Can a lender accept verbal telephone confirmation from an applicant of receipt of the 3-day closing disclosure?
For HMDA, what date is used for a denial when the decision was made on one date, say July 12, but the notice was not sent until July 16?
Our loan officers pull clients credit reports and input the information in our LOS. Not all six items that make up an application for a home loan have been provided. My question is, do we still send out a "Notice of Incompleteness" to the client if the only thing that was received in the loan file was the credit report and the loan has been in our system for 30 days with the property marked, "TBD?" The way I read Reg B is that you only send out the NOI once it is considered an application. So if these are not considered an application but you obtained credit, would we not have to send some sort of documentation/NOI because the score is good enough to move forward?
We received notice on Oct. 28 that a borrower was now in flood zone AE. A 45 day notice was sent (force placement would have occurred on Dec. 13). On Dec. 12 we received a copy of a declaration page showing coverage starting effective Jan. 12. I believe we need to force place and then cancel on Jan. 12 at the borrower's expense however I'm getting push back because of a claim of evidence of insurance (again, the policy is not effective until Jan. 12). The declaration page shows payment in full however we do not have an application nor proof of payment. Do we need to force place this interim period?
I'm looking for the verbiage of the Fair Debt Collections Practices Act disclaimer a debt collector must include and when it's required as it pertains to mortgage servicing.