 Sunday, November 23, 2008 ( 1:56 PM ) Andy Bank catches real problem in survey This is one of those unbelievable stories that make you glad there are procedures to follow. In Killeen, Texas, a family wanted their dream home. They found a 5 acre lot with a For Sale sign and they bought it. They cleared the lot, and on it they constructed a 5,300 sqft home with six bedrooms, five baths, a two car garage and a rooftop deck. Now the real kicker, the builder went to a bank for a loan. The bank wanted a survey. Turns out the Realtor put the For Sale sign in the lot next the one that was purchased. The house was built on the WRONG LOT. I don't know how this could have happened, but it did as the builder and buyer based everything on where the sign was, but the legals were for the next property over. The family sold their existing home which is already rented out. They may live in a hotel for awhile. They have to see if the other property owner will trade 5 acre tracts or sell them their property. If you are the other property owner, I suppose you have a great improvement, and your property taxes will reflect this whether you like it or not. Always, always, always get that survey. # Tuesday, November 11, 2008 ( 12:56 PM ) Andy Is Reg B Compliance Really Necessary if Fair Lending Isn't a Problem? You bet it is. But you knew that. In case you need any support for your case, read more below. According to JSOnline, the Milwaukee Journal Sentinel, the FDIC questioned compliance with Reg B at an Elkhorn bank. The directors there "failed to provide adequate supervision over, and direction to, the active management of the bank in the area of consumer compliance." One issue was the clarity of why applicants were refused loans. The bank had to complete a file search of adverse actions from August 20, 2007 until February 20, 2008. While only for a six month period, this could still be an expensive task. Those notices that were not compliant had to be produced properly and re-delivered. It was noted that the bank was sound financially, but lacking in compliance. The issues were being rectified. # |
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