If we have customers download and print a loan application that is mailed back in, do rules concerning electronic delivery apply here?
A mortgage company has approached our bank wanting to pay a specific employee a referral fee, if we would forward real estate loan applications we have turned down to them. I do not see how this is a legal process given Section 8 of RESPA's prohibition of referral fees. The only way I can see it would be legal, is if forwarding the application to the mortgage company would not be defined as a settlement service. I think it would be.
Should our bank look into investing in dual monitors for our Consumer Loan Application Data Entry staff? Currently we are using a system that requires our staff to go back and forth between "full screen" applications.
Our consumer loans are completed electronically and therefore we no longer print a loan application. Are there any compliance implications if it's not evident by viewing the on-line application, that the financial questions were asked of the borrower(s)?
We are thinking about allowing customer to complete a loan application on the Internet and submit it back to the bank via Internet. Must we provide the appropriate disclosures electronically through the Internet? If so what about the new federal consumer credit score disclosure? We will have to run credit before we can get that to the applicant.
With an emailed application that has been faxed in by the borrower, what are the compliance guidelines for the GFE and TIL?
I used to have a list of things required by a real estate agent in order to earn a mortgage commission. Does anyone know where I can get that list?
We are considering offering mortgage loan applications online. This would include submitting the completed application. I know there are tming concerns about early disclosures and E-sign issues. What else?
I am a mortgage broker. Certain local banks and credit unions want to refer loans to me. ...I could swear there used to be a RESPA checklist that outlined the things a person had to do in order to earn a fee, and of this list you had to do, I think, 5 of the entire list in order to legally earn a fee.
Comerica Bank has added new technology that it says allows it to approve mortgage applications in 45 minutes or less and to close on home purchases in five days.