08/15/2005
Our organization uses a vendor to service our mortgage loans. The vendor emails trial balance data, (loan numbers, names, balances, etc.) to us. The emails are password protected. Is this sufficient under GLBA or must the emails be encrypted?
07/18/2005
We have several customers who are getting payday loans from these companies. Then they come to our bank the next month and make a stop payment request for any ACH amount from ABC Company. We are charging them a one time fee. This is taking up a lot of our time in processing. I know we can close their account out after giving them 30 days notice. Can we charge them every time an ACH item hits from that same company? Some of these customer have 4 or 5 payday loan companies they are borrowing from. Do we also need to have them sign an ACH stop payment form stating they have notified the payday company to revoke the ACH coming out of their account?
06/01/2005
A recent survey by PricewaterhouseCoopers in the United States and the United Kingdom reveals a sense that "...
05/23/2005
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)?
05/23/2005
I have a few questions. We have an on-line web application with our company and the question has come up as it refers to compliance. We are looking for confirmation as to when an application from a web application is considered an actual application: <ul><li>Is it when the borrower submits the minimum amount of information or a low loan amount (our site refers loans to our officer when the amount is below $50,000) and no credit is pulled, but we have the saved information in the site that can be pulled and given to loan officers to call the borrower?<li>Is it when the borrower submits for credit and underwriting and they receive an approval or denial from the web site?<li>Is it when the loan officer contacts the borrower after either of the above and the loan officer and borrower determine this to be an actual loan application?</li></ul>
05/23/2005
Is there software available to help me calculate the APR, ROR accuracy, high cost loans, and individual state compliance, i.e. Texas and compliance issues in general.
05/23/2005
We have a POS and LOS system for our mortgage applications. My question is, if a Member starts an application on the website, runs a credit report but closes out of the system before they have finished the input and the Desktop Underwriter doesn't make a credit decision, does this loan have to be submitted to HMDA? It can't be pushed to our LOS system without the DU response and is considered an "unsubmitted" by our company. Please advise.
04/01/2005
With the help of technology and consolidation of processes, several lenders are concentrating efforts on lending to home buyers who are building their homes.
03/07/2005
Does a subsidiary of a bank holding company, which is not a bank, have to display the Equal Housing Lender Logo on its website?
12/01/2004
Electronic document companies are working with mortgage technology companies to create a way to complete the entire loan process using an electronic file. Advectis, Inc. and Dexma, Inc.