Must we go through the formalities of an investigation and document what we’ve done such as paying provisional credit on claims that were made timely?
I have a question about a Closing Disclosure and the Disbursement Date on a no rescission loan with payoffs requiring funds from borrower received on the next day. Would we disclose the Disbursement Date on the CD as the same day as the closing date or the date we receive the borrower's funds and the actual funds are disbursed?
Is the cost of an elevation certificate a valid change in circumstance? The elevation certificate is not a requirement of the bank but it is a requirement of the insurance company. If we don't need to re-issue the loan estimate where should the fee be disclosed on the closing disclosure?
We have a customer trying to open a business account. He has provided us with a 2017 Tax Return, which gives us the Tax ID under which the business is operating. I typed this Tax ID number into the Texas Comptroller of Public Accounts website and got a hit, showing that the business is in good standing. However, the name that was listed has been changed since the Comptroller website was updated (surprising since the 2017 Tax Return reflects this change). The company is not currently operating and, therefore, the individual opening the account does not have access to documentation of the name change for the Secretary of State office. The question is, do we have what we need to open the account? The tax return and Comptroller website verify that the Tax ID number is valid and in Good Standing, but they disagree on the business name.
Our company is wanting to offer Time Deposit accounts. I have read Reg. DD and I see that Time Deposits have certain restrictions on withdrawal periods and penalties but I don't think they are much different than Certificate of Deposits and Auto Save IRA CD's. Basically if we adhere to TISA requirements are we okay to offer these or should I be looking into any other regs or requirements?