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CRA
Jump to new posts Re: Paycheck Protection Program and CRA by Len S @ 05/23/20 03:30 PM

1- when you originate a small business loan you are required to enter the GAR code based on the information you used for the credit decision. If you didn't rely on GAR then code 3 would be appropriate
2- when entering the code for the GAR for a business loan the answer is never "4" because 4 is intended to be used to indicate the loan is not a small business (or small farm) loan. You use code "4" if you are capturing the non-mandatory consumer loans. When you extend a auto loan the GAR field would be coded "4" for example. So code "4" indicates the GAR is not applicable because the loan is a consumer loan.
CRA
Jump to new posts Re: OCC final CRA rule issued by Len S @ 05/23/20 03:24 PM

You are correct because they will be the only institutions required to report when the reporting requirements are in effect (January 1, 2023) will be the 106 OCC-regulated lenders who are subject to the new rule reporting and testing. The Fed and the FDIC have not approved the new rule, so their large banks will be still be reporting under the current rule the current information. I don't see them approving the new rule because they recognize how radical and convoluted it is. I wouldn't be surprised if the new Comptroller reconsiders what Comptroller Otting has approved.
eBanking / Technology
Jump to new posts Re: E-Statements by Richard Insley @ 05/23/20 12:24 PM

Originally Posted by Compliance1
all communications for those products, services and accounts offered or accessible through
Online Banking
You 'gotta love the word "all!" The only open question is whether the new account is the same set of accountholders as the one when you obtained consent. Let's say you obtained consent from mom for an account that's in her name only. The new account might be in name of mom and dad, mom and child, etc. You're OK as long as legal/regulatory communications only have to be delivered to one of the joint account holders, and mom can be the designated recipient. Should a regulation-mandated notice or disclosure have to be sent to one or all of the other joint account holders, you'll need to be sure you have consent from the others. Remember that each regulation has its own unique set of delivery requirements, so the need to consider the consent status of the other account holders will depend on which regulations apply the the account at hand.
Deposits and Payments
Jump to new posts Re: Stop statements without notice to customer by Richard Insley @ 05/23/20 11:56 AM

Does "customer" always mean "consumer"? Are we talking about a single account, or is this a portfolio-wide question?
Chat! - BOL Watercooler
Jump to new posts Re: Song Titles by Florist Gump @ 05/22/20 11:48 PM

Speak of the Devil - A Day To Remember
General Discussion
Jump to new posts Re: Change from Interest to Non-Interest Bearing Acct by TryingtoComply @ 05/22/20 11:29 PM

Thanks Brian. Good point. And I like your recommendation!
The BOL Couch
Jump to new posts Re: Lynne's Battle - More Prayers by edAudit @ 05/22/20 09:48 PM

Best of luck prayers sent.
Need to Remain Anonymous
Jump to new posts Re: Death of Customer - No Joint by edAudit @ 05/22/20 09:47 PM

There is a lot more than writing a check and closing out of the account. Bills need to be paid prior to distribution to heirs.

Unless this is a very small amount (used to pay funeral expensed or other immediate bills that can be documented) the correct legal process for your state needs to be followed.

What we do not know is the amount of the estate or if an administrator has been appointed (the partner?) as such we should not rush to judgement.
TRID - TILA/RESPA Integrated Disclosures Rule
Jump to new posts Re: Appraisal Fee on Withdrawn loan by MAFCCons @ 05/22/20 09:28 PM

Actually, I found it. We have our applicants sign a commitment letter stating the loan conditions and there is a paragraph where they agree to pay for fees, including appraisal costs. So, that makes me feel better. Then, since it is outside of TRID when they withdrew, we are able to bill for the full fee?
Lending Compliance
Jump to new posts Re: LEI/ULI by rlcarey @ 05/22/20 09:13 PM

3. ULI—purchased covered loan. If a financial institution has previously assigned a covered loan with a ULI or reported a covered loan with a ULI under this part, a financial institution that purchases that covered loan must report the same ULI that was previously assigned or reported. For example, if a loan origination previously was reported under this part with a ULI, the financial institution that purchases the covered loan would report the purchase of the covered loan using the same ULI. A financial institution that purchases a covered loan must use the ULI that was assigned by the financial institution that originated the covered loan. A financial institution that purchases a covered loan assigns a ULI and records and submits it in its loan/application register pursuant to § 1003.5(a)(1) if the covered loan was not assigned a ULI by the financial institution that originated the loan because, for example, the loan was originated prior to January 1, 2018, or the loan was originated by an institution not required to report under this part.
BSA/AML/CIP/OFAC Forum
Jump to new posts Re: Triggering Event for CBO by rlcarey @ 05/22/20 06:26 PM

IF the change did not lead you to believe that a change in the beneficial ownership also occurred, I am not sure why you would. A company may employ a different bookkeeper fairly often.
Chat! - BOL Watercooler
Jump to new posts Re: New Word Association 18/9 by Florist Gump @ 05/22/20 05:33 PM

stayin(g)
Need to Remain Anonymous
Jump to new posts Re: Fees may reduce earnings by rainman @ 05/22/20 04:28 PM

No one is correct 100% of the time.*

*Except my wife.
Chat! - BOL Watercooler
Jump to new posts Re: He Dead. by TMatt87 @ 05/22/20 04:02 PM

Legendary Utah Jazz coach and Chicago Bulls player Jerry Sloan, 78.
BSA/AML/CIP/OFAC Forum
Jump to new posts Re: Unemployment Fraud by RockChucker, CAMS @ 05/22/20 02:28 PM

Company Name: MA DUA
Company Discretionary Data: MA PUA PROGRAM
Company ID: C046002284
Company Entry: CARES ACT
TRID - TILA/RESPA Integrated Disclosures Rule
Jump to new posts Re: certification for no info reporting on the sale of by theloanbug @ 05/22/20 02:18 PM

Thank you
Lending Compliance
Yes, the closings were at the same time. Thank you.
Deposits and Payments
Jump to new posts Re: Dormant Abandoned Unclaimed Savings in NYS by Lizz Jane @ 05/22/20 01:14 PM

Thanks so much!
HMDA Overhaul 2018
Jump to new posts Re: Refinance Auto by Compliance1 @ 05/22/20 01:06 PM

Thanks rlcarey.
TRID - TILA/RESPA Integrated Disclosures Rule
Jump to new posts Re: Buttler Credit - Where to Disclose LE and CD by compliance75 @ 05/22/20 01:02 PM

Thank you!
RESPA
Jump to new posts Re: Gift Cards From Seller to Buyer by rlcarey @ 05/22/20 12:59 PM

I have a side agreement with the seller to repair a crack in the driveway - he hands me a gift card for $500. I am just not sure how that involves the loan transaction.
Need to Remain Anonymous
Jump to new posts Altered check claim by Anonymous @ 05/21/20 07:45 PM

Here's the situation.

Check deposited into our customer's account on 3/2 for $4000.

Today, 5/21, we received notice from the other bank that the endorsement on the check was forged, and they want their money. Along with their claim, they provided an affidavit submitted by their customer. The affidavit was signed by their bank's staff on 4/8.

My understanding of the UCC is that the other bank has 30 days from the time they learn of the breach and the identity of the warrantor to provide notice of the claim and if they don't do that, we are off the hook for having to return any funds for which the delay would cause a loss. In this case, 30 days after the other bank learned of the breach was 5/8, our customer had more than $4k in their account. However, today they only have $50.

Here are my questions:
1. Clearly they didn't submit to us within 30 days from the time they learned of the forgery. But the UCC says "and the identity of the warrantor." Is there a standard for determining when the identity of a warrantor would be known? To me it stretches credulity to think they wouldn't know it the date the affidavit was signed. The check had been deposited for a month by then.

2. Is the time of notification when we receive the notice or when they send it? Their letter to us is dated and postmarked on the 14th. Our customer had more than the $50 in the account at that point so it could affect what we owe.
TRID - TILA/RESPA Integrated Disclosures Rule
I'm in Illinois if anyone has any thoughts.
General Discussion
Jump to new posts Re: 1098 Reporting by TryingtoComply @ 05/21/20 06:30 PM

Reviving this old thread.

When reporting on a NRA with security that is real property in the US, what are we required to do on the 1098 with respect to the TIN?

We have W-8BENs with a FTIN, but I imagine we are not supposed to use that.
Lending Compliance
Jump to new posts Re: HOEPA - determining new construction by rlcarey @ 05/21/20 05:59 PM

Initial construction of a dwelling is not specifically defined. But if the modular house has already been build and is just being placed on the property - I think you are in a very grey area.
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