HMDA - Recording a Withdrawn Application
01/17/2005
HMDA Date Action Taken- if you have a file wherein the loan was approved, sent approval letter, but then Borrower never contacted you again - details on how to handle this please. Thanks!
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.
01/17/2005
HMDA Date Action Taken- if you have a file wherein the loan was approved, sent approval letter, but then Borrower never contacted you again - details on how to handle this please. Thanks!
01/17/2005
I am trying to find a sample of a risk based credit pricing notice to notify consumers if credit terms are materially less favorable than the most favorable terms available to a substantial portion of lenders new customers (to comply with the FACT ACT).
01/03/2005
Can fees for automated underwriting systems (Desktop Underwriter and Loan Prospector) be charged to the borrower? Are they a finance charge under Reg Z?
12/06/2004
We have a customer who just sent us his orders. He has been in the service since 1988. He took his mortgage out in 1979. Is he eligible for the 6% from 1988 when he went into the service? How far back must we go?
12/06/2004
Our notes include language for "Right of Setoff" to recover past due amounts from any allowable deposit account of the borrower. Does this "right of setoff" work in the reverse fashion so that banks can collect overdraft deposit balances from a closed-end loan product?
12/06/2004
Are laws regulating interest rates on all types of loans federal or state, and where can I find these laws?
12/06/2004
Should the Federal Sale of Insurance Disclosure be given to customer at the time of application, or once the loan has been approved? What if the loan is declined?
12/06/2004
Should the Federal Sale of Insurance Disclosure be given to customer at the time of application, or once the loan has been approved? What if the loan is declined?
11/29/2004
We are considering a relationship with a non-affiliated real estate broker. Here's how it works: If a homebuyer purchases a home through this broker and then finances the loan with us, the customer will get a $500 reduction in real estate commissions from the broker and a $500 credit from us toward our typical closing costs. We are one of nine banks that are being offered this opportunity brought to us by the broker. No money changes hands between us and the broker. If the buyer does not use one of the nine banks, they don't get the commission reduction, and if they don't buy their home through that broker, we will not give a discount. Do we have a potential violation of Section 8 of RESPA if we participate? The definition of "thing of value" includes the "the opportunity to participate in a money-making program." A referral "includes any oral or written action directed to a person which has the effect of affirmatively influencing the selection by any person of a provider of a settlement service or business incident to or part of a settlement service when such person will pay for such settlement service or business incident thereto or pay a charge attributable in whole or in part to such settlement service or business." It seems that we may meet both of these definitions, but I'm not sure if I'm misinterpreting or just plain missing some important exclusions.
11/15/2004
I am an attorney in Florida. I own a mortgage company and a law firm that provides title insurance and closing services. The mortgage company refers title work to the law firm. Does this situation fall within the purview of disclosure, and if, so, exactly what charges for services have to be disclosed?