Most Popular Lending Content
Refund Check from Insurance Company
06/30/2019
We paid escrow into a negative for insurance knowing that escrow would be even by the end of the year. The client cancelled the insurance and received the refund check. Are insurance companies required to send the refund check back to the consumer or is there a way we can ensure going forward that the refund checks come to the bank?
Denied Due to Collateral & Adverse Action Notice
06/30/2019
If a loan is denied due to collateral value, would the adverse action notice include that an outside source was used in the decision and the outside source was the appraiser? I believe the appraiser would NOT be an outside source for this purpose.
Reg O Preapproval by Majority of Board
06/23/2019
I have a question on Reg O, specifically the preapproval by the majority of the entire board of directors requirement under 215.4. 1. If the board of Directors authorizes a sub-committee to act on behalf of the entire board, would pre-approval by that sub-committee satisfy the regulatory requirement regarding approval by a majority of the entire Board of Directors? 2. What if the majority of that sub-committee was composed of senior management, the remaining minority members were board members and the total number of board members on the committee did not constitute a majority of the entire board?
Converting Fixed Mortgage to ARM-Refi?
06/23/2019
Can a 30 year fixed mortgage be converted to a 5/1 ARM mortgage? What information needs to be provided to the consumer to have this done and can it be a modification or must it be a refinance?
Loan w/ Temporary Financing & LE for Permanent
06/23/2019
The bank provided a construction loan to a borrower to build a dwelling. Along with the temporary financing the bank also provided a loan estimate for a permanent loan. This was done to make sure the borrower had all the pertinent information to make a decision about the new construction as well as due diligence by the bank to be certain the borrower will qualify for the end mortgage. Is it considered a HMDA reportable transaction as a withdrawn application if the bank provided the loan estimate for permanent financing? The construction loan was taken out by a permanent mortgage in the secondary market loan and not the in-house mortgage that the loan estimate referred to.
