04/25/2011
Do you have to have a signed application before pulling a credit report? If not, is documenting "application taken by phone" enough to satisfy FCRA?
03/07/2011
Could you please settle a disagreement we’re having regarding MLOs as defined by the S.A.F.E. Act? All of our mortgage (as defined by the S.A.F.E. Act) underwriters receive only straight salary compensation. They receive no additional compensation, e.g. incentive pay, bonuses, commissions, based on the number of mortgages they underwrite or the rates and terms of those mortgages and they do not engage in any solicitation of mortgage loan business. All rates and terms are set by senior management. There are no rate spreads and all underwriters are bound by the set rates and terms. They engage in no negotiating of rates or terms with applicants. Although manufactured home underwriters are permitted to consider a written request from an applicant for a deviation from the posted terms, the granting of the requested term does not affect the underwriter’s compensation. Do you believe these underwriters would be considered MLOs as defined by the Act.
02/28/2011
I once read something that stated the Equal Housing Lender logo (EHL) should be displayed anywhere a home loan application is received. Should a national bank have the EHL logo displayed on each loan officer/customer service desk where home loan applications are received or is the lobby poster sufficient?
12/13/2010
Reg. B includes signatures or inititals of borrowers regarding joint intent. Is it necessary to have the borrowers sign/initial again when extending or modifying the original terms of the note? I am assuming no, since it is required at application, which has already been satsified.
10/18/2010
We qualify loan applicants based on gross income. Our credit officer says that tax free income from SSI or VA Disability is the gross income and shouldn't be grossed up. I say the income is net and should be. Who's right? If we don't gross tax SSI up, are we discriminating?
10/18/2010
The bank wants to give a gift under $25 for all customers who fill out applications for credit cards or loans. This promotion will be held at branches in certain areas, but not statewide. Flyers will be available at all the personal bankers' desks. What would be the compliance requirement?
09/27/2010
Do all the compliance documents and applications need to be dated?
08/09/2010
Marketing wants to advertise that we have instant approvals for online applications. In fact, we will look at the credit score and terms requested, but some applications will be told their request is pending or is referred to a lender for review. I'm not keen on this ad from a compliance perspective, but what can I say to back this up?
04/12/2010
Will you explain the difference between a prequalification and a preapproval for HMDA, RESPA and OCC purposes?
03/22/2010
Under Regulation B of the Equal Credit Opportunity Act, when applying jointly, we have to get signatures or an initial for the intent to apply jointly. What if it's a modification with a new application?