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Latest Lending - Mortgage Loan Originator Topics

Does a Bankruptcy Workout Require an MLO

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?

NMLS Exclusive to State?

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?

MLO-NMLS Issue

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?

Loan Estimate not Sent to Borrower

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?

NMLS Number for Employee who is not MLO

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.

Bank's NMLS ID for Advertisement

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.

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Offering loan application forms online

04/27/2025

We are considering putting our loan applications online as a PDF because we get asked a lot if we offer this. I am having trouble locating the do's and don'ts of this. Can someone please guide me in the right direction?

Refinancing a construction loan

04/27/2025

We are refinancing a construction loan to an amortizing monthly payment loan effective March 18, 2025 (the maturity date of the construction loan). Our early disclosures are dated 3/18/2025. Since closing must be at least seven days later, can we date the note March 18, 2025, even though the actual closing date will be April 4, 2025? If we can date the note March 18, 2025, does the customer have to pay interest from March 18 to April 4.?

Should fraudulent applications go on HMDA LAR?

04/20/2025

Are applications submitted with fraudulent information HMDA reportable if they reached an application status due to fraud? We have received a fraud trigger but it also reached application status for HMDA reporting.

Adding a prepayment fee

04/20/2025

We have a single-closing construction-permanent mortgage product (12-month construction, 29-year permanent mortgage). Would we be able to charge the borrower a 1% fee if they pay off the loan before it converts to the permanent mortgage, or would that be a violation? We know we cannot add the fee to loans that have already closed. This would be a change affecting future applicants for this product.

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