Insurance Disclosure Required?
07/17/2022
We do not offer credit life insurance on the consumer real estate loans. Are we required to have the customer sign the Federal Sale of Insurance Disclosure at application for these?
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.
07/17/2022
We do not offer credit life insurance on the consumer real estate loans. Are we required to have the customer sign the Federal Sale of Insurance Disclosure at application for these?
07/17/2022
In order to be considered HMDA reportable as a refinance, does the loan have to payoff an existing loan to the same lender?
07/03/2022
How long is a Deed of Trust good for after the loan is paid off but no release has been filed?
05/15/2022
When should a copy of the appraisal be given to the borrower on a commercial loan before closing?
05/08/2022
In reviewing the FEMA manual and Flood Act requirements, I don't see any carve-outs for old "placeholder dwellings" (dilapidated structures). Our policy has been that if they have two walls and a roof and they are in a flood zone requiring insurance, it must be purchased. We are running into insurance agents who are saying that homes have a lifespan of 40-60 years so if the home is 60 years old, that the percent of life left is 0 and as such, there is no Actual Cash Value, even when a picture of the dwelling shows it is still standing. Are you aware of any basis for accepting an agent's statement that there is $0 ACV based on the age of the home and lack of upgrades to avoid requiring flood insurance?
03/06/2022
We have a customer that we are certain is involved in a scam, which involves her sending money to these perpetrators. Does the bank have the authority to put a hold on her account for suspicious transactions with questionable people?
03/06/2022
If an Appraisal value has been received, should the appraised value be listed as an estimated property value or property value on the loan estimate?
02/20/2022
When there is conditional approval to an applicant for a HELOC based on stated income, but the applicant hasn't provided any of the requested documents to substantiate the income, is this a denial because we are unable to verify income or approved not accept by the borrower?
02/20/2022
Would this loan be HMDA reportable? Each of four building is on a separate lot with garages or carports. There are a total of 20 lots. All of the lots are contiguous and operated as one economic property. They do not have any restrictions from selling the lots individually.
02/13/2022
What is the HMDA purpose classification when refinancing a construction loan and converting it to permanent financing - purchase or refinance?