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Latest Compliance - Reg. C Topics

Unsecured Loan

10/30/2016

Our bank extended an unsecured loan to a borrower to purchase a home. The unsecured loan was temporary until the mortgage file was ready to close. I'm thinking that the permanent mortgage file should be reported as a home purchase even though we are treating like a refinance. I'm following the same philosophy as the construction to permanent loan files. Is this correct thinking?

Managing HMDA Changes

05/01/2016

When do we start collecting the new fields required in the HMDA update and when will we be required to start reporting those new fields?

How to Report Loan on LAR

08/31/2015

I have read conflicting discussions about how to report a loan on the LAR. We have a loan secured by the primary residence, proceeds used to purchase a piece of rental property. Which property should we report?

Unsecured to Replace Existing Damaged Pool-HMDA?

08/18/2014

Is an unsecured loan for an above ground swimming pool, to replace an existing pool damaged by weather considered HMDA? I know it would be if a pool had not already been in it's place, but being as there was once one existing there, I am little hazy on it.

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Run OFAC After The Deposit Account Is Opened?

09/23/2018

When opening a new deposit account, not current customer, do we have to run the OFAC while the customer is sitting at our desk or can we run it after the account is opened? Do examiners have a preference on this?bri

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