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.
When escrow provided a Master Settlement statement with fees for us, the lender to disclose to our buyer on a purchase, they had transfer
taxes and owners title being paid by the seller. They have now sent out an amendment changing those 2 fees to be paid by the buyer because that is how
the contract was drawn up. Is this a valid change of circumstance? Or a tolerance violation?
We made a loan to a non-profit for the purpose of acquiring and renovating 10 different properties. Loan is construction - perm. Eight of the properties are residential and the other two properties are commercial. The majority of the square footage (about 72%) of the total square footage of all ten properties is commercial. The two commercial properties are strictly commercial (not mixed use). The commercial properties comprise about 39% of the net collateral value, although the majority of the property values are lender's valuations, and not actual appraisals.
I've looked through the HMDA GIR and do not see where this situation is addressed, unless I've overlooked it. The closest situation I could find addressed mixed use properties. In those situations, it stated it was at the lender's discretion, citing use of square footage or value. So I have square footage leaning to commercial (exempt) and value to residential (reportable).
Would this be HMDA reportable?
Is prepaid interest included in the calculation for Total of Payments amount in the TRID Loan Estimate and Closing Disclosure?
In the past we sent a letter annually to our mortgage customers regarding their requirement to maintain hazard insurance on the property they have pledged as collateral. We wanted to check to see if this is still something we need to be sending out each year or if this is something we can do away with? We do now have the Mortgage Blanket policy which covers all collateral including commercial property for hazard insurance. We understand this annual letter is not a Federal regulation, but want to verify it is not required by IN?
Do Home Equity Disclosures have to be updated with the change in the index rate or do you just do one annually?
We are refinancing a construction loan to permanent financing. The borrower lives on the property in a mobile home that will be sold once the borrowers move into the newly constructed home. Because they are living on the property, would there be right of rescission on the refinance of the construction loan?
For a REG E ATM Dispute we have a customer filing a claim for $700. She filed a police report and states she didn't know the individual. We have proof on video that she came into the bank with the individual in question. The customer isn't responding to our calls and we would like to know if we still need to give provisional credit and/or final credit if this this is the case.
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?