Our bank is participating in a local home show. As a promotional item, we've had coupons printed with different offers - $300 towards mortgage closing costs; 1/4% off fixed home equity loan rate; 1/4% increase to current CD rates and $25 credit for opening a checking or statement savings. Instead of Equal Housing Lender with the house symbol, the coupons have Equal Housing Opportunity with the house symbol. Is this ok or does it need to say Equal Housing Lender?
When receiving a check from the federal government,such as the refund checks due to the increase in the 2003 child tax credit, is it legally possible to endorse the check over to a fiinancial institution for payment on a home equity line of credit? Or must one strictly cash or deposit the federal gov't check directly into a checking or savings account?
My bank charges an application fee for closedend home equity loans, which covers all closing costs, including credit report, flood determination, title search, appraisal, and mortgage recording fees. Currently we disclose each of these thirdparty fees as P.O.C. and the applicable amount on the GFE and HUD1A. Another local bank uses a similar method of one fee to cover all closing costs. However, they only disclose the one fee on the GFE and HUD1A, with no references to fees paid to thirdparty service providers. Needless to say, our loan operations would prefer to follow this local bank's example. I believe we should continue our current practice, but I'm having some trouble finding clear regulatory wording to support my opinion. Section 3500.7(a)(2) refers to "no cost" loans, but our loans do have an application fee. Could I have your opinion on how our situation should be disclosed and also a regulatory reference to back that up?
We have a huge Marketing Customer Information File (MCIF) and I'm not sure where to start. What's the best way to use all this information to generate new business?