Correcting LE Typo Error
11/27/2022
If a revised Loan Estimate was provided to include a second appraisal and a clerical error added a $6,000 lender credit, can it be removed/corrected?
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.
11/27/2022
If a revised Loan Estimate was provided to include a second appraisal and a clerical error added a $6,000 lender credit, can it be removed/corrected?
11/27/2022
We receive submitted applications from our website that are considered complete per TRID. Upon receiving the submitted application, we attempt to directly contact the applicants by phone or email regarding the application and items needed to make a loan decision. If we do not receive any contact from the applicant, what are the notification requirements? Should the app be considered incomplete and we send a Notice of Incompleteness and if there is still no response by a certain date, we can close the file? Also, what would the timing requirements be to send the notice and then to be able to close the file?
11/13/2022
I have a borrower who would like to use his primary residence as collateral for a business line of credit in the business' name. Does TRID apply or any other regulations if its a business purpose?
11/06/2022
This is about HMDA reporting for Loan Purposes under 1003.4(a)(3)-6. I think I might am being too literal in my understanding of home purchase. A customer is getting a loan, using their primary residence as a collateral, making this a refinance. The cash out portion will be funding is to purchase another property as investment rental. Our line of business is stating this would then be a home purchase because "Purchase" trumps refi. I do not agree. I feel that because they are using the refi loan as the source of funds it stays as a refi. If they were using the other property as collateral then I would agree. In that case it would be a home purchase because they are buying the collateral with the loan. How should this be coded for HMDA?
10/30/2022
On an existing commercial loan, can you add new money as long as the amount doesnt exceed the original loan amount? For example, an original loan was $74,000 with a current balance of $64,000, may we add-on $2,000 in new money. The maturity date and interest rate will remain the same
10/23/2022
An appraisal shows a delapidated building with no value as it is to be razed pre-loan closing. Do we have to have proof in file for flood purposes that the building was torn down?
10/02/2022
If we accidentally deny a loan that has already been withdrawn by the borrower, prior to our credit decision, how should we handle the reporting of the HMDA data on the LAR? Should we report it as withdrawn per Reg C regardless of the existance of the denial letter, or should we report it as denied because there was a credit decision and letter issued and that's the action taken by the bank?
09/25/2022
Is a loan to purchase land with a free and clear mobile home as additional collateral considered HMDA reportable? There is no equity being utilized from the mobile home.
09/25/2022
Our HELOCs are variable rate, but don’t have an “introductory rate." The rate is just subject to change on the first business day of every month. Is that reported on the LAR or do we just put NA since we don’t technically have an introductory rate? Additionally, if we require in the loan contract that the borrower reimburse fees we as the lender paid if the loan is paid off in the first 36 months, does that number need to go under Prepayment Penalty term if we aren’t technically charging a “prepayment penalty”?
09/18/2022
For HMDA purposes, when you have multiple properties as collateral, are all properties included in the value even though only one address is required?