01/23/2006
90% of our loan originations (TPO and retail) are submitted with credit, contracts/appraisals, verbals, bank statements, etc. and are conditionally approved for items backing up the credit docs and sometimes appraisal; is this considered a pre-approval?
01/01/2006
The financial regulatory agencies have issued joint guidance on nontraditional mortgage products.
12/01/2005
Failures in lending compliance can cost as much as $14,000,000. That's the amount one lender will have to pay for unfair lending practices and compliance failures.
10/17/2005
Does a co-signer get a copy of GFE and are they listed on the HUD1 as a borrower? Do all borrowers have to sign the HUD1?
10/03/2005
On our VISA statements we show "Late Fee Due" then reflect a running total of all debited late fees. i.e. if late fee is $16.00 and customer has three due we show $48.00. Our internal auditor claims we need to show the late fee in the transaction history if a total is used. Oue vendor states that Section 226.7 allows the total of like charges is acceptable. What is the proper way to disclose?
10/03/2005
The question has been raised whether we should keep credit reports for employees who have loans with our bank in a separate file not accessible to note department personnel. We keep credit reports used for annual employment screening purposes in a separate file accessible only to senior bank management. However, credit reports obtained for purposes of a loan to an employee are kept in the customer (employee) credit file as with any other customer. Are we violating the employee's privacy with this practice?
10/01/2005
Question: I know that we have to provide copies of a full appraisal, but what if we only use a tax appraisal?
09/19/2005
As a credit union, we do indirect loans with dealers. The belief is that it's regulation that we send members with indirect loans a statement at least quarterly. The question is: is there a regulation requiring us to send them statements or could we eliminate this?
09/19/2005
Are periodic monthly statements required on any open end consumer line of credit regardless of collateral?
09/19/2005
We are currently in the process of starting a loan servicing/credit administration division in our $237 million dollar community bank. What are the major issues that we need to ensure are covered? Our division is going to handle everything related to a loan in the post-closing stage to payoff.