09/17/2023
Are we required to monitor for flood compliance after a loan is made?
07/02/2023
An HPML borrower is asking to cancel his mandatory escrow account because his home value has skyrocketed in the past couple of years, and he is now way below an 80% LTV. He is always on time with his payments, and it a valued customer. We can allow him to cancel, right?
06/25/2023
A construction mortgage lender is insisting that for escrowing, it is OK in the first year to estimate property taxes and collect more because regulators would rather we give a check back to a customer at the end of the first year, than to have sticker shock at year 2 when higher taxes kick in. Is she right?
06/18/2023
Management is thinking about reducing the escrow cushion on mortgage loans, as a short-term way to lower mortgage payments in this rising rate environment. Can we do that?
06/11/2023
Our county’s property taxes are due in May and November. This makes escrow setup a challenge every spring and fall. What is the correct method of collecting escrow when the tax payment is due before the first payment date? We can never seem to get our initial escrow analysis right!
06/11/2023
We had an auditor tell us we need to be sending an escrow statement when a mortgage loan pays off early. We send an escrow refund check, but since there is no escrow analysis occurring, we don’t include any escrow statement. That would be silly, wouldn’t it? What are they talking about?
06/09/2023
On escrow account statements where the borrower has a shortage, we’d like to add a blurb below the shortage amount, telling the borrower that they may optionally pay a lump sum to their escrow account to avoid higher monthly payments. We’d make it clear that such action is voluntary and not required. May we do so?
05/14/2023
How are regulations that are not the fair housing act, fair lending regulations?
04/30/2023
Is your FIs strategic plan rely heavily on Overdraft programs and the fees they generate?
04/30/2023
Will Loan Production Offices help in fair lending if we decide to close branches?