Most Popular Lending Content
Place of Settlement on a HUD-1/1A
10/04/2004
On a HUD-1 Settlement Statement, under Place of Settlement, it is my understanding that the address should be for the actual place that the closing docs are signed and not the address from where the funds are disbursed. Is this correct?
Conditional Approval - Conditions Not Met
10/04/2004
I came across a situation where the loan was approved subject to the applicant's meeting certain conditions, including verifications, insurance, satisfactory loan-to-value ratio, etc. The applicant was unable to meet all the loan conditions (i.e., due to a lower-than-anticipated appraisal value, the loan-to-value condition was unmet). Would it be necessary under ECOA to provide an adverse action notice to the applicant?
Discussing Credit Report Information
10/04/2004
How much information can a bank representative discuss with a loan applicant regarding their credit report without any lending regulations? I've heard everything from "nothing" to all but providing a copy to the applicant.
Late Fee Begets Late Fee
10/04/2004
If a customer makes a payment from his scheduled payment book, but it arrives late, the bank charges a late fee. The bank now deducts a late fee from the next scheduled payment, and this continues to roll every time the customer is late, which forces the account to go delinquent each month. This customer went through a bankruptcy 4 years earlier, so the bank has not communicated with them in the form of an annual statement of account, annual terms and agreements, or privacy notice, even though the customer did not include this loan in the bankruptcy and never missed a payment. Now their account is reporting 7-8 months of 30 days late. Has a violation occurred?
The Security Officer's Role, Part 1
10/01/2004
by Dana Turner, Security Education Systems