Most Popular Lending Content
Advertising, IRS tax forms, Privacy, RESPA
11/24/2024
Our marketing department brought up the idea of handing out $50 coupons to our customers to entice them to refer folks to get a mortgage loan with the bank. The idea is that if a customer refers someone for a mortgage loan and it closes, the customer can redeem the $50 coupon for cash. I reviewed 1026.36 but it only seems to cover MLO compensation. RESPA's 1024.14(b) seems most applicable but i'm not sure if that just pertains to the parties involved in the transaction. This would be a referral for our customer who told someone to get a mortgage with us. Are there any regulations on a $50 referral ‘bonus/compensation’ to our customer for referring someone to one of our MLO’s to close a mortgage? It seems similar to what the big banks do with something like a $200 bonus to open an account with them.
Customer service issues caused by paper documents
11/24/2024
How might a paper-based approach lead to customer service issues?
Loan files and financial institutions
11/17/2024
What are the main use cases for loan files?
HMDA reporting and loan purpose
11/17/2024
If we have a consumer HELOC denial with the stated purpose of "purchase land to build a gas station," is it HMDA reportable?
HELOC historical table and SOFR
11/17/2024
Reg Z section 1026.40 requires us to disclose a historical table to reflect the most recent 15 years of index values. However, SOFR has only been available since 2018. Do we only need to disclose the years starting from 2018 even when the length of the plan is more than 15 years?