Most Popular Compliance Content
Military lending and major problems
03/24/2024
What’s the most severe penalty for a military lending violation you’ve seen?
Prequal Disclosures Required?
03/24/2024
A broker sends a potential borrower to the bank. He wants to pre-qualify for a loan that will be a finished house in a builder's subdivision which is represented by the broker. The dwelling will not be finished for 6 - 12 months. The bank received the application from the broker and pre-qualifies (no pre-approval program) for a later date. There would not be any early disclosures at the type of the pre-qual, correct?
Business Loan Appraisal Availability
03/17/2024
I am commercial loan broker, I have applied my client for an SBA 7a Loan, and we are near closing. The appraisal report is done, but the banker with whom I communicate, said to me that the appraisal is only available after closing. Aren't they allowed to send it, or he is doing it on purpose so we don't go with another lender?
Which Address on Flood Policy
03/17/2024
Can the legal address be used on flood policy instead of the physical address? This issue has come up where the insurance company is refusing to change the address. We asked if we could use the legal address instead.
Next Day - Same Day Availability
03/10/2024
We were recently audited and it was noted that because a customer can immediately withdraw funds from a deposit made that same day, that we should be disclosing as a same day availability bank. instead of next day availability. What is your opinion and how do you recommend wording the change on policy, notices, and disclosures? It seems most examples I find are all next day examples.