Most Popular Lending Content
Documentation of approved/withdrawn applications
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I am auditing our withdrawn files. I was looking at a number of Approved-Withdrawn files and I was wondering if any documentation or any notation is needed?
Managing construction loan disbursements
08/18/2024
Can a dividend-bearing restricted account be used instead of an escrow account for a construction loan?
The ARM notice is giving a customer major heartburn
08/11/2024
A customer just received her initial ARM adjustment rate notice, and is kind of flipping out. She thought she was paying a lot more toward principal, and with the rate now adjusting up, she is even more dismayed to see how much will be going to interest. Do we HAVE to break down the principal and interest amounts on her ARM notice, or may we just say the total projected amount?
E-signatures on promissory notes
08/11/2024
Does a promissory note have to be wet-signed, or is an e-signature acceptable?
HMDA filing compliance involving an acquired branch
08/04/2024
We are currently in the process of acquiring a branch of another financial institution. I am by no means a guru in HMDA but certainly not in acquisitions and this is the first time we've done this in a long time (before my time). I am under the impression aftery some reading of the HMDA Getting It Right Guide, that we have to report the loans we obtain through the purchase. This is okay, but I have others saying that we only have to report the ones they originated in 2024, which I don't think is accurate, but I could be wrong. Additionally, the other institution's staff members aren't being very forth coming with information and have advised that we will get the information for the files we are getting, however, we will have to go through it to gather the HMDA required data, as they will not provide us with a LAR. I'm also trying to decipher the guide and if we qualify to not report certain fields, like Loan Costs, Origination Fees and Discount Points.