Vendor Guru Q&A - Lending

Latest Lending - Reg. V Topics

Notice to Home Applicant Required If Denied?

05/03/2020

Is the notice to home loan applicant required if the request is denied within 3 days?

"XYZ Data" on Adverse Action Notice

08/25/2019

I have a client (a lender) who orders their credit reports from "XYZ Data" and when a loan is declined, they list Equifax on their Adverse Action Notice (with appropriate address and phone number) and they have now been told that because "XYZ Data" is considered a reseller of credit under the FCRA 603(u) that they should also list XYZ Data (along with its name and telephone number) on the Adverse Action Notice. Is this true?

Denied Due to Collateral & Adverse Action Notice

06/30/2019

If a loan is denied due to collateral value, would the adverse action notice include that an outside source was used in the decision and the outside source was the appraiser? I believe the appraiser would NOT be an outside source for this purpose.

Fraud Alert on Consumer Credit Report

01/08/2017

If there is a fraud alert on the consumer credit report, is the creditor required to attempt to contact the consumer at the phone number on the fraud alert message, or can the creditor just decline the application and not bother with trying to contact the consumer?

Borrower Denied Credit for Insufficient Income

10/04/2015

If a borrower was denied credit for insufficient income (non credit score related), does the credit /score disclosure need to be included with the denial letter?

Sample of Frivolous or Irrelevant Notice

01/26/2015

Under the Fair Credit Reporting Act, if a direct dispute is deemed to be frivolous or irrelevant, the Bank shall notify the consumer of such determination not later than 5 business days after making such determination. Do you have a sample of the frivolous or irrelevant notice, or can you indicate where one can be found?

Regulation V Info Regarding FCRA & FACTA

08/18/2014

I am wondering what part Regulation V plays in FCRA and FACTA? I have been asked to review this for my next test and would like a little more insight into it.

HELOC for Home Construction?

08/06/2020

We have a customer requesting a HELOC instead of a short term construction loan in an attempt to avoid the draws. After construction is complete, a closed end mortgage would be provided. Since there is no equity in the home at this point, because it is not built, are we able to offer a HELOC for their home construction? Also, since they plan to pay off the HELOC at the end of construction, does the requirement for "repeated transactions" apply?

Latest Lending - Reg. V Topics

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