07/04/2011
We take an application and we pull credit. The scores do not qualify them for a loan. We have a property address and no income. Do I have to put this on the HMDA LAR?
07/04/2011
What do we need to do to be exempt from the SAFE Act requirements under the de minimis exception? Do we need to count the number of applications for residential mortgage loans or is it the total number of residential mortgage loans that were actually booked by one individual in a rolling 12 month period?
07/04/2011
I have a customer who has a representative payee on his account. The customer has come into the bank to do a credit application. I know that having a rep payee does not indicate incompetence. However, is there any due diligence that should be done before extending credit? Also, the only income is paid to his rep payee.
06/27/2011
What is the difference between a pre-approval and a pre-qualify for a home loan?
06/27/2011
The ECOA came out last year stating that creditors cannot discriminate on the handling of credit report fees on the basis of marriage. The two companies that we pull credit reports from do not charge differently if we pull a single report or a joint report. Where we think that we see a possible concern when we have 3 borrowers on a loan (2 married and 1 parent). The parent will be charged the same as the joint children. Is this a potential discrimination? Please clarify for us when an application is really considered a joint application. Is there any guidance out there? When should we be using 1 application verses 2 applications or 2 verses 1? Any guidance would be greatly appreciated.
04/11/2011
Currently our policy is when we have a face to face application and only the applicant is in front of the loan officer, he/she marks the face to face box and the 3 boxes,( ethnicity, rate and sex) for the person in front of him/her. It is then our policy to contact the other applicant by phone and ask the GMI questions of the person that was not in front of the loan officer. Next the loan officer is to complete the GMI for that applicant (indicating he/she does not wish to furnish the information OR completing the 3 boxes) but write on the signature line that the information was taken by phone. Is that correct? Or on these face to face applications should we be completing the GMI information for the applicant that is not in front of the loan officer based on observations such as their last name or ask the applicant that is in front of the loan officer?
03/07/2011
My question pertains to government monitoring information collected on loan applications. If an application is received in the mail or dropped off at our bank and the government monitoring information section is only partially completed (the ethnicity or race box may not be marked), does responsibility fall on the representative handling the application to complete the sections not documented by the applicant?
01/24/2011
As a lender, if we receive a third party application and the GFE is incorrect, could we re-issue a new GFE? If we receive an application from a third party broker (application only) and issue a GFE, is this considered a HMDA reportable loan, although we are not making a decision on this yet, and do not know if it will eventually be a viable loan?
01/24/2011
If we receive a closed end consumer residential ARM loan application via email, when are we supposed to send the CHARM booklet and ARM early disclosures: the day we gave the application to the customer to be filled out or the day we received the application from the customer?
01/17/2011
I participated in two of the BOL SAFE Act seminars, and I still have a guestion concerning the National Registration of Loan Assistants. The LAs are "conduits" for the Lending Officer, accept applications, and communicate to the client for the commercial loan officer. They have no lending authority; do they need to register? I said that they do, and then since they have no lending authority or negotiating authority, I wonder. This seems to be a very gray area in the rule.