03/27/2006
Our Bank currently back dates all consumer loan payments, stating the regulations require it. If this is true, and all consumer loan payments have to be applied the same day they are received, are they subject to the bank's cutoff time? Would all consumer loan payments received after 3:00 p.m. be posted to the next days business?
02/13/2006
BACKGROUND: Usually our applications are completed by brokers, and forwarded to us by mail. The brokers do not normally have face-to-face interviews themselves. However, there have been a few times when the broker has had a face-to-face, the applicant declined to furnish, and the broker did not complete the information based on visual observation. QUESTION: In these cases, are we required to call the broker to get the information since the application was taken face-to-face? OR Since our financial institution received the application by mail, would it be correct to use the declined to furnish codes?
01/16/2006
I've been constantly running into a "You are not in compliance" issue in the company where I started working recently. Let's say I sent the application package to my client dated 12/01/2004. The client send the signed and dated package back one month later. My processor is insisting that the client should've dated it within 3 days. Otherwise, it's not in compliance. I think it does not make sense. If I send the package by regular mail it can take 5 days to deliver it, not to mention that the client may not sign it right away, and then it will take another 5 days to get the package. Please explain this 3 days compliance thing. I don't think my processor is interpreting it correctly.
10/17/2005
At a grand opening or moving project, we would like to use a prize wheel. The prize wheel would only have items that range in value from $1.00 to $25.00. The $25 items obviously being the single panel on the wheel. If anyone who spins the wheel is guaranteed some specialty object or prize, can we use it at an event? In other words, there would be no “Lose Turn” or “Bankrupt” as seen on TV. Prize wheel gifts will be changed on a regular basis. And, in order to be able to spin the wheel you have to bring in the direct mail piece. No account existing or new account is necessary in order to participate. Is this a problem?
09/19/2005
I understand that once an application is taken and credit is pulled the lender has 3 days to mail or have the customer sign RESPA GFEs. However, what does a lender do if the customer is looking to purchase a home or is just shopping and the information to complete the application or GFE is insufficient such as loan amount, etc. What does the lender do at this point?
08/29/2005
For initial disclosure purposes on a retail loan, we usually take phone apps. We obtain the borrower's signed credit authorization and then once credit is pulled we call the borrower and finish filling out the application. I have always been told that we need to send out our initial disclosures within three days of either the credit report or the signed application, whichever came first. I am now being told I am out of compliance because I disclosed too early. Please let me know what is the rule?
08/01/2005
If we receive an application on a Saturday, do our disclosures need to be sent out by Wednesday or Thursday, for RESPA and Reg. Z? We are open for business on Saturday's but do not do all business functions on that day. All business done on Saturday is dated as of Monday's date. Do we still need to count Saturday as the "received" date of the application?
05/23/2005
Could you please tell me the criteria for the estimated truth in lending and good faith estimate and when it is required and when it is not?
01/17/2005
If a borrower makes a "face-to-face" application, do the early/predisclosure forms have to be given to them on that day, or do we have three days to mail them out to the customer?
01/03/2005
How do we document in our files that we have sent out Early TIL disclosures on a timely basis? We keep a copy of the Early TIL in the file, but it is not signed by the customer in some cases (if the lender mails them rather than giving them to the customer at the time of a face-to-face application). I am told by our lenders that borrowers don't always return a signed copy of the Early TIL, so that can't always be relied upon for proof. Any suggestions?