Bio:
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.
Questions Answered
09/19/2005
I am trying to simplify our consumer loan application to a small brochure. Where do I find what is required to be on an application? I want it as simple as can be like name, address, income, debt and signature. Is that possible?
09/19/2005
I have an application for $1500.00 and it is to repair their mobile home. Collateral to secure the loan is an automobile. Is this subject to HMDA reporting?
09/19/2005
Are periodic monthly statements required on any open end consumer line of credit regardless of collateral?
09/19/2005
If we do not escrow for taxes and insurance, do we need to give the customer an initial escrow disclosure at time of settlement?
09/19/2005
When disclosing hazard insurance as "p.o.c." on the Good Faith Estimate, does it matter where the dollar amount of the premium is listed? We currently disclose 0.00 in the amount column and include the premium amount immediately to the right of "p.o.c." We are in the midst of implementing an on line application that includes on line disclosures. The vendor of this product includes the dollar amount of the premium in the amount column on the Good Faith Estimate. Since this is different from what we've been doing, we are trying to determine if this is acceptable under RESPA. There doesn't seem to be anything that specific in RESPA regarding completion of the GFE, just disclose as "p.o.c."
09/19/2005
We currently have a customer who is a mortgage broker. He has a credit line with us which he uses to fund loans. As collateral, we took an assignment of those notes and trust deeds. He is interested in using a portion of his credit line to fund HOEPA related loans. Do we have any disclosure requirements?
09/19/2005
Are there any Reg O or State of Nebraska laws/requirements for executive officers to report to the Board of Directors commercial loans that they guaranty when the loan is not at the subject bank, or any of its correspondent banks?
09/19/2005
Does HMDA apply to a business loan if it is going to be secured by residential real estate (investment rental property) that is owned by an individual? We have a borrower who wants to pledge residential real estate for a line of credit to be used for business purposes.
09/19/2005
I would like help in locating any published guidelines regarding due diligence a bank should exercise with respect to periodic verification of the collateral base pledged for a revolving commercial loan.
09/19/2005
If the collateral is commercial or rental R/E, and the loan proceeds will be used to purchase a new home and remodel it, will RESPA, Reg Z and Reg B apply in this case? We are a non-HMDA bank.
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