12/17/2023
Are short term loans (loans that will not be satisfied and replaced with permanent financing; paid out in full instead) subject to HOEPA and HPML?
I see that temporary loans and bridge loans -12 months or less (loans that will be satisfied and replaced with permanent financing) are not subject to HPML.
I believe temporary and short term loans are subject to HOEPA though.
12/10/2023
We want to offer finacial webinars in Spanish to consumers. These would include smart ways to purchase a vehicle or a home and we have many more topics in mind. Would we need to supply disclosures or other documents in the Spanish if we do this?
12/10/2023
A UCC filing fee paid to a government entity to perfect a security interest in a consumer product must be listed in the Fed Box to avoid being a finance charge and included in the APR. Our filing fee is paid to a non-government third party vendor. Because of this third party involvement, our compliance department feels the fee should not be listed in the Fed Box. If all or a portion of filing fee we charge to the borrower will be paid to the government entity I feel that portion should be noted excluded from the finance charge and APR. Do you agree?
12/03/2023
Is there any requirement to disclose the specific rates used to calculate purchase, balance transfer, and cash advance APRs in the credit card agreement, if that information is already clearly disclosed with all other required pricing information (as defined in Reg Z 1026.6(b)(2)(i) through (b)(2)(xii))? This is already provided on our Interest Rates and Fees Disclosure form provided to the applicant with the card.
For example, our credit card agreement (a separate document from the Interest Rates and Fees Disclosure) includes "For the non-promotional purchase and balance transfer APR, we add X.XX% to the Prime Rate. For the cash advance APR, we add XX.XX% to the Prime Rate. However, all of this information is also disclosed on our Interest Rates and Fees disclosure, which is given to the applicant with the Account Agreement and card.
11/26/2023
Is a customer required to sign an intent to proceed? I have not found that in the Reg.
11/19/2023
Is the Home Loan Toolkit required to be given when no address is listed (such as a pre-approval) for a home purchase loan?
11/12/2023
The Military Lending Act does not specify if the Act applies to an open-ended Overdraft Protection line that is tied to a checking account or a closed-ended loan secured by the applicants’ deposit accounts such as a savings and/or certificate of deposit. Does the Rule apply to both consumer credit types?
11/12/2023
Can we report a past due loan to the credit bureau when SCRA protections apply?
11/05/2023
If our borrower hasn’t requested SCRA protection and is past due on her mortgage, can we start foreclosure as we normally would?
10/29/2023
We have determined that it is appropriate to inform our borrowers of HELOCs nearing maturity about the availability of loss mitigation options. These borrowers are typically not past due, but we follow 1024.39 - Early intervention requirements for 180-day and 120-day timing for live contact and Written Notice. Is the Written Notice required to include all 5 items (1024.39(b)(2)) even though the borrower is not past due?