lender credits

Compliance – Lender Credits – If the borrower locks the rate, and then decides to lower the loan amount, can we lower the lender credit to the borrower?

Answer: The quick answer probably won’t make you happy. It is my opinion, based on information from the CFPB’s Small Entity Compliance Guide, that the lender credit cannot be changed even if there is a material change to the loan amount. Reference:  Question 7.13 on page 59 of the small entity compliance guide from the [...]

2018-08-23T15:46:47-05:00August 22nd, 2018|

VA – Policy Reminder Regarding Lender’s Payment of VA Loan Costs – VA Circular 26-18-4, February 23, 2018 – Effective Immediately

By: Tracey Rumsey, Staff Writer VA is issuing a policy reminder on lender’s payment of VA loan costs.  Apparently, there are lenders practicing their creativity.  Be sure to read through this to ensure your practices are equal to the policy as they rarely issue reminders unless there have been issues with lenders. Rule Synopsis: This [...]

2018-05-31T09:36:05-05:00March 9th, 2018|