05/13/2013
Our bank does not require applications for commercial loans booked to entities. If the entity requires more than one signature, is a Reg B joint credit application form required? Is a Reg B joint credit application form required when you have personal guarantees on an entity loan?
01/07/2013
This question is about HMDA. We have many loan officers who take complete applications then cancel loans and start over for a number of different reasons. When they do this are all the loans HMDA reportable?
11/12/2012
Are there any specific regulations that state who would have the authority within a financial institution who can deny credit? Should that individual have the lending authority to approve what credit is being denied? Ex. customer service rep denies credit applications but that customer service rep has NO lending authority.
07/16/2012
I cannot find the record of retention for ATM/Debit Card applications or alterations in the state of MI. How long must they be kept?
07/09/2012
We recently had an FDIC compliance exam and were criticized for gathering information on some home equity refinanced loans. We had been told in the past that if it was a refi, we should get the info...we are not a HMDA reporting bank. This examiner said that according to Regulation B it depended on what the principal percentage of what the refi was used for...either purchase money or HE. We checked with several non-HMDA banks and they are doing it like us. The examiner said we could question it, but this was his determination. Any help?
03/26/2012
I'm not finding too much written about ECOA Section 704B (collect and report information concerning credit applications made by women or minority-owned businesses and by small businesses). Has there been a guidance about how to collect the data, what form to retain it and how to report it to the CFPB?
03/26/2012
If you do not service all loans, are you required to submit HMDA/LAR? All Loans are sold to the investor.
03/12/2012
This question is in regard to Consumer Loan applications (such as car/boat/RV loans and personal loans and non-dwellings related). Our Consumer Loan Division uses the credit score from a credit bureau as one of the input attributes to decision (approve, decline, or counter offer) an application. The Consumer Loan does not use Risk-Based-Pricing - in other words, for those applications that are approved, they all receive the SAME pricing terms (e.g. same interest rate). For declines, we disclose to the customers the Credit Score Disclosure that includes the 5 elements - (1) The actual numerical score used in the adverse decision; 2) The range of possible scores under the model used; 3) All key factors that adversely affected the credit score; 4) date score was extracted; and 5) the bureau used and contact as modeled after form C5. Our question is for those applications that are approved. Do we need to disclose the Credit Score Info? The argument for NOT needing the Credit Score Disclosure or RBP are these customers are approved and do not receive unfavorable terms. Should we disclose Credit Score Info even for applications that are approved (same as what we do for declines)?
03/12/2012
I read online a Right to Receive a Copy of an Appraisal notice is not required on a renewal note when pulling forward an existing appraisal/evaluation. Is this correct?
06/06/2011
For what type of consumer real estate loan is there a 7 day waiting period?