Is it a violation of Section 8 of RESPA for a title company to invite lenders and loan support staff to a local restaurant for hors d'oeuvres and drinks? The invitation is only for our bank employees, not those of other banks. This same company also provides lunch to all bank employees at Christmas time. The title company is also a bank customer.
We have a customer who paid his principal down and would like to reamortize his payments with the rate and term staying the same. Are new TIL disclosures needed?
In 226.20(a)of Reg Z the following is excluded from the term "refinancing" and therefore exempt from disclosure requirements: (1) A renewal of a single payment obligation with no change in the original terms. Does "single-payment" include a loan where principal is due at maturity (e.g. 12 months) but interest is payable periodically (e.g. quarterly)?
Can we take a wedding ring as collateral on a consumer loan if we hold possession of the ring and it is for purposes other than to purchase the ring?
What are the major changes that financial institutions need to make in order to be Reg E compliant as of January 1st?