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.
Can you do a Change In Terms on a mortgage construction loan, increasing the loan amount and charging additional fees (Orig, Title Inc, Flood)? If so, what disclosures required are required or would the loan need to be re-closed as new loan?
Our bank sells credit life and offers it to our clients. Is the credit life sale disclosure required to be signed by the applicant. Is there such a disclosure with no signature requrement?
How are investment loans for multiple dwellings reported? Do we just pick one of the addresses and report that census tract? Example: I have a refinance with 3 separate dwellings as collateral, all on one loan.
Is the notice to home loan applicant required if the request is denied within 3 days?
We want to promote debit card usage and management wants to have a monthly drawing for a $25 gift card. I think that this is not permitted since it would not allow non-customers to enter and bank customers with debit cards are the only ones who can win - am I correct?
We have seen other banks do this in our area, so management thinks it is just fine.
If the bank charges PMI and doesn't have a PMI insurance company that it has to pay can the bank truly collect the PMI? For example, if the bank had loans that didn't sell on the secondary market, and the insurance gets cancelled, can the bank still collect for the PMI?
Does the Right of Rescission apply to a refinance of an existing HELOC with a new HELOC for a larger amount? The lender is the same institution, and there is new money.
Can a non-loan originator employee (teller) receive referral fees for loans that close in the secondary market, but receive no or less compensation for referrals of loans that close in-house?
I have a question regarding HMDA reporting and I hoping you can help me out. So for the NMLSR ID we are reporting the NMLS ID of the loan officer who approved denied withdrawn/canceled the application. We have several loans that were withdrawn by the member prior to a loan officer making a decision and were reporting N/A. I think we should be reporting our own NMLS number for those applications. Could you please let me know what you think?
Where could I find a list of required initial and final loan disclosures for closed-end, 12-month construction loans?