Most Popular Lending Content
Maintaining an “arms length” distance from settlement service providers
11/03/2024
Is it okay for us to share subscription services that the bank has access to with our mortgage service providers?
Loans Require Deposit Account
11/03/2024
To get an auto loan our credit union requires the person to be a member. This requires a deposit/share draft account. Is this an allowable requirement to qualify for a loan?
FCRA Signature Required?
10/27/2024
We are transitioning to a new loan software program and have noticed the Negative Information Disclosure document provided at closing is not providing a signature line for the borrower to sign. Our current loan software has the signature line that isn't removable so we have always assumed it was required. I cannot find any information in the regulation that a signature is required. 1) Is a signature required and 2) If it is not required to obtain signature, is it required that we retain a copy of it with the closing package to show examiners it was provided at closing? It just seems odd from what we have always seen and would like to know if we should request a signature line be added.
Late Fees and Insiders
10/27/2024
Overdrafts may be one issue, but what about a late fee waiver on a loan for bank director - would this be a violation of Reg. O?
Can we advertise a credit card product as “fixed” if it has a fixed introductory rate?
10/27/2024
We have a credit card product that has an introductory “fixed” rate that changes after 12 months to a variable rate APR. Management wants to really promote that fixed rate period, but I don’t think we can use the word “fixed”, can we?