Most Popular Lending Content
Must every Loan Originator be registered on the NMLS Registry?
03/10/2024
Must our Loan Originators (LO) be registered on the NMLS Registry?
Our EVP just bounced a $1,200 check. What do we do?
03/10/2024
I work in operations, and our Executive Vice President just showed up on the daily NSF report! He has overdrawn his personal checking account by $1,200. What do we do?! Can we pay it or must we return it, and must we charge him our normal fee?
Contents Coverage – When is it needed?
03/10/2024
Is flood insurance on the contents of a property required if the property is located in a SFHA?
Disclosing discount rates
03/10/2024
If our bank does not offer a rate lock program and all of our loans are fixed rate loans, can a buyer purchase discount points to lower the interest rate? If they can, do they have to sign a form reflecting the discount rate or can we just disclose the discount and fee on the loan estimate?
FCRA Signature Required?
03/10/2024
We are transitioning to a new loan software program and have noticed the Negative Information Disclosure document provided at closing is not providing a signature line for the borrower to sign. Our current loan software has the signature line that isn't removable so we have always assumed it was required. I cannot find any information in the regulation that a signature is required. 1) Is a signature required and 2) If it is not required to obtain signature, is it required that we retain a copy of it with the closing package to show examiners it was provided at closing? It just seems odd from what we have always seen and would like to know if we should request a signature line be added.