FACTA - Don't Report Negative Information on Loans
05/16/2005
If we do not report any negative information for loans or credit cards what parts of FACTA are important for us to comply with?
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.
05/16/2005
If we do not report any negative information for loans or credit cards what parts of FACTA are important for us to comply with?
05/16/2005
We have a future advance clause in our first mortgage for x amount of dollars. We then use this to secure personal notes. Should these personal notes have a mortgage servicing disclosure, RESPA, flood determination form?
05/02/2005
Would a refinance or purchase of a Mobile Home Park, where we do not take any of the Mobile Homes as collateral, just the land, be HMDA reportable?
05/02/2005
We offer a 7 1/2 year balloon loan amortized over 15 years. What term do we use for the HMDA rate spread? My guess is that we would round up to 8, but I wanted to check with you. Thanks for the help!
05/02/2005
For HMDA reporting, when a home improvement loan is secured by a vacant lot, would we use the lien position of the lot, or consider it unsecured?
05/02/2005
When using the rate spreadsheet for possible HOEPA loans and the loan term is not exactly 1,2,3 years, say 52 months, should we use 4 years or 5 years, what are the rules for rounding?
05/02/2005
Our institution wants to increase the late fee on loans from $10.00 to $25.00 (all loans). I know we may change the fee for the new loans but what about the existing loans on our books? Is it possible to change the late fee to existing loans with the required notice advising customers of the change?
05/02/2005
What if property on a loan has improvements and they are in a flood zone, but flood insurance is not available, how can we make this loan and what do we need to do special?
05/02/2005
I am preparing new adjustable rate disclosures for 1,3 and 5 year ARMs for this year and our bank has implemented Tiered pricing based upon beacon scores. Do I need separate disclosures for the multiple tiers or can I state in the disclosure for a tier one product that the discount or premium and interest rate for the product may vary based upon beacon? Ask the lender for current index, discount and premium and current interest rate. I have gone all through the commentary for 19(b)(2) and I am interpreting it to say I need separate disclosures because the rules relating to changes in interest rate are different in the programs.
04/18/2005
During a post closing audit we discovered that an ARM APR which was incorrectly disclosed in the preliminary TIL but was correct on the final TIL. Is there anything we need to do to correct the preliminary disclosure or are we compliant because the final TIL was correct?