Reg Z
If a loan with rescission closes on Wednesday, what day does the rescission period expire?
True or False- Sending a Letter of Incompleteness will satisfy Reg B?
True.
What type of disposition is used on a prequal if you have issued a prequal approval letter but they let you know they no longer need the loan?
Approved not Accepted.
Modifications and/or extensions are HMDA covered loans? True or False.
False.
What officer information must be documented on a loan application when it is received?
Officer name and NMLS and FirstBank's name and NMLS.
What has been NRCO's most common Reg B VOL/finding?
Collecting Demographic Information on a true loan guarantor.
What additional documentation must be added to your conversation log/loan mail if one of the denial reasons is TIN mismatch?
FirstBank's policy requires the officer to explain why the loan could not be originated either due to a resolution taking longer than 30 days, or that no resolution is possible.
If you have provided an email application to a borrower, and they don't fill in the Demographic Information, are you required to call them to obtain this information?
No, they have be given the opportunity to provide this information. It would be a VOL to call to collect this information.
True or False: It is acceptable to keep pre-printed loans in the branch so they are easily accessible?
Reg B says you have how many days to notify an applicant of the conditional approval or denial of the request after receiving an application?
30 days.
For the officer to use a disposition of incomplete, what must the file contain?
Letter of Incompleteness (NOI) (20 day letter).
HMDA information must be reported to the LAR with how many days of the end of the quarter?
30 days.
To comply with Reg Z, how many days are initial disclosures required to go out when an application is received?
Three business days.
In Encompass, has Reg B been satisfied if a borrower applies for a 15 year fixed mortgage with a Reg B date of 7/15/21? An accurate URLA is collected and the preliminary conditions are received from the borrower with a Documentation Milestone finished date of 7/30/21. PML underwrites the request on 8/17/21 and provides a conditional approval with the officer communicating the decision on 8/18/21.
Yes.
How many denial reasons can we use on an Adverse Action?
Maximum of 4.
If an application is given to you in person by the borrower and later you realize the Demographic Information has been left blank, what should you do?
Fill in the information based off of visual observation and surname. The boxes on the application should be marked indicating how the information was collected.
What types of loans does recission apply to?
A consumer credit transaction that will be secured by the consumer’s principal dwelling as well as any commercial purpose mortgage secured by the consumer's principal dwelling.
If you take a face-to-face application on a Saturday during business hours, what is your application date?
Saturday's date.
What type of disposition should be used if a counter offer is made and accepted but the new terms require the original application to be dispositioned and a new application started?
Denial.
Should we collect Demographic Information on a loan Guarantor that executes a Separate Guarantee Agreement?
No.