Most Popular Lending Content
Pulling Credit on Application and Subject Property
07/18/2011
My Compliance Officer says that my bank cannot pull credit on an applicant who wants to get pre-approved until the applicant finds a house. She says that RESPA states that the subject property address is required in order to have a complete application. I have always been under the impression that TBD was okay to use as the subject property. Do you agree with her or should I be okay to pull the credit on this applicant and provide a Pre-Approval letter?
"Amount Financed" for Personal Consumer Loan
07/18/2011
We have been getting conflicting answers on this question. For a personal consumer loan (car, secured, etc), if the customer pays the application fee out of closing (POC), do we deduct it from the amount financed? Example: Customer is getting loan for $2500.00 and she paid the fee herself instead of from proceeds. Would the amount financed be $2500.00 or $2375.00? We have been told to do it both ways. What is the correct way?
What Dictates # of Days Until the First Payment?
07/18/2011
What dictates the number of days until the first payment? In Tennessee, I was always told that it was no shorter than 30 days before the first payment due but could be up to 45 days to the first payment due.
Pre-Approval v. Pre-Qualify for Auto Loan Special
07/18/2011
What is the difference between prequalification and preapproval for an auto loan special? If we offer preapproval, can we still make it dependent on income and employment?
Increasing the Loan Amount for 2nd Mortgage
07/18/2011
A request was made to increase the loan amount for a second mortgage. Does this require a re-disclosure?