Most Popular Lending Content
Where can I find a listing of the new 5 digit Metropolitan Statistical Area/Metropolitan Division Area Codes? Should I be using the new codes now?
02/23/2004
Where can I find a listing of the new 5 digit Metropolitan Statistical Area/Metropolitan Division Area Codes? Should I be using the new codes now?
ECOA Notice Requirement
02/23/2004
Do we need to give an Equal Credit Opportunity Act Notice to the borrower for an unsecured personal loan application?
Making Loans to Illegal Aliens
02/23/2004
I ask this with no small amount of trepidation, but I must know, is there a law or reg which specifically addresses making loans to illegal aliens? Not one person I've spoken with can answer the question. I've always assumed it wasn't possible.
Documenting Declined Insurance
02/23/2004
Is it a requirement to any regulation that the customer sign on their loan documents that they decline credit life insurance? We give the required notice at application that any insurance sold isn't covered by FDIC, but I'm just wondering about if a customer doesn't want the insurance.
First Time HMDA Reporter Has Questions
02/23/2004
Starting in 2004 we are new to collecting HMDA data. I have several questions: 1. When one of our real estate loans matures, we get a new note signed, issue a new loan number and prepare RESPA documents. Would this be considered a renewal or refinance and would it be reportable? 2. Are farm loans secured by a dwelling reportable if we refinance? 3. According to RESPA and monitoring, we are required to collect monitoring information on all reportable HMDA loans except corporations etc. How do we handle this for RESPA when collecting monitoring isn’t necessary at times?