Most Popular Compliance Content
Commercial Loans: Customer Copy Of Appraisal Required?
05/26/2003
by Mary Beth Guard, BOL Guru
FinCEN Sheds Light on Exemptions
05/26/2003
by Mary Beth Guard, BOL Guru
Reg E, Disputed Check Card Transaction, and Written Confirmation
05/19/2003
Under Reg E, a financial institution need not provisionally credit the consumer's account if the institution requires, but does not receive, written confirmation within 10 business days of an oral notice.Reg E has a 10day time line for provisional credits and VISA has a 5day provisional credit time line. If a cardholder claims that an unauthorized VISA check card transaction has occurred on their statement and the financial institution had requested a written confirmation from the cardholder and yet it was not provided within 10 business days from the oral notification, is the financial institution obligated to provide provisional credit to the cardholder? If so, which time line should be followed? Also, does Regulation E supersede the Visa Policy?
Dating HUD Statements
05/19/2003
Do all HUD statements have to be dated at the bottom where the borrower signs his/her name?
Right Of Rescission Exception Criteria
05/19/2003
Our company does not require a Rescission Period if the loan meets the following criteria: 1. Investment Property 2. Second Home 3. Primary Residence where we are paying off interim "construction" financing (we are not the original lender) and the borrower has never occupied the residence. I cannot find anything in Reg Z that would indicate this is a valid reason for waiving the Rescission Period. Are you aware of this exception? Secondly, there is a caveat to the above qualifications, i.e., if the borrower is receiving cashout and the loan meets the other criteria in #3 above, we DO require a Right of Rescission period.