09/17/2012
When a commercial department is presented with an opportunity to provide a term sheet for a commercial loan - prior to receiving a loan application - is this request to be considered a loan application? Does a HMDA-reportable issue apply if the bank never received a loan application and there is no loan decision?
08/13/2012
Once we take a residential mortgage loan application over the phone, we send the 1003 and initial disclosures to the applicant. Would we be prohibited from providing a written notification with the loan package that instructs the applicant to return the documents to us within 14 days or the bank will consider the application to be withdrawn by applicant?
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?
05/07/2012
Are there any penalties imposed if an institution collects Monitor C information for HMDA on both the loan application and the Monitor C form?
04/23/2012
In Settlement Statement (HUD-1A), Secion 804 Appraisal fee Question. Normally, lenders receive appraisal fees at the loan application. In Good Faith, the fee will be disclosed. What is the proper method in recording the appraisal fee in the HUD-1 OR HUD-1A? Is it correct to record "the fee to ABC Appraisal Co in Section 804 as P.O.C." and in Comparison of Good Faith Estimates (GFE) and HUD-1A Charges, to record the fee in Good Faith Estimate and HUD-1A, althought the automatic software will not record the fee in HUD-1A)?
02/13/2012
What is considered the application date on a commercial loan application. Is it the date credit is pulled? I just need to know when the clock starts ticking to make my decision (denied, approved, etc.).
10/03/2011
A borrower cancels his loan application within 30 days of application and has not provided all necessary income/asset information to make a decision on that loan. Is this a withdrawn loan or an incomplete loan?
08/01/2011
We decline a consumer loan application because the loan amount is less than our policy allows. What is the reason for denial indicated on the notice of action?
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?
01/03/2011
I had a mortgage loan application which I denied. The counter offer was accepted and the GFE and other disclosures went out in a timely fashion. Am I required to file the denial even though I made the loan based on the terms of the counter offer? If so, do I report both the denial and new loan to HMDA?