Most Popular Lending Content
CAC: The Consumer Outlook
07/01/2002
The Consumer Advisory Council ("CAC") met for the second time this year and discussed the hottest topics of interest to consumers: privacy notices and CRA.
Privacy
The 45 Day "Rule"
07/01/2002
Our bank feels that the first payment date on monthly installment loans cannot be more than 45 days from the date of the note. I've called the FDIC and they know of no requirement like this. A prior bank had a rule that if the installment loan was 12 months or more, the first payment had to be between 19 and 51 days out. If it was under 12 payments, there was a narrower window for the first payment. Does anyone have a clue if these are old wives tales or is there some legal basis to this?
Finding Finance Charges
07/01/2002
No matter how you count or measure compliance risk, Truth in Lending has led the list for decades. The number of errors that translate into violations is always high.
Fee to Realtor for Taking the Application
07/01/2002
Is it a RESPA violation for a mortgage lender to pay a % of the loan commission to the Realtor if the realtor actually takes the loan application and the fee is disclosed on the settlement statement?
HOEPA Changes Explained
07/01/2002
Is there a simplified summary of the current, pending HOEPA changes/regulations, pertinent to a mortgage nondepository lender?