Most Popular Lending Content
Freezing the HELOC Account
05/29/2006
When a third party requests a payoff on a home equity line of credit, can we freeze the account to prevent further advances and still be in compliance with Reg Z?
Primary Residence Secured by a Commercial Property
05/29/2006
We have a customer that wants to borrower money using a commercial piece of property (a motel) to buy an existing dwelling that will be their primary residence. Even though the loan is secured by a business this is now a consumer purpose loan. Would any disclosures be required other than TIL on the note at closing?
Is Direct Marketing to Seniors an ECOA Violation?
05/29/2006
Would direct marketing to seniors for reverse mortgages be in violation of ECOA due to advertising to a particular group of people, in this case, age-related?
No Starting or Ending Date on the ROR
05/29/2006
If a Notice of right to cancel is submitted to a borrower with no dates for the start and end of the 3 day rescission period, is this a violation of TILA/Reg Z? If this is a violation, can it be corrected by opening a new rescission period with a new Right to cancel form signed by the borrower but done so one month after the loan closes and disburses?
Outside Vendor Paying for Customer Referrals
05/22/2006
We refer customers to an outside vendor for Merchant Services. The company we deal with has created an incentive program for these referrals. They have submitted one of our employees a check in the amount of $50 for a referral that resulted in a sale. I have read and understand the RESPA implications in regards to referrals in the mortgage lending area, but what about the Deposit side of the bank? Do we allow the employee to accept the check?