Vendor Guru Q&A - Lending

Latest Lending - Reg. Z Topics

Time Limit to Correct Error on HELOC?

07/12/2020

We have a customer who has a home equity loan. We found that about $8,000 in draws which were not posted to his account from a year ago. His loan is now almost maxed out. Is it too late to charge his account? Is there a time limit to correct our error?

Credit Card Promotion-Waive Annual Fee

07/05/2020

The bank is considering a credit card promotion for a period of 90 days that will waive the annual fee for the life of the credit card. A customer must apply for the credit card during this time frame to be eligible. It will not be advertised externally. Must the credit card application be altered or can we leave the annual fee on the app in case other customers take the application with them? What other compliance requirements exist for this type of promotion?

Notice of a Change in Terms for Credit Cards

06/28/2020

Is there any standard format to send notice of a change in terms for credit cards?

Is a PMI Disclosure Required for 2nd Homes?

06/21/2020

Is a PMI Disclosure Required for 2nd Homes?

E-SIGN when paper is still used

06/07/2020

If we are still delivering disclosures and statements in paper form, do we have to be concerned with E-SIGN or UETA?

Deadline for TRID's Loan Estimate

05/31/2020

Assume we have a real estate application with all six needed items received on the weekend when business is closed. We open only Monday - Friday but it could come in electronically. Is the deadline for TRID's loan estimate Wednesday or Thursday?

Charge Fee for Soft Credit Pull Prior to App?

05/10/2020

Can a lender charge a customer for the cost of a soft credit pull prior to an application for example for a prequal or preapproval? I have heard that there are no federal prohibitions on doing this, but I would like to have more than one perspective please.

Required policy for payment extensions

04/26/2020

Do we need a policy on providing payment extensions to borrowers?

Include Cured Fee in Finance Charge Calculation?

04/26/2020

Should a cured fee (Underwriting Fee) be included in the finance charge calculation? The fee was not originally disclosed on the LE. Therefore, it was not included in the APR. The item was added to the CD and cured. Since it was cured it was not included in the APR/finance charges.

Discharge Fee on HELOC Agreement-Increased

04/19/2020

We are a lender in Massachusetts and disclose on our HELOC agreement the discharge fee that will be charged by the registry of deeds to discharge the loan when it is paid in full. Massachusetts recently went up in their fee by $30. The fee disclosed at the time of loan closing was accurate at that time. Can we charge the increased fee?

Latest Lending - Reg. Z Topics

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