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.
We have a customer who wants to finance the construction of a barn on his homestead property. The loan officer says this is business purpose because the customer will have a horse operation in the barn and earn additional income (he has a full time job). I disagree and believe TRID applies. Which do you think it would be and why?
I have a 2 year time note, with interest paid quarterly and a final balloon payment of principal plus last quarters interest. I'm looking for guidance on how to run this through APR WIN.
Currently, our HELOC products feature a rate determined by an index plus a margin (we utilize Prime).
However, we'd like to lower the margin for the time being but not actually get rid of it. Basically, calculate the rate with a lower index for now but keep the existing margin in place for the future. This would seem to be a change in the interest of the borrower as it will allow a lower rate.
When you receive Notice Of Trustee's Intent To Pay Claims after a customers Chapter 13 has been finalized with a repayment plan, should the servicer change the loan terms and billing to match the repayment plan?
Is a purchased loan HMDA reportable when the selling or originating bank sells off 100% of the loan and does not hold any interest at all except for servicing?
Assume we mailed the Closing Disclosure on 03/08/2016. Can one of the borrowers sign the loan docs on 03/09 and the other one sign on the expected closing date of 03/15/2016 as scheduled? is it respecting the 3 days timeframe?
We made a car loan on Friday evening. The customer came back on Saturday morning before the loan was put on the books and said they decided against the car. They brought back the money order that was made out to the dealership. My question is: Do we actually have to put the loan on the books and then do a payoff ? Or can we treat it as withdrawn ?
Commercial Lending Guarantors and Joint Intent: How do you handle whether or not to get Joint Intent on a guarantor if you have a set in stone credit policy that's states something like, "All owners of a borrowing entity who own more than 25% of the borrowing entity are required to give a personal guarantee on any loans extended to the borrower"?
My issue with the above, is what do you do when you have a voluntary contemporaneous guarantor applicant, does joint intent apply since your requiring it before they even walk in the door? Does a Voluntary Contemporaneous applicant supersede Credit policy requirements when it comes to Joint Intent?
Is it a better practice to just obtain joint intent on all guarantors?
We are offering a new insurance product for commercial loans. The premium is not added to the loan it is a single premium level term life insurance.
Do we need to get a Federal Sale of Insurance Disclosure signed since this is not consumer?
Are there regs limiting when an annual escrow analysis may be done?
We have a borrower that closed in January, first payment due in March, and they received an Annual Escrow Disclosure from our sub-servicer for their payment to change in April. The payment is going up less than $40. Shouldn't this only be conducted at the end of the escrow cycle to determine the shortage/surplus?