What is the requirement under Reg E for stopping payment on a recurring debit card transaction? We have procedures in place to comply with stopping payment on recurring debit card transactions that have posted to a customer's account. We can't stop payment on transactions that have never posted.
When a loan moves from "interim servicing," to "servicing," is a short year statement required under RESPA? As an example, say a loan closed and was purchased by an investor 15 days later. The investor takes entire escrow balance with the deal, so would short year end escrow statement be required? In another example, if we as the original lender collect first payment and the investor leaves one month of mortgage insurance to pay from escrow balance, are we required to send a short year escrow statement to the borrower? Is there a specific regulations that clearly states interim servicing vs servicing?
Once a trustee dies what is the responsibility of the Successor Trustee. Can the successor trustee keep the funds in the same trust or do they need to get their own trust drawn up. The successor is also the beneficiary of the trust.
A check clears on a business account. The signature is good, it is within check number range and there are no red flags. Three days later another check clears, but it is flagged as duplicate. The client claims the first check is fraudulent. What is our recourse and obligation to the business, and is this different than a consumer account?
We are considering using the LaserPro short form Change in Terms Agreement to make modifications to our unmatured HELOC agreements on a case-by-case basis. The modifications may include increasing/decreasing the credit limit, increasing/decreasing the margin, and potentially increasing/decreasing the floor. I am aware that increasing the credit limit will require a right of rescission. Are there any additional disclosure requirements that must be met based upon the proposed changes? I realize that a decrease in the margin and floor would be to the customer's advantage and as such should not require a written agreement signed by the customer. Would the LaserPro Change-in-Terms Agreement meet the Change-in-Terms Notice Requirements of Regulation Z since it would be signed by the customer?