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?
01/06/2019
This question is in regards to collection of demographic information in a face-to-face interview. The applicant checked Mexican under the Ethnicity section but did not check Hispanic or Latino. The loan officer checked Hispanic or Latino and answered "Yes" to "Was the ethnicity of the borrower collected on the basis of visual observation or surname?" Now we are getting validity exception V629. Should the loan officer have checked "No" to the information was collected based on visual/surname?
10/11/2015
Is a notification required to the consumer after 'conditional approval' has been granted and the consumer does not respond back with the necessary information or documents?
07/26/2015
Does the Joint Credit under Regulation B applies to a 90 day extension of an existing loan? We are only extending the maturity date to allowed additional time to analysis and review.
06/09/2014
Regarding the new ECOA Valuation Rule that amends the appraisal provision of ECOA's Regulation B. Would it apply to home builders? I can't find anything in the regulation that it wouldn't.
06/02/2014
Does the new appraisal rule under the ECOA apply to Home Builders?
01/14/2013
Will the address of the CFPB be required on all ECOA Notices beginning on January 1, 2013?
10/22/2012
Regarding Adverse Actions - Everything we see says we need to keep consumer ones for 25 months. Our compliance person, now says we need to keep them for 5 years because of the Consumer Financial Protection Bureau. Have you heard anything about this?
06/25/2012
For ECOA purposes only is a mortgage lender required to have a loan application taken, processed and submitted to underwriting within 30 days so that an underwriter can issue a conditional approval? Please explain when the "30 days" starts ticking for the lender to issue a decision? Can a decision be made just from the 1003 or does a fully processed package need to be submitted?
04/09/2012
Regulation B. Recent third party compliance audit stated that when we provide the applicant with 'Notice of Incomplete Application and Request for Additional Information' form, it must include the ECOA notice. If not, we were told that we must then send 'Notice of Denial' if we do not receive requested additional information from applicant. We disagree and feel that the 'Notice of Incomplete Application and Request for Additional Information' form without the ECOA notice is all that is required.