If you use a vendor that provides scores from all 3 bureaus and you only use the score/reasons from one bureau for the denial, do you use that specific bureau's name and address or the actual vendor that supplied the report for your adverse action?
The loan was locked on 10/13 and the revised LE with the COC was sent at the same day right after rate lock. The borrower received it same day, 10/13. However, on 10/19, the underwriter received an appraisal report and the appraisal report says the property is required a final re-inspection (1004D) so we are going to add a 1004D fee on TRID. Can we send an initial Closing Disclosure (CloD) with COC that states the underwriter reviewed the appraisal report and determined 1004D is required and add a 1004D fee on Initial CloD instead of sending revised LE?
What is the Rate Spread Calculator?
In regards to the check box options on an adverse action notice, as a commercial lender, I would like to add “Length of time in business is too short” as we do deny credit to many newly established companies (per our credit policy), so my question is this: Can I create my own reason(s) or are there a specific set of reasons that I need to adhere to? Where does ‘length of time in business too short’ (or verbiage to that effect) fit on an adverse action notice?
We have a loan that is HMDA reportable and the borrower is an LLC. On the final application, the demographic information was completed, which it should not have been. Each page of the application references Page 1 of 6, Page 2 of 6, etc. Can we remove the demographic information pages so the last page of the application would read Page 3 of 6? Or, should the completed demographic pages be replaced with blank demographic pages so it still looks like the full application?