05/01/2005
Are examiners always right? Actually, the better question to ask is do all examiners really know what they are doing?
04/25/2005
Interest rates for servicemembers
Answer by Mary Beth Guard, BOL Guru
Guru BIOS
04/25/2005
Signatures required on loan to partnership
Answer by Mary Beth Guard, BOL Guru
Guru BIOS
04/18/2005
We need a clarification regarding FACT Act. Can we provide the [negative reporting] notice along with the loan documents when the loan originates? We could provide a separate form or add it as a provision/condition within the loan document.
04/18/2005
If a mortgage broker or banker is sending post-closing follow-up communications to their past customers, do they need to have the Equal Housing Lender logo on those communications (letters, postcards, greeting cards, reply cards)? When would you use the Equal Housing Opportunity logo versus the Equal Housing Lender logo?
04/18/2005
During a post closing audit we discovered that an ARM APR which was incorrectly disclosed in the preliminary TIL but was correct on the final TIL. Is there anything we need to do to correct the preliminary disclosure or are we compliant because the final TIL was correct?
04/18/2005
I just started working at this company and I was told "we don't take Spanish loans" because of language barriers. I've been in the business for about 3 years and know that ECOA and HMDA have discrimination prohibitions, but can't find anything about a language barrier. Would this fall under discrimination based on "Race"?
04/18/2005
With regards to the new FACT Act/Fair Credit requirements; is there any guidance on how lenders should provide the credit scores and reasons for the scores? Can we provide a copy of the credit report to the borrower along with the disclosure?
04/18/2005
I would like to know if there are any regulations relating to commission-paid employees, namely "internal" versus "external" mortgage originators. Internal business is through branch referrals and external sources; external business is where we market the customer base directly but business is developed mostly outside of the bank (no branch referrals). Is the commission or referral structure regulated or is it a matter of organization structure?
04/18/2005
As a licensed real estate broker, can I legally collect a disclosed fee for actual services rendered, such as packaging and submitting a loan to a lender in the required stacking order, including explaining to the borrower the lender's stipulations required after the lender's initial review?