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Fair Lending and Maternity Leave Discrimination
Question: Can a lender refuse to close a loan on the basis that an applicant is pregnant or on maternity leave? Click to continue
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Texas Home Equity Loans
Question: We are going to be offering home equity loans in Texas soon. What are the requirements and restrictions for making a home equity loan in Texas?Answer ... The law establishing limitations on...
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The Enforcement Powers of the Consumer Financial Protection Bureau
For several months, the Consumer Financial Protection Bureau (CFPB or “Bureau”) has implemented a spate of enforcement actions against banks and non-banks. My interest in this article is neither to...
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Can Any Profit Be Made in Today’s Mortgage Marketplace?
The latest mortgage data is not much different from data released in recent weeks, and this raises a thorny question: How is it possible for mortgage professionals to generate profits in such an inert...
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E-mail Advertising: CAN-SPAM Compliance
Question: I am aware of the “do not call" list, but is there a similar type of “do not email” list? Also, what regulations do we need to be aware of if we choose to solicit business via e-mail?Click...
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Homeownership Counseling and Cessation of the “Temporary Disclosure”
Question: We are a lender that recently received a notice from one of our investors, advising that there is a “new” Homeownership Counseling requirement with respect to applications dated on or after...
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Credit Reports: RMCR versus Tri-Merge
Question: Upon reviewing and updating our Post-Closing Quality Control Plan, we noticed that it says we must obtain Residential Mortgage Credit Reports (RMCRs) when auditing our files. Is this correct...
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TILA versus TILA: Rescission by Notice or Lawsuit
Here’s something to ponder ... "Whether the Truth-in-Lending Act (TILA) entitles homeowners to rescind their mortgage commitment by notifying the lender in writing within the period specified by the...
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Transferring a Loan Officer's Pipeline
Question: Our company (“Company B”) offered a loan officer a position in our company. He had worked for a competitor (“Company A”). The loan officer has loans in his pipeline at this former employer...
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Notice of Action Taken
Question: We are a mortgage broker. Recently, we submitted an application to two separate lenders. One of the lenders originated the loan, but the other one did not send out the notice of action taken...
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Mortgage News Network, a New Concept in Financial Media, Set for Launch
NMP Media Corporation, the parent company of National Mortgage Professional Magazine, is proud to announce the opening of a new chapter in financial services media: Mortgage News Network, an...
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Defining a Settlement Service Provider
Question: We continually hear about the importance of the “Settlement Service Provider” in originating residential mortgage loans. But it seems sometimes that almost everybody involved in a loan...
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Borrower Identification Under the Patriot Act
Question: The company that generates my loan documents includes a form which requires the closing agent to obtain two forms of ID from the borrower. Does the Patriot Act require us to obtain and verify...
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Identity Theft Prevention: Interagency Guidelines
Question: We are a bank and we are particularly interested in the Interagency Guidelines relating to identity theft prevention. What do these guidelines say about detection, prevention and...
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USA Patriot Act: Information Sharing and Disclosure
Question: As a non-bank residential mortgage lender and originator, I know that our company is now required to file SARs with FinCEN, but are we also subject to the information sharing and disclosure...
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