Most Popular Compliance Content
Remember the SCRA when reporting loan history
10/16/2022
Can we report a past due loan to the credit bureau when SCRA protections apply?
How Licensed Financial Institutions Stay Compliant
10/16/2022
How can banks stay compliant with transactions while not using ACH?
Borrower Submitted RE Inspection Photos
10/09/2022
Does the OCC or other regulatory agencies specifically allow or frown on borrowers taking photos for real estate inspections if the lender requests these through the Verisite Firewall application? The Verisite mobile app can geocode the photos for location confirmation but having the borrower involved may be an issue. Otherwise this could be a way to expedite the processing on some loans.
Is this structuring?
10/09/2022
Am I encouraging a customer to structure if I make them run cash as a deposit into their account ,and then debit their account for a cashiers check instead of letting them just purchase a cashiers check with cash? I like to have a paper trail and proof that the purchaser is a customer, that is why I run it through an account first.
Disclosing Appraisal Costs on an LE
10/09/2022
If we disclose a cost for an Automated Valuation Model/Investment Valuation Model (AVM/IVM) or basic evaluation on the Loan Estimate but the valuation amount comes in low and does not support loan request, if the borrower then requests a full appraisal in hopes of a higher estimated value, are we able to send a new LE with the additional appraisal cost since the borrower requested the full appraisal or does the financial institution need to "eat" the additional appraisal fee because we had already disclosed a lower fee amount?