07/01/2005
07/01/2005
One early indicator of hot compliance topics are the subjects discussed by the Consumer Advisory Council. The CAC committees have planned some interesting topics for their next meeting.
06/01/2005
05/23/2005
I am in the mortgage department of a bank and we are currently collecting information for the CIP form and making a copy of the borrower's driver's license or other form of ID. Can we retain a copy of their ID in our mortgage loan file? These loans are real estate secured and HMDA reported files.
05/16/2005
According to "A Guide to HMDA Reporting Getting It Right!" effective 1/1/04, the definition of a reportable refinancing is "any dwelling-secured loan that replaces and satisfied another dwelling-secured loan to the same borrower. Please define "satisfies and replaces". Does this require cancellation of the current loan promissory note and recording of a satisfaction of lien for the current security instrument/mortgage consequently being replaced by a new note and execution of new lien/mortgage, or does cancellation of existing note followed by a new note qualify as a "refinance" (the existing lien instrument/mortgage stays intact)?
04/01/2005
- The new nickel has the right side of Thomas Jefferson's face. The old one had his left side featured. The written word "liberty" on the coin is actually a copy of Jefferson's handwritingU.S.
03/21/2005
According to "A Guide to HMDA Reporting: Getting It Right!" effective 1/1/04, the definition of a reportable refinancing is "any dwelling-secured loan that replaces and satisfies another dwelling-secured loan to the same borrower." Please define "satisfies and replaces." Does this require cancellation of the current loan promissory note and recording of a satisfaction of lien for the current security instrument/mortgage, followed by a new note and execution of a new lien/mortgage? Or does cancellation of the existing note followed by a new note qualify as "refinance" (existing lien instrument/mortgage stays intact)?
01/01/2005
01/01/2005
FEBRUARY
Get the HMDA data in by the end of the month - or sooner. Be sure to do a quality and edit check before sending in your data.
03/15/2004
If a home improvement loan is secured by an automobile or a C.D., is a rate spread calculation required?