02/27/2006
A mortgage company has approached our bank wanting to pay a specific employee a referral fee, if we would forward real estate loan applications we have turned down to them. I do not see how this is a legal process given Section 8 of RESPA's prohibition of referral fees. The only way I can see it would be legal, is if forwarding the application to the mortgage company would not be defined as a settlement service. I think it would be.
05/23/2005
I used to have a list of things required by a real estate agent in order to earn a mortgage commission. Does anyone know where I can get that list?
04/01/2005
With the help of technology and consolidation of processes, several lenders are concentrating efforts on lending to home buyers who are building their homes.
10/04/2004
Is it permissible for our bank to offer a discounted mortgage rate if the customer opens a checking account and sets up an automatic payment?
11/03/2003
Believe it or not, we still hand type all promissory notes and all lending documentation in our bank. I have been trying to convince the boss to move to an automated system based upon the time issue, but now am going to try from a compliance issue. I need help with my side of the argument.
08/04/2003
As it relates to IT examinations, what are the top "hot buttons" for regulators?
08/04/2003
Our bank is going to start offering online loan applications for customers to print, fill out and send in for home mortgages. Do we have to give any disclosures out on the Web site to customers printing up a loan application? We will also be taking applications for new accounts online. To stay in compliance with the CIP regulation, will they have to come into the bank for the account to be opened? Do we have to have the disclosures online or can they be given to the customer when the customer comes into the branch?
03/01/2003
Several studies by the Woodstock Institute underscore an important role community development banks play in the financial institutions industry: serving the "underserved."
01/07/2002
We all understand the positive impact to our bottom line if more of our customers conduct transactions over the Internet. What must we do to make the Internet more secure and make consumers more comfortable conducting financial transactions and services on the Internet?
12/20/2001