It has just come to our attention that we have a consumer construction loan and on the cost breakdown there is a line item labeled "New Construction Realtor Referral Fee." The Realtor is charging a 1.5% referral fee for referring the contractor to the borrower. The contractor is charging the borrower for the fee. Is this a violation of RESPA Section 8? Contractors are never mentioned in section 8, but Realtors are. This is apparently happening more than we knew, but the fee is generally wrapped into the builder's fee and not its own line item, so the bank was not aware of the problem.
We have a customer that is a victim of fraud. The customer called several different credit reporting agencies to get information and received several different answers regarding credit information. The customer wants us to pull a tri-credit report for them. Would this be a permissible purpose to pull the credit report?
How does a bank best create an assessment area map and map of their county showing branch locations and census tracts for its CRA public file?
Do you know of a chart that illustrates which mortgage loans/applications that are to be reported on the HMDA LAR?
When populating the collateral address for consumer closed-end, real estate secured loans (TRID), is there an industry best standard for WHERE we obtain this address from? I know that it must always include the zip code, and a location (if an address via US Postal Service is not available), but I'm curious if there is an unspoken standard of what document this is best obtained from, such as the counties property record card, the written evaluation provided to us from a certified appraiser, borrower attested to, etc.