Will Loan Production Offices help in fair lending if we decide to close branches?
When do we disclose Property Value instead of Sales Price?
The CFPB hasn’t been active in fair lending other than mortgages, correct, does this present any challenges?
What features should we look for in an exception reporting system?
Our Executive VP earns a substantial annual bonus. He doesn’t really do any real estate lending, but he certainly talks with many bank customers (often on the golf course) about how the bank can provide various loan solutions, including home loans. Up to this point, he has kept his NMLS ID # and registration current “to CYA”. I’m concerned his bonus may be non-compliant with Loan Originator Compensation requirements. Should I be worried?