08/18/2024
I am auditing our withdrawn files. I was looking at a number of Approved-Withdrawn files and I was wondering if any documentation or any notation is needed?
07/21/2024
In reviewing our Consumer Loan Application, I noticed there is no formal Reg B section in which the Borrower(s) indicate whether they are applying for individual credit or joint credit. In my prior employment, the applications always included a formal Reg B section. Is this formal section required?
02/25/2024
Can you remove the primary borrower off a pending loan? I was under the impression that as long as both borrowers were married, and they both completed the application and received the initial disclosures that the primary borrower could be removed and the co-borrower moved over to the primary borrower position. This was the only way, and any other attempt would result in a denial, or withdrawn application.
We have done this with a couple of our loans, but upper management wanted documentation stating that this can be done.
04/23/2023
If I outsource my real estate valuation program to an appraisal management company (AMC), what are my obligations?
12/25/2022
If the borrower receives funds as the rep payee for his disabled brothers, can that money be counted as income for the borrower when completing underwriting?
11/27/2022
We receive submitted applications from our website that are considered complete per TRID. Upon receiving the submitted application, we attempt to directly contact the applicants by phone or email regarding the application and items needed to make a loan decision.
If we do not receive any contact from the applicant, what are the notification requirements? Should the app be considered incomplete and we send a Notice of Incompleteness and if there is still no response by a certain date, we can close the file? Also, what would the timing requirements be to send the notice and then to be able to close the file?
09/11/2022
Denying a Joint Application
11/14/2021
If we have a commercial purpose loan to purchase a 1-4 family home for rental, do we use the 1003 application or the standard commercial application?
03/21/2021
Are there systems for automating pipeline reports for lenders?
08/30/2020
If a home equity loan application is not decisioned within 3 business days and preliminary disclosures are not sent out within those 3 business days, does the application need to be canceled and a new application keyed in? That is our current practice and it's a nightmare for HMDA monitoring submissions.