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
08/15/2005
I have searched high and low for an answer to no avail. When are HUD-1/1-A Settlement Statements are required? Reg X's definition of federally related mortgage loans says it applies to all 1-4 family dwellings. So does this mean that it would be required in a transfer of lien by a commercial borrower who does NOT occupy the house, and owns 40 or more rental properties? It is clearly commercial purpose. Why do title companies provide settlement statements for every type of real estate transaction?
08/15/2005
Is a right to cancel required when an 'abundance of caution' mortgage is taken on a personal residence? This is when the loan is clearly for personal, not business, purposes.
08/15/2005
What disclosures and regulations do we apply when loan funds are used for the purchase of an RV as a primary home? Is a early TIL and Good Faith required and is it HMDA reportable?
08/15/2005
Is there a new points and fees dollar threshold for 2005 as it relates to the HOEPA calculation?
08/15/2005
Do we have to disclose the exact amount of hazard insurance on the Settlement Statement whether or not it is disclosed as a POC item or an actual settlement charge?
08/15/2005
In what cases would a lender grant a borrower a rescission period on a purchase money agreement ?
08/15/2005
Our HMDA exam team went to town on income analysis. There is a lack of clarity in HMDA. Specifically, what are the rules for grossing up certain income types and what percentages apply? Thanks for any suggestions!
08/01/2005
If we receive an application on a Saturday, do our disclosures need to be sent out by Wednesday or Thursday, for RESPA and Reg. Z? We are open for business on Saturday's but do not do all business functions on that day. All business done on Saturday is dated as of Monday's date. Do we still need to count Saturday as the "received" date of the application?
08/01/2005
When is a settlement or closing fee considered a finance charge?
08/01/2005
If you are making a revolving line of credit to a consumer at a fixed rate and it is cash secured, is that considered an open-end credit?
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