Most Popular Lending Content
Force Placed Insurance Question
12/08/2024
We are looking into changing our procedures regarding force placed insurance, on both hazard and flood. Currently, we have been increasing the principal balance of the loan and including the premium in our coverage amount. We have not however; on flood, been pulling another flood determination or providing a new flood notice. We thought since they were “life of loan”, we were ok. We are wanting to change the procedure, to adding the force placed insurance as a fee and renewing/charging at time of balloon. My question is…are we in compliance if we only cover the principal balance and not include the payoff (which will contain our premium)?
Loan officer credits to borrowers
12/01/2024
Can a loan officer give a borrower a credit from their lender paid compensation?
Document backlog at a bank
12/01/2024
What is a “document backlog”?
LTV on a Lease Assignment
11/24/2024
When securing a loan with an assignment of leases and rents, how much could be advanced compared to value of the lease assignment? Is there any "standard" which is acceptable?
Applications, Reg B, Fair Lending
11/24/2024
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 This was the only way, and any other attempt would result in a denial, or withdrawn application.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.