Most Popular Lending Content
Loan Status when Docs Pending
03/06/2022
Under Reg B notification requirements, when an applicant is advised their application is approved pending additional documentation, (i.e. bank statements, insurance policies, loan payoff information, etc.) is this considered an approval or incomplete application under Reg B?
Is requiring co-borrower a denial?
03/06/2022
I saw a post on the BOL website from 2018 by David Dickinson titled "Applicant Re-Apply w/Co-Borrower: Counteroffer?" It was unclear to me whether the lender's requirement to add a co-borrower constitutes an "other term" as part of a "counteroffer" or whether the requirement to add a co-borrower requires the denial and written adverse action of the borrower and a new application by the borrower and co-borrower (i.e. is requiring a co borrower really a counter offer). I would appreciate any clarification on the issue.
2020 Census Maps
02/27/2022
Do we know when the FFIEC will update their maps to show the new 2020 census data? Or can you help me find where I can find the updated maps/income levels?
RESPA Fees for Mortgage Brokers
02/27/2022
My company is a non-depository mortgage company. We would like to partner with banks/credit unions that don't offer mortgages. Once upon a time I had seen an "app taker program" wherein a financial institution could pay another financial institution for work done on an application. For example - the bank that doesn't offer mortgages would help the client complete an online application then provide all income/asset documents. For this my company would pay the bank 0.5% fee, shown on the CD, for their services provided. Can you please direct me to the section of the regs that would discuss this and/or provide information you might be familiar with related to this topic?
Commercial Loan - HMDA or Not?
02/27/2022
I am currently reviewing our Commercial HMDA data for 2021 and came across a unique situation and was wondering if you could provide some clarification on a loan if it should be HMDA reportable or not. The loan is a straight line of credit for business purposes. Would this automatically be reportable or under what conditions would it be?