What regulation can I reference with regards to co-mingling personal funds with estate funds?
I have read some of the responses to questions regarding whether estate and trust DDA accounts are eligible for "NOW" accounts. I am still confused. If the estate or trust account is in the name of the individual, i.e. Jane Doe Revocable Trust or Estate of Jane Doe; are they eligible for a "NOW" account? The trust papers we receive at account opening designate a trustee and personal representative papers designate a personal representative. However, these papers do not state beneficiaries specifically so can we assume the beneficiaries are the person who they trust is opened for, or their spouse, children, etc? Or do we need some type of documentation stating who is the beneficiary of the account specifically?
If a check is made out to a trustee and the trust but the word and is not there, is this treated as an "or" situation allowing the trustee to cash the check or must the check go through an account in the name of the trust?
We are making a loan to a person to build a new home, but the collateral is their daycare business. Since it is a consumer purpose, does Reg Z apply?
During the processing of a real estate closing, the payoff must be wired to another financial institution. On what line of the HUD should the charge for the wire be placed?
An account owner is an administrator of an estate in a probate matter. The account is a CD in a court-ordered blocked account. Recently, the court ordered the accounts to be unblocked and the administrator wants to withdraw the funds and distribute them to the heirs. May we charge an early withdrawal penalty on the CD, even though the court controlled access to the assets and determined when the account owner could make a withdrawal?
Is a loan to purchase a 1-4 residential property a HMDA loan if it is not secured by the property (CD) secured.
I have a commercial loan with two residential properties, one primary and one rental but the customer owns out right but the is not purchasing, refinancing or using any part of the loan for home improvements. Is this loan HMDA reportable? The purpose is for commercial investments into another business.
My question deals with Adverse Action Notices...section # 5 the disclosure of use of information obtained from an outside source. I fully understand the first block for denials based on a credit report and all the information that now must be included. I am confused at the last box that is saying our decision is based on information obtained from another source other than a credit reporting agency. If we have to decline a client for the condition of their real estate and we received that information through an appraisal report should we be utilizing that box? Again this is when the denial decision was NOT based on any part of a credit report or credit score?
Are credit report fees considered prepaid fees on Non real estate loans? (auto refinance loan)