03/15/2010
What regulation dictates that a credit report cannot be ordered prior to the receipt of mortgage loan application?
03/01/2010
If a customer has applied for a construction loan, and at the same time we considered that application we submitted a loan prospector to Freddie Mac to pre-qualify for the end loan, when do we have to send the earlies for the end loan? There is a six month lapse between construction to perm. Do they need to fill out a new loan application for the purpose of the earlies being dated in time with the end loan?When an applicant applies for a debit card and is denied, I understand that if you use a third party for credit checks, then you must follow the FCRA guidelines on denying that customer, but is there a reg or guideline used when you don't use a third party to collect credit info, based on bank information, such as a repeated overdrafted accounts?
03/01/2010
I have a borrower who applied for a commercial loan which her parents guaranteed along with her, due to her income being insufficient. The loan was declined. Do I have to send an adverse action letter to each of the parents as well, since they were guaranteeing the loan, or just to the borrower?
02/22/2010
Does the FACTA (Notice to Home Loan Applicants) disclosure require the customer to sign and date that they received it? The disclosure that is part of the credit report has a line on acknowledgment asking to sign and date.
02/15/2010
When is an application subject to RESPA, requiring disclosures to be sent? Is it when you have taken the initial 1003 by phone or email, or is it when you have a signed 1003 by customer and have verified income and assets, etc?
02/08/2010
We have an online mortgage center that allows customers to apply for a mortgage online. The issue we run into is with customers who start their application and don't finish. Right when they start, credit is pulled and until they hit the submit button and acknowledge all the disclosures, we don't really have an application. However, credit has been pulled. My problem/concern is really four-fold. <ol><li>Would this loan be HMDA reportable (if it met one of the three reasons) based on just credit being pulled and an application not being completely finished? <li>Does Reg Z start the day credit was pulled regardless of whether the customer completed the rest of the information or not? <li>If our Reg Z (three day) count starts when credit is pulled, then what do we do if we aren't able to get the customers to complete the application within that three day time frame? <li>Would those loans need to get a Notice of Action taken within the three days stating that it was closed for incompletion?</ol>
11/23/2009
If we just pull a credit report, are we obligated to send out an adverse action if we do not hear back from the customer within thirty days or longer?
11/16/2009
If a borrower owns commercial property, which he leases out, and the owner gives the financial institution authorization to pull credit along with an assignment of owner's interest in the property, can the financial institution pull credit on the signed leases?
11/16/2009
Every place that I have looked states that you may pull a credit report for employment, for hiring, promotion, reassignment or retention. If you hire someone, and two days or a month later you pull a credit report, would that be considered permissible as ongoing employment?
11/09/2009
If a lender pulls an applicant's credit report more than once, is the lender required to provide a credit score disclosure each time the credit report is pulled?