Tag: Compliance

Does the Borrower or Lender Determine the Lock-In Date?

Question: Our company is requiring a conditionally approved loan before they will allow the borrower to lock.  Is the rate lock timing the borrower’s or the lender’s decision? Answer: Good question. However, there is no regulation/law that prevents a lender from requiring certain milestones be completed before allowing a loan to be locked.  Many lenders […]

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When Must the Borrower Sign the Flood Determination Disclosure?

Question: We obtain Flood Determination Reports from a vendor.  Once we are notified that a property is in a flood zone, how soon should the form be signed?  Can it be signed at time of closing? Answer: Please see the reference from the FDIC below. Reference: FDIC PDF Pages 9 & 10https://www.fdic.gov/regulations/compliance/manual/5/v-6.1.pdf Notice of Special […]

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MLO Test Lawsuit Settled

Written by:  Tammy Butler, Publisher – Mortgage Currentcy Sharing of information that is copyrighted is not only illegal, it can also cost you time, legal fees or even your license to perform your business.  In this update, we share with you the outcome of a lawsuit brought against an NMLS approved education company and how […]

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CFPB Releases FAQ for the SAFE Act addressing Licensing FAQs – Dated September 25, 2019

Written by: Lloyd Rutherford, Staff Writer Loan originators and compliance professionals, this is an important update and clarification on questions regarding licensing. Rule Synopsis: The Consumer Financial Protection Bureau issued an FAQ document for Originators that covers categories of originators, exercising temporary authority, guidance on state transitional license availability and whether there is an impact […]

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CFPB-TRID-RESPA FAQs Update – Loan Estimates

Written By: Tammy Butler, Master CMB The CFPB continues to clarify industry questions from lenders regarding TRID disclosures and RESPA requirements. In this update the bureau addresses frequently asked questions on Loan Estimates. Rule Synopsis: Periodically, the CFPB issues clarifications to the very complex TRID-RESPA rules. They communicate these clarifications through the TRID-RESPA FAQs, which […]

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