Regarding HMDA, we have two different answers as to what defines a Bridge loan. They are basically the same answers with one exception: if the loan is secured by BOTH dwellings (existing one and one to be purchased); OR if the loan is secured by ONE dwelling (either existing or one to be purchased). As I said, I understand consistency is the key to remaining violation free in this area, but again, I would like to know how the majority views this detail of a Bridge loan.
We have customers from Mexico that have been lawfully admitted to the US on a temporary basis who have DHS authorization to work. The Social Security Administration has issued them a SS card that states;Valid for work only with DHS authorization. Do they sign a w-9 or W-8 for their loan?
Can an LLC using a social security number have more than one signer?
When training bank employees, what is the minimum training allowed? We are getting a new core this year and it is going to monopolize a lot of time training for it. We want to stay within the legal guidelines and maintain a curriculum, but need to streamline it for core training purposes.
I understand that Reg Z requires us to set up an escrow account for loans that qualify for HPML. If the security is made up of separate tracts of land and only one of the tracts includes the first lien on a principal dwelling are we required to escrow for taxes and insurance on the other tracts of land?
I read the comments and the instructions regarding the expiration of W8BEN. Once the W8BEN expires, does the Bank just require another completed W8BEN or do we need to take other action?
I participated in a recent seminar where BOL Guru Dana Turner was the presenter. He mentioned that there might be a conflict of interest if the bank's Security Officer was also a director. I am in that position and I have discussed this with the Board/Executive Committee and was told today that they had talked with our bonding company and were told this was not an issue. What is the rational for ensuring that our Security Officer should be an employee, rather than a director?
I am setting up an account for a "Living Trust". Can I style it: "ABC Living Trust"(using grantor's SS# John Doe trustee or do I have to use grantor's name ss# then ABC Living Trust then John Doe Trustee?
Does the bank require Letters Testamentary dated within 60 days to cash in a CD belonging to the deceased? Is there a central database containing CD information? Can we search accounts by his social security #?
What is the most current decision on a bank off setting an overdrawn account that gets Social Security deposits?