06/09/2014
We would like to develop a clear set of parameters for defining an application vs a prequalification. Is a credit report considered a verification document similar to a sales contract or can we indicated that a credit report is part of our bank defined documents? For example ... we would define an application as having: name, SSN, monthly income, property address, loan amount, value of property and a credit report but if there was no credit report we would define that as a prequalification. Would you agree with this determination?
06/09/2014
We would like to develop a clear set of parameters for defining an application vs a prequalification. Is a credit report considered a verification document similar to a sales contract or can we indicated that a credit report is part of our bank defined documents? For example ... we would define an application as having: name, SSN, monthly income, property address, loan amount, value of property and a credit report but if there was no credit report we would define that as a prequalification. Would you agree with this determination?
12/16/2013
I am trying to determine if our mortgage company has to send a separate notice, aside from the required Reg. B notices, when an applicant withdraws his loan. Are there different requirements depending on the state?
06/17/2013
Must a loan officer sign an application that has been submitted on line and is filed as incomplete?
06/03/2013
I have a purchase money mortgage with a non-occupant co-signer. Can both parties sign one set of disclosures and one loan application or do we need them to each sign their own set?
05/13/2013
Our bank does not require applications for commercial loans booked to entities. If the entity requires more than one signature, is a Reg B joint credit application form required? Is a Reg B joint credit application form required when you have personal guarantees on an entity loan?
03/25/2013
We are considering taking loan applications online. What are some key things that need to be considered as we go through this process? What questions should be asked?
03/25/2013
We have been getting a lot of applications for purchasing short sales. These deals take months to go through the process. How do we handle these for HMDA reporting since they take so long for the approval of the short sale from the bank that owns the property?
01/28/2013
In an indirect lending situation if you decline an applicant for delinquent credit and the same day the application comes back in with no changes other than the collateral is a subsequent adverse action notice needed?
11/12/2012
Are there any specific regulations that state who would have the authority within a financial institution who can deny credit? Should that individual have the lending authority to approve what credit is being denied? Ex. customer service rep denies credit applications but that customer service rep has NO lending authority.