Most Popular Compliance Content
Construction Loans, Permanent Loans & HUD Disclosure
05/19/2003
On a construction loan, we disclosed the costs of the loan on the GFE. When construction was completed, we processed the permanent financing (loan), and closed. What do we need to disclose on the HUD? (Everything from the original loan and GFE too?) or just what is involved with this permanent loan?
LAR Information Recorded Without Monitoring Info
05/19/2003
I am compliance auditor of our bank. Recently when I audited our 2002 HMDALAR, I discovered in a number of cases that our HMDA reporter completed the Sex codes with a "1" to "A" and "2 to "CA"(male and female) and the Race code with a code other than the "6", "7" and "8"(Other, No information, and N/A) all in the absence of the monitoring information obtained directly or indirectly from the applicant/coapplicant. There is no evidence of the reporter having gone thru the process of obtaining the monitoring information, but rather he bases his judgement on the names and other personal information given on the loan documents. Can he do that? Instead, should be change those codes to "N/A" or "No Information"?
Retention of Loan Customer Driver's License Info
05/19/2003
We have started to collect driver's license information from our loan customers since the passage of the USA PATRIOT Act. We are keeping the data in our loan files. Are we in violation of any regulations?
BSA & Recording The Amount of Currency
05/19/2003
We have been informed that required records to be retained for BSA compliance including credit slips for loan payments, money orders, etc must show the amount of any currency involved.Is this, in fact, a requirement of BSA rules?
Raffle Compliance
05/19/2003
We are planning to offer a promotion in the form of a raffle. (This is mostly for customers with an existing checking account.) What are the considerations we should make in order to stay in compliance?