08/07/2022
What are the requirement for filing a SAR if a customer is suspected of mortgage loan fraud. Are we required to file if it's only suspected?
03/23/2020
If the bank charges PMI and doesn't have a PMI insurance company that it has to pay can the bank truly collect the PMI? For example, if the bank had loans that didn't sell on the secondary market, and the insurance gets cancelled, can the bank still collect for the PMI?
03/18/2018
As long as the borrower signs their personal financial statement, is it OK for the lender to fill out everything else in their handwriting?
I remember being taught at a different job that a lender should never put their pen to the borrower's PFS. But as long as the borrower signs it then what is the harm?
02/04/2013
We have a customer that deposited a check from a friend. The check was a convenience check on the friend's credit card account. Right now the issuing bank tells us that check has cleared. What will happen when the friend gets their credit card statement and they didn't actually write that check and it's fraud? What are the return time frames that credit card checks fall into?
04/30/2012
When a customer applies for a mortgage loan, is it necessary for us to keep a copy of their entire Tax Return?
06/27/2011
Define a "tainted" account on an accounts receivable summary.
01/17/2011
I recently heard an experienced mortgage banker say that some bank governing body (not sure which one or if it's all of them) advises against keeping an actual copy of a customer's drivers license in the loan portfolio. Instead, we should just be keeping the valuable information from the document in the file. Is this truly valid?
11/08/2010
I have a home improvement loan which is secured by real property and is being used for college tuition. Is this HMDA reportable? The funds are not being used for repair or home improvement at all.
12/15/2008
A customer inquired about a credit line deed of trust using his residence as collateral. He wasn't ready to submit an application, he just wanted to know what would be involved. The subject of appraisals came up and he asked who our approved list of appraisers were. I told him if and when he was prepared to submit an application to come back in. Two weeks later while I was on vacation, he came back and left an appraisal preformed by one of our approved appraisers. On the front page it said that the appraisal had been ordered by the bank. Can I accept this appraisal or has it been tainted?
09/03/2007
If I have an addendum stating that the purchaser of a property is to receive all equity in home at closing, how does that show on the HUD-1 statement. What is the proper way to do this? Is this allowed? Example borrower and seller agreed on sales price of $100,000, home has appraised for $120,000 and purchaser has loan from lender of $120,000. After fees and payoffs, etc., purchaser is due back $10,000 and lender does not want this on HUD-1 statement. The seller has agreed to pay this amount to purchaser. The lender does not want to see this addendum. My question is can we do this? How should the HUD-1 read? Why doesn't the lender want to see this addendum? As a realtor should I do this addendum?