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.
What is your opinion regarding placing the tax id/ssn on the front of a note next to the borrowers name? For example: smith (999 99 9999)
We have a future advance clause in our first mortgage for x amount of dollars. We then use this to secure personal notes. Should these personal notes have a mortgage servicing disclosure, RESPA, flood determination form?
Are we supposed to complete annual reviews on Phase I exempt customers (school districts, county governments?)
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)?