Dan is Vice President and Compliance Officer for The Peoples State Bank with its main office located in Ellettsville, IN and supporting nine branches in surrounding communities. The bank is a privately owned bank that began its existence in 1904.
Dan entered the financial services arena in 1974 when he went to work for Commercial Credit Corporation. He worked eighteen years with Bank One and three years with the Indiana University Employees Federal Credit Union. In addition to serving as a Compliance Officer, he has served as a Collection Officer, Consumer Loan Officer, Commercial Loan Officer and Loan Operations Officer. His primary duties falls within lending compliance, training and consumer loan reviews.
He attended Three Rivers Junior College in Poplar Bluff, MO and Arkansas State University in Jonesboro, AR. He is also a graduate of the ABA Bank Card School, ABA Commercial Lending School and ABA National Truth-in-Lending Compliance School.
I need some help with the right of rescission rule interpretation. On a refi loan, if the borrowers receive all TRID disclosures on a Saturday but our
offices are closed that day so their signatures would have to be made on Monday. My question is, when should the 3 day rescission period begin? On
Monday- Wednesday ( based on disclosures received on Saturday) or Tuesday-Thursday ( based on the effective signing date of Monday)?
Reg Z states: 1026. 15(a)(3)
i. The period within which the consumer may exercise the right to rescind
runs for 3 business days from the last of 3 events:
A. The occurrence that gives rise to the right of rescission.
B. Delivery of all material disclosures that are relevant to the plan.
C. Delivery to the consumer of the required rescission notice.
As to a loans HOEPA status, are second homes and vacation homes considered
not applicable for HOEPA which would make the status code 3 on the HMDA LAR
Are we required to disclose on a consumer payment deferral agreement that deferring a payment will lead to paying additional interest over the life of
the loan and a larger final payment?
I have a client (a lender) who orders their credit reports from "XYZ Data" and when a loan is declined, they list Equifax on their Adverse Action
Notice (with appropriate address and phone number) and they have now been told that because "XYZ Data" is considered a reseller of credit under the
FCRA 603(u) that they should also list XYZ Data (along with its name and telephone number) on the Adverse Action Notice. Is this true?
We have a commercial loan where the borrower took out a loan to reimburse himself for the purchase of an investment property. The property was already
owned by the borrower at closing and none of the proceeds were being used to pay off any other loan or to improve this home. Would this be HMDA
reportable, and as what purpose?
We went through a merger and acquired another bank's assets. With the bank's name changed, what disclosures do we need to give on mortgage loans we are servicing as a result of the acquisition and what information needs to be on there?
A question has come up about when to use of the Right to Rescind H-9 form and who is the "original lender". Here is my scenario: The Original Lender,
ABC Bank, closed the loan and is on the original Note and Mortgage. They immediately sold it to XYZ Company, and XYZ Company reports the mortgage to
the credit bureau and is now going to refinance the existing Mortgage. Does XYZ Company have to use a Right to Rescind Model H-9 form because it is the
Current Lender and the payoff is coming from them, or is the H-9 form only used for the Original Lender on the Original Note/Mortgage?
I cannot find a concrete answer, I did notice that the H-9 form seemed to have changed. It did say Original Lender but newer versions seem to say
Current Lender, but I don't know if this is in the regulation.
I have a question on Reg O, specifically the preapproval by the majority of the entire board of directors requirement under 215.4.
1. If the board of Directors authorizes a sub-committee to act on behalf of
the entire board, would pre-approval by that sub-committee satisfy the regulatory requirement regarding approval by a majority of the entire Board of Directors?
2. What if the majority of that sub-committee was composed of senior
management, the remaining minority members were board members and the total number of board members on the committee did not constitute a majority of the entire board?
What happens if a lender chooses not to read the HMDA Telephone Script when required to an applicant?
In Indiana, I know that if a maturity date is not listed on the filed mortgage that the maximum term is 20 years. But if a maturity date is stated on a HELOC, is there a state/federal/regulated maximum maturity and what is it?
Obviously, you have to look at the draw period and calculate a projected repayment, but can the maturity date be the actual date of repayment or would it have to balloon so as to keep with the state or federal regulation of maximum maturity date?