The CFPB just released their new 2018 LAR (Loan/Application Register) formatting tool, with updates to their 2018 HMDA data reporting Instructions Guide. These can both be found, along with other HMDA data reporting requirements, on the CFPB HMDA Website. This new tool should be used for the reporting of the new required HMDA data collected by lenders in 2018 for…
Thanksgiving Day comes but once a year. However, the thought and intention of giving thanks for all we share and have should continue throughout the year. LoanLogics give thanks to all our employees, investors, clients, business partners and vendors for their continued support and assistance. We give our sincere thanks for their input, efforts, hard work and dedication. Without them,…
Social media has exploded in the last few years. Today, people have more ways to communicate through more channels, instantaneously. The speed of information, we see it everywhere; online pictures and videos of events; all news, all the time, in real time, as it happens. Pretty cool stuff, eh? For a company, social media can be a boon or a…
I read an article in the newspaper the other day and yes, I still read the newspaper, which provided some tips to homebuyers for finding a good mortgage lender. Some were obvious. But, I thought I’d give you the information as this is what is being provided to consumers to help them choose their lender. Compare lenders, their products, and…
FHFA previously floated the possibility of adding another question to their new Uniform Residential Loan Application (URLA). This one has to do with an applicant’s preferred language, for communication. This question raised quite a few questions of its own. Industry participants are concerned that such a question might raise some operational and more importantly, legal challenges for lenders. Would it…
Lenders know that any advertising done via social media outlets must comply with applicable related federal and state law. Such laws do not now contain any exceptions for the use of social media. These include, but are not be limited to: Equal Credit Opportunity Act (ECOA/Reg. B) Fair Housing Act Truth in Lending (TILA/Reg. Z) Real Estate Settlement…
