Answer: First things first: You are not missing an update. In today’s ultra-competitive market, it is very likely that lenders of all shapes and sizes are ‘pushing the envelope’. Sometimes they are playing by all the rules, sometimes they are not. If a lender chooses to give more than what the selling guide allows for, […]
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Related Article Title: Compliance – Best Practices to Prevent Phishing & Wire Fraud [NEW Mortgage Talking Points™ – Consumer Awareness Fact Sheet – Wire Fraud] Written By: Tammy Butler, Master CMB Wire Fraud is one of the biggest issues in our industry, and it is doubling each year. Read our interview with an industry subject […]
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Written By: Tammy Butler, Master CMB Wire Fraud is one of the biggest issues in our industry, and it is doubling each year. Read our interview with an industry subject matter expert who offers sage advice on how to prevent security issues with your business. Interpretive Comments: Once upon a time, our biggest Internet aggravation […]
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Answer: It can be disclosed on the CD even if the initial CD has gone out. The fee can be increased as long as it is re-disclosed no later than 3 days after finding out about the POA. Your example does not reset the 3-day clock for closing. The APR is not increasing more than […]
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Answer: A lender can pay for borrower’s closing costs/prepaids, and an appraisal would be considered a closing cost. The issue is not whether a lender can do this, it is whether or not it results in varying treatment of your clients. During an audit, regulatory bodies such as the CFPB will look to see if you […]
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