If we are modifying a HELOC and increasing the credit limit do we have ROR?
I recently attended a Harland Laser Pro Regional Conference. It was indicated that the SAFE ACT states that mortgage lenders must register for a NMLSR. Does this include loan officers that just take Home Equity Loan and HELOC applications?
We have a HELOC with the borrower's personal residence securing the loan. Since we can not renew a HELOC that has reached maturity, we are in the process of refinancing for another term. Can we modify the existing deed to extend the maturity or is it necessary to record a brand new deed?
Our bank wants to put a loan application on our website. What disclosures are required?
Does a financial institution have the right to accelerate the payoff of a HELOC and terminate the line if it is suspected that it is being used for money laundering?
We have a customer that has a home equity line of credit. They run a check cashing business with it by bringing in the checks and applying them as a payment, then doing a large advance from the loan to take back to the store to use in cashing checks. I regularly file CTRs on them, but do I still need to treat them as a MSB even though they do not have a business deposit account? Do I need to have them fill out questionnaires just like I would do on a deposit account?
The financial regulatory agencies have issued joint guidance on nontraditional mortgage products.
Does HOEPA apply if the loan has an "On Demand" clause?