01/01/2004
Congress has taken decisive action on the Fair Credit Reporting Act.
01/01/2004
PCi's annual CRA and Fair Lending Colloquium was the place for discussing where CRA has taken the banking industry and where the industry should head in the future.
01/01/2004
We have been getting a lot of questions about whether different arrangements are permissible or violate RESPA. The world of mortgage lending has become incredibly creative.
12/15/2003
Parents cosign for a purchase money mortgage for their son and pledge their residence as additional collateral. Is a separate cosigner's disclosure required? If so, under what regulation?
12/15/2003
Is it possible to charge an appraisal fee on a construction loan and the fee not be a finance charge? If I understand correctly, appraisal fees are excluded from the finance charge if the appraisal is done before closing. However, on a construction loan, an appraisal cannot be done before closing.
12/15/2003
Can we pay a $50.00 referral fee to our employees for referring customers to our mortgage department? The fee would be conditioned on if the loan closes. These mortgage loans are sold to the secondary market and are table-funded.
12/15/2003
Our company does not offer credit life and disability insurance. Our note and disclosure print out with the insurance boxes showing the customer does not want the insurances. because we do not offer insurance. Do we still need to have the customer sign something showing a denial of the insurance? I say no we do not but another lender disagrees. Help!
12/15/2003
When you are renewing a consumer loan, I have always thought you were breaking some rule or regulation if you renewed both the principal and interest into the renewal. Because you would be collecting interest on interest. I was just told that is not "against the law", but it is just something you don't make a habit of doing. Please clarify for me.
12/15/2003
What does the AFR LOL Fee stand for on the HOEPA calculator?
12/15/2003
I have been looking for the resolution to the proposed rule on changes to RESPA regarding settlement costs as discussed in the July 2002 Federal Register. Comments were due by 10/28/02. HUD's website still indicates that they are proposals. Are there any links in BankersOnline that can provide an update?Thank you for your assistance.