Most Popular Lending Content
Regulation on Who Can Deny Credit
11/12/2012
Are there any specific regulations that state who would have the authority within a financial institution who can deny credit? Should that individual have the lending authority to approve what credit is being denied? Ex. customer service rep denies credit applications but that customer service rep has NO lending authority.
Use Escrow Balance for Forced Place Insurance?
11/12/2012
If for some reason a person has escrow set up for flood or homeowners insurance and it is cancelled or they cancel it, can that escrow balance be used for forced place insurance?
Waiving Escrows for 1st Mortgage 5 Year Balloon
11/05/2012
I have an in-house first mortgage 5-year balloon that is classified as a HPML. My LTV is 40% and borrower wants to waive escrows. Can he?
Venders/Software for Escrow In House Mortgages
11/05/2012
I work in loan operations at a community bank and we do not currently escrow our in house mortgages. However, with all of the new and proposed changes we are most likely headed in that direction. Any suggestions on where to begin our research into vendors/software... to start this process?
Appraisal Fee for Loan Previously Rescinded
11/05/2012
We have a borrower who rescinded his loan within the 3 day period and all funds collected were refunded. He has now re-applied and our compliance officer states we cannot charge him for the appraisal since it was the appraisal also completed for the rescinded loan. The new application was made within two weeks of rescission.