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
04/18/2005
With regards to the new FACT Act/Fair Credit requirements; is there any guidance on how lenders should provide the credit scores and reasons for the scores? Can we provide a copy of the credit report to the borrower along with the disclosure?
04/18/2005
I just started working at this company and I was told "we don't take Spanish loans" because of language barriers. I've been in the business for about 3 years and know that ECOA and HMDA have discrimination prohibitions, but can't find anything about a language barrier. Would this fall under discrimination based on "Race"?
04/04/2005
I'm looking for a list of all fees required to be disclosed per RESPA regs. This would include FHA/Conv/VA.
04/04/2005
What formula do most bankers use to calculate the amount of hazard insurance required on a loan (this isn't for flood insurance)?
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.
Pages