit and loan exceptions are commonly cleared at financial institutions?
Cross-Collateralization and Flood – What you need to know to stay covered.
02/25/2024
We are making a loan to a business customer to purchase a new apartment building. The apartment building is not located in a flood zone. The loan approval requires the cross collateralization of two additional properties owned by the borrower. Do I need to obtain flood determination on these properties?
Partying with mortgage brokers
02/25/2024
Is it a problem if the mortgage brokers that we use invite some of our lenders to parties to celebrate milestones like year-end celebrations where loan closing goals were met?
Who exactly is an Executive Officer under Reg O?
02/25/2024
Who is an “Executive Officer” under Reg O?