05/19/2024
We have an employee that serves as the bank's Bankruptcy Officer. This employee does not lend directly to the public. They do not have an approved lending limit. This employee negotiates with the trustee/court/lawyer/borrower on an active bankruptcy to restructure loan terms according to the bankruptcy agreement.
Would this employee need to be a registered MLO (SAFE Act) if they are negotiating terms for an active bankruptcy on a consumer mortgage loan?
04/21/2024
If I am registered mortgage lender under a Montana NMLS number, working for a community bank registered under a Montana NMLS number, can we originate and service the loan if the real estate collateral is in another state?
08/21/2022
What loan types must be provided a Notice of Servicing Transfer?
03/13/2022
A loan officer signed the initial 1003 application on Jan. 5, 2022. At that time he did not have an active license. When he signed the final 1003 he was back in good standings, but he was not authorized from Jan 1-Jan 5, 2022. Is this going to cause any type of issue with this loan?
03/14/2021
What are the differences between a deed of trust and a mortgage?
03/07/2021
intent to proceed prohibits charging fees other than for credit report before the Loan Estimate is provided and the applicant's intent to proceed has been confirmed and documented. If due to a technical issue which we discovered post closing the Loan Estimate was never sent to the borrower, is the lender obligated to refund all closing fees based on the Intent to proceed rule?
03/07/2021
What types of one-time events are tracked in tickler files?
01/03/2021
Regarding NMLS: We have an employee who came to us already registered with an NMLS number which we transferred to our bank. The intent was to have her work her way into a lending position after sufficient training. Her role has changed and she is no longer going to be a possible MLO.
Since she is NOT in an MLO position but still has a number, is it required we include it on all of her correspondence, business card, etc. when she is not serving in this capacity? We may consider not renewing her NMLS at some point but she is renewed through 2021.
09/20/2020
Our mortgage department is putting together a script for a generic radio ad promoting their department and our offering of home loans. I know the obvious requirement of FDIC and EHL being mentioned. However, I'm unable to find concrete support as to whether our bank's NMLS ID must also be included. I saw a comment in the forum stating that banks aren't required to include it but can't find regulatory guidance to support that. Can you offer me some wisdom or direct me to a resource? I'm in Texas, by the way. I've also searched for state specifications and came up empty.
12/08/2019
Does a mortgage lender's business card require an Equal Housing Lender logo?