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.
04/04/2005
Can you direct me to any specific portion of HMDA regulation that addresses mortgage BROKER requirements? Most brokers originate more that 100 loans a year but we do not meet the definition of a LENDER. Do we have to report even though our LENDERS that we basically serve as agents for will also be reporting that data?
04/04/2005
Our bank submits mortgage loans to Fannie Mae's Desktop Underwriter for approval, and is charged a submission fee. On our HUD-1 forms, we charge a processing fee, of which a portion offsets the DU submission fee. My questions are: 1. Do we need to list the DU submission fee separately on the HUD-1? 2. Do we need to classify the DU submission fee as a finance charge?
04/04/2005
We are making a new loan to pay off a home loan and add additional funds. The property is in a flood area and notice was given to the customer on the existing loan. Since we are able to verify that the customer has been notified of the flood status prior to the existing loan, what are the requirements for reasonable notice?
04/04/2005
A simple question that may be obvious: We know that "document preparation" fees are not finance charges under 226.4(c)(7), but what about a "document review" fee?
04/04/2005
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?
04/04/2005
Is a right of rescission required for a loan on a mobile home which is not attached to real estate, is less than $25,000 and is the borrower's primary residence? The lender and borrower are in Texas.
03/21/2005
We are a correspondent lender who makes the credit decisions, or "institution." I am struggling with the LAR field "type of purchaser." We sell the servicing of our loans that ultimately go to Fannie, Freddie, Ginnie, etc. Do I break down the type based on our being an "institution"? Or just choose “other” for the type of entity that is retaining the servicing?
03/21/2005
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 satisfies 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, followed by a new note and execution of a new lien/mortgage? Or does cancellation of the existing note followed by a new note qualify as "refinance" (existing lien instrument/mortgage stays intact)?
03/21/2005
Is a flood certification required for all mortgage loans in any area?
03/21/2005
The rate lock-in fee payable to us and collected up-front by our affiliate bank is shown as POC on the HUD-1 at the construction perm closing. Do we need to show it as POC again on the HUD-1 at modification, since this is when the borrower will receive a refund of this fee in a check?
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