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
07/18/2005
This pertains to a single family mortgage that is not exempt. Scenario: a lender takes a pre-app that does not define any particular property, but the lender does run a credit check on the borrower. Question: is the lender required to send any of the disclosures (GFE, etc.)that fall under the 3 day rule?
07/18/2005
I am a Mortgage Broker. I was referred to this web site from the Department of Real Estate. I needed to know what forms are included in the "RESPA" Disclosures to keep us in compliance.
07/04/2005
I am confused on the FACT Act, could you please shed some light on this issue? I am not clear on when we are suppose to provide this notice to the customer, please advise.
07/04/2005
We have been asked by a customer with a joint HELOC to "freeze" the line because he and his wife are getting divorced and he doesn't want her drawing against the line. Can either borrower make such a request and what are our obligations when receiving such a request?
07/04/2005
Now that a request for a preapproval is an application under HMDA, what date do we report? The date the customer first contacts us? The date we pull a credit report? The date we send a written preapproval? Or should we just pick one and be consistent?
07/04/2005
An installment loan was approved, closed and disbursed to purchase a mobile home as a primary residence--a HMDA reportable loan. A bank error has been discovered (in the customer's favor) and the lender wants to rewrite the note to correct the error. The interest rate will trigger HOEPA which was not an issue for the purchase money. Would HEOPA apply for the rewrite, or would the second loan still be considered purchase money since no new funds would be disbursed?
07/04/2005
Can you show insurance as "POC" on your GFE for a Home Equity Loan?
07/04/2005
A mortgage lender faciliates a construction loan for a borrower and charges an origination fee to do so. The fee is shown on the HUD-1 if the mortgage lender closes the end loan. If an end loan is not closed the fee is never disclosed on a HUD-1. The construction lender allows the borrower to take a draw on the construction loan to pay the mortgage lender but pays the draw direct to the borrower who then pays the mortgage lender. Is this a violation of REPSA.
06/20/2005
I’m reviewing a loan, it is under a business name, but the loan purpose is strictly personal. We have a rental home as collateral. The term is 10 years. Do I treat this as a business loan or do I search for RESPA and Reg. Z disclosures?
06/20/2005
On a commercial loan, we took the borrower's residence as collateral. The deed of trust included a cross-collateralization clause. Recently, we did an auto loan to the same customer. Are we in fact required to give a right of recission to this borrower even though the deed of trust was not actually referred to on the auto loan?
Pages