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Do you know how the term “application” is defined in all of the lending regulations? Do your lenders and front-line staff understand the difference between an application and an inquiry? What steps must be taken when an application is submitted? What can go wrong?
View this two hour recording to understand the application process with step by step instructions and actual examples that explain the requirements of several confusing regulations in terms that are easy to understand.
- Learn what specific information will help you to handle applications correctly.
- What are the top five mistakes made in application processing?
- Overview of application and timing of disclosures for consumer, mortgage, and commercial loan applications.
- When does an application have to be in writing? Does it have to be signed? What are the signature rules for applications?
- What are the rules for appraisal copies? Reg B did NOT exempt commercial purpose loans secured by a 1st lien on a 1-4 dwelling.
- How do you properly document the “joint intent” to apply?
- When is an adverse action notice required? What must it contain? Who receives one?
- When can you pull a credit bureau? What documentation should be kept?
- Recap of the collection of “demographic information” for HMDA reportable applications under the 2018 rules.
This recording is a cost-effective way to gain a greater understanding of the rules about accepting and processing applications. This recording will benefit loan officers, loan assistants, loan operations staff, compliance officers, auditors, and trainers. Covered topics will be included for consumer, mortgage, and commercial lenders.