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.
05/23/2005
If a loan application is sent out to a prospective borrower with the information on it given to us over the telephone, and the application is never returned, do we have to report this in our HMDA report? We ran a credit report.
05/23/2005
We are a HMDA bank, and are choosing not to report Home Equity Lines Of Credit. Are we allowed to collect monitoring information? If we do collect this information woulld it be a violation of Reg. B?
05/23/2005
What is the HOEPA reporting threshold? Is there something that relates to loans under $50,000? If so, where would I find this guideline?
05/16/2005
We have a loan that we would like your opinion on whether to report as HMDA or CRA? We don't want to double dip. The couple owns a general store with an apartment upstairs that they are currently living in. The loan is for them to build a home for themselves on the same property. The apartment would then be rental property. This loan was processed as a commercial loan. However, the loans purpose was to build the home.
05/16/2005
I need to find out how to combine two mortgage loans on one HUD settlement statement. If you have a 1st loan and a 2nd no cost loan, where can I find guidance on how to combine this information on a single HUD 1?
05/16/2005
Re: HOEPA -- Our bank does 1 yr and 2 yr balloon loans, usually amortized up to 20 years. I know I use the Treasury constant maturities interest rate but am unsure which term (the balloon term or amortization maturity).
05/16/2005
The bank is making a loan and taking property (with building) as an abundance of caution. This property is located in a flood zone. Is flood insurance required when our collateral is taken as an abundance of caution?
05/16/2005
Are you required to report all loans to a credit bureau? If you are reporting to a credit bureau are you required to report all loans?
05/16/2005
When is a 1003 (FNMA) application required for a mortgage transaction?
05/16/2005
According to "A Guide to HMDA Reporting Getting It Right!" effective 1/1/04, the definition of a reportable refinancing is "any dwelling-secured loan that replaces and satisfied another dwelling-secured loan to the same borrower. Please define "satisfies and replaces". Does this require cancellation of the current loan promissory note and recording of a satisfaction of lien for the current security instrument/mortgage consequently being replaced by a new note and execution of new lien/mortgage, or does cancellation of existing note followed by a new note qualify as a "refinance" (the existing lien instrument/mortgage stays intact)?
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