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Compliance Articles from Q & A Issues:
- Compliance LQI Credit Inquiries: I am trying to find out how to comply with LQI if new inquiry? Is the borrower’s statement enough? Or do you have to check with Creditor or credit bureau? [Download Mortgage Talking PointsTM flyer, Credit Do's & Don'ts Before You Close - Coaching Your Clients!]
- July 25, 2010
- GFE 10-Day Closing Cost Guarantee: I was under the impression that 10 days was the standard, but an Attorney told me yesterday that we (Lender) could decide on how long we will honor the closing costs on the GFE. - July 25, 2010
- Compliance RESPA : Is it considered a RESPA violation for a settlement agent to offer a "tolerance guarantee" as a promotional tool because it is considered a "thing of value." Example: Title company uses an automated quote system to produce guaranteed quotes. As a marketing tool, we tell lenders to use the quote system, and if it's wrong and leads to a tolerance violation, then the title company will indemnify the lender for the penalty. - June 25, 2010
- Compliance Credit Report Before Closing: Could you send me the information stating that the credit will be pulled prior to closing?
- June 25, 2010
- Compliance: Redlining - My Credit Union wants to offer 1% discount, to rate, for members who apply for a mortgage at one of their branches. Could this be considered “disparate treatment” or “redlining”? - June 25, 2010
- Compliance HUD Closing Cost Booklet: I’ve been sending clients to the HUD website to download the HUD Closing Cost Booklet. Is this okay? - May 25, 2010
- Compliance Lender Paid MI on GFE: I have a loan with Lender-Paid Mortgage Insurance. My Lender is saying that the GFE has to disclose that there is MI. I say we don’t, who is correct? - May 25, 2010
- Service Provider Form: If a purchaser has already selected the title company (and other service providers) even before making application with me, do I still have to give them a service providers’ form? - March 25, 2010
- Compliance Broker Fee Agreement: My current Broker Fee Agreement Form does not seem to be consistent with the new RESPA GFE rules and regulations? Do you have an updated version? [Download Mortgage Broker Fee Agreement Form.] - February 25, 2010
- Compliance Reg Z Rules: Where do I find the guidelines for advertising - rates in the newspapers and radio? [Includes Mortgage Talking PointsTM flyer, Advertising Rules (RegZ) for Real Estate Agents and Builders] - February 25, 2010
- Compliance YSP Disclosure GFE: If we are receiving YSP in the amount of 1%- do we have to disclose a cost to the borrower in that amount (and then the credit) so that the “adjusted” origination fees are reflected accurately? - January 25, 2010
- Compliance GFE Timing: Can we give a borrower an estimate of closing costs prior to giving them a GFE? - January 25, 2010
- Compliance: HUD Information Booklet - Where can I find the new HUD Special Information Booklet that is mandatory on Jan. 1, 2010? [Download HUD Special Information Booklet] - December 25, 2009
- MDIA - What is the Consummation Date of a purchase transaction mentioned in the Federal Register? - November 25, 2009
- Anti-Predatory Lending: All of my questions have to with anti-predatory lending policies (Section 22.32). Is it possible to charge .5 on the front and .5 on the back for a total of up to 1 point on these? HPML Rate Calculator Link Included in Answer - November 25, 2009
- APR Advertising Rules: What are the guidelines for advertising for the real estate and mortgage industry? Especially APR disclosures. Mortgage Talking PointsTM flyer - Advertising Rules (RegZ) for Real Estate Agents & Builders - November 25, 2009
- RESPA Closing Costs Book: Do you need to give out a closing cost book for refinance transactions? - November 25, 2009
- RESPA Closing Costs Book: Do you need to give out a closing cost book for refinance transactions? - November 25, 2009
- Compliance SRP: As a correspondent, we are concerned about not just the SRP but also some of the other "lumping" of the broker category with respect to rules etc. Do you know what the status is on disclosure of SRP? - September 25, 2009
- Compliance HVCC: With the new Refi Plus I have had several files that D.O has waived the appraisal requirement. Do we still need to get the HVCC appraisal form signed if we are exercising the appraisal waiver? - August 25, 2009
- Compliance Appraisal Form 1004MC: Is it true the appraisers are no longer required to use only REOs as comps if there are more recent comps to justify a higher value? - August 25, 2009
- Compliance: APR Change MIDA: Is it true that we must Re-disclose if the APR goes UP or DOWN? - August 25, 2009
- Compliance TILA & MDIA: Regarding the MDIA (Disclosure Flow Chart & Mailing/Delivery Date Chart) it mentions “Regular Transactions” and “Irregular Transactions.” I’ve never heard of an “Irregular Transaction.” What is that? - July 25, 2009
- Compliance New TIL Rules: What are the new Truth-in-Lending laws that become effective July 30, 2009? - June 25, 2009
- Compliance Verbal Credit Authorization: I get many referrals/inquiries via the phone...people wanting to see if they qualify to purchase a home. I get their credit card info to pay for the credit report fee. Once I take the info and pull their credit, am I required to send a denial letter? - June 25, 2009
- Denial Statement: If an LO pulls an in-file credit report and the loan is not going any further, do the RESPA docs still need to be sent? - April 25, 2009
- Truth-in-Lending: Is there anywhere in a TIL where you must add--"You are not REQUIRED to complete this agreement merely because you have received these disclosures or signed a loan application"? It also states “If you obtain this loan, the lender will have a mortgage on your home. You could lose your home, and any money you have put into it, if you do not meet your obligations under the loan” .....does this need to be on the TIL also? - April 25, 2009
- Right to Rescind on a Refi: What are the situations where clients don't have to wait 3 days? Rescission Period Reference Calendar Included
- April 25, 2009
Compliance HVCC Waiver: Is there a waiver form we should use if borrowers want to waive the 3-day waiting period mentioned in the Home Valuation Code of Conduct? - March 25, 2009
Compliance Red Flags: Where can I get a copy of the Red Flag Rules that are supposed to go into effect May 1, 2009? 26 Red Flag Rules Checklist Included - March 25, 2009
Compliance Question: Can our mortgage company exchange leads with the insurance agency next door and pay them a fee if we close a loan from the lead? - February 25, 2009
Compliance Form 4506-T: Any suggestions to get tax transcripts quicker than 30 days from the IRS? Can I walk in to a local IRS office and get them? - February 25, 2009
RESPA Casualty Insurance License: Can a person carrying an insurance license originate FHA loans for a FHA approved broker? Is it a RESPA issue as well? - January 25, 2009
Compliance- Transfer of Servicing Disclosure: Where can I find the final revision of the Transfer of Servicing Disclosure that goes into effect 1/19/09? (Download Federal Register Servicing Disclosure Rule) - December 25, 2008
Compliance 4506T Form: When does the 4506T Form have to be signed? What's the difference between the 4506T and 4506 IRS Form? (IRS Form Included) - December 25, 2008
Home Valuation Code of Conduct: Is there anything new on the HVCC and the requirement to use Appraisal Management Companies? - November 25, 2008
Chapter 7 Bankruptcy: What's the buzz about the credit bureaus, a lawsuit and Chapter 7 Bankruptcy Reporting Issues? - November 25, 2008
Compliance Short Sale: Do short sales affect your credit? I have a borrower who is selling their investment properties under short sales. Also, has a new law been enacted in regards to how a short sale is treated on your tax returns? - September 25, 2008
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