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.
Flood Insurance-I've been reviewing a private flood insurance policy and it doesn't have the 45 Days' Notice of Cancellation to Insured and
Mortgagee. Borrower decided to apply for one issued under NFIP (ASI) and it doesn't have the 45 Days' Notice of Cancellation either. I thought if
issued under NFIP it had to?
Scenario: Commercial customer is using one residential investment property as collateral to do improvements to another residential investment property. Is this HMDA reportable? if so, which address do I report; and is the purpose "home improvement"?
When a loan moves from "interim servicing," to "servicing," is a short year statement required under RESPA?
As an example, say a loan closed and was purchased by an investor 15 days later. The investor takes entire escrow balance with the deal, so would short year end escrow statement be required?
In another example, if we as the original lender collect first payment and the investor leaves one month of mortgage insurance to pay from escrow balance, are we required to send a short year escrow statement to the borrower?
Is there a specific regulations that clearly states interim servicing vs servicing?
Commercial customer is using one residential investment property as collateral to do improvements to another residential investment
property. Is this HMDA reportable? if so, which address do I report; and is the purpose "home improvement"?
If a vehicle loan is being made and the loan officer decides to waive the insurance on the vehicle, is it required or necessary to print the agreement to provide an insurance document? We are not in agreement and want a "guru" to give us the final answer.
Would a well replacement be considered a home improvement for HMDA reporting?
If a borrower is renting a home as their primary residence and they decide to purchase the house would there be right of rescission?
Is it a Reg Z violation to not acknowledge a a customer's dispute letter within 30 days of receipt?
We have a file that started out as a Cash-out Refinance for Home Improvements. So the original purpose would be "home improvement." The appraisal came in much lower than expected. A "change of circumstance" was done to lower the loan amount, which fell short of paying-off the existing mortgage and there would not be enough funds for
home improvements. The borrower withdrew the application. For HMDA reporting, should the loan purpose still be "home improvement" or should the loan purpose now be "refinance"?
Offering Reg O Insider A Higher Rate on Deposit?