This question is regarding incomplete mortgage applications with an address. (ie: Refi's) Here is the scenerio: Bank approves an application based on the information provided by the consumer, mails the approval letter out which states that based on the application and credit report their loan has been approved subject to the verification of income, assets, and any additional documents deemed necessary from underwriting.
The lender then sits on the file for several months without contacting the customer and then withdraws it stating it is being withdrawn due to no contact.
Should this considered an incomplete application based on the consumer not getting the required documentation to the lender or can it be considered withdrawn since there was no contact with lender since the approval letter?
We had a problem with debit card claims so we modified our deposit agreement. If they don’t cooperate in the claim process, we can deny it. Problem solved!
We want to offer an option to all escrowed borrowers to lump sum pay any deficiency or shortage. Since it’s optional, it should be OK. Do you agree?
We mailed the borrower’s Loan Estimate and they emailed us that it was received, and they want to proceed with the loan. Can we act on this emailed notice?
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When and to whom must HUD’s SCRA mortgage notice be sent? We prefer to wait for the 45 day notice we already send.
My compliance officer says we have an affiliated business arrangement with a title insurance company that is 20% owned by our holding company. I thought the rules kicked in with 25% ownership. Who’s right?
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We have been informed that marketing service agreements are illegal. We have a provider that is proposing a third-party agreement. He says this arrangement is not a marketing service agreement and is therefore legal. Your thoughts?
What has happened to flood penalties in 2020?