David's banking career began as a field examiner for the FDIC in 1990. He later became a Loan Officer for a small bank. In 1993, he established Banker's Compliance Consulting. Along with his amazingly talented Team, he has written numerous compliance articles for prestigious banking publications and has developed compliance seminars that Banker's Compliance Consulting produces.
He is an expert in compliance regulations. He is also a motivational speaker and innovative educator. His quick wit and sense of humor transforms the usually tiring topic of compliance into an enjoyable educational experience. David is on the faculty of the Center for Financial Training, the American Bankers Association National Compliance Schools and is a frequent speaker at the ABA's Regulatory Compliance Conference. David is also a trainer for hundreds of webinars, is a Certified Regulatory Compliance Manager (CRCM) and has been a BankersOnline Guru for many years. The American Bankers Association honored David with their Distinguished Service Award in 2016.
David and his wife Karen have 3 adult children (none of whom live at home!) & 3 cats (which Dave is allergic to). They live on a lake in Nebraska and when possible, Dave can be found fishing or in the water. David plays the guitar & piano and enjoys singing with Karen. Together they lead worship at their church.
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The bank provided a construction loan to a borrower to build a dwelling. Along with the temporary financing the bank also provided a loan estimate
for a permanent loan. This was done to make sure the borrower had all the pertinent information to make a decision about the new construction as well
as due diligence by the bank to be certain the borrower will qualify for the end mortgage.
Is it considered a HMDA reportable transaction as a withdrawn application if the bank provided the loan estimate for permanent financing? The
construction loan was taken out by a permanent mortgage in the secondary market loan and not the in-house mortgage that the loan estimate referred
For Reg C, which date do you use as the beginning date to calculate the intro rate period, the origination date of the loan or the first payment date?
Are we required to have an intent to proceed on commercial purpose loans?
Per Reg CC, a banking day is defined as any business day (up to the bank's cut-off hours) when your institution is open for substantially all of its banking activities. Reg CC measures availability of funds in business days.
Are we, the bank, allowed any time from open of business to 3:00 pm (our cut off time) to release a hold? Our disclosure goes over the terms Business Day and Banking Day. But under the delay we use Business Day. So should the funds be available the start of business day the hold is removed?
I'm trying to determine if this commercial loan is HMDA reportable. The borrower is purchasing 295 acres. This mostly vacant land is used primarily for hunting however, there are two dwellings on the property. My question is, can this property be considered primarily agricultural? Referring to Reg. Z guidance on what is considered agricultural, fishing would fit this category but there is no mention of hunting. I wanted to get other opinions as we are leaning towards this being reportable.
Does Regulation E require you to send dispute resolution letter with all information regarding the transaction, or can we send a generic letter? "Your claim is denied ,"or "your dispute is valid" with no information regarding the date and amount of the transaction? I was always under the impression you had to provide that information in a closure letter.
I have a closed-end transaction secured by a principal dwelling which is being refinanced to another closed-end product (no new money). The original transaction provided a right of rescission. Please confirm that the refinance loan is not rescindable since it is with the same lender and no new money is being funded. I can't find a cite for this.
We recently switched credit bureau vendors. This vendor automatically includes the credit score disclosure exception notice with the credit report. We in turn provide this disclosures to those who apply for consumer credit. There are times when a lender will use a consumer report for a business purpose loan. If we provide the credit score disclosure exception notice on a business purpose transaction/application are we asking for trouble with examiners? Could we be subject to fines?
Is a loan to purchase a shed, HMDA reportable as home improvement? Does the shed have to be on a permanent foundation to qualify as a home improvement?
I have questions that bother me when I dealing with a commercial real estate transaction where a residential property is taken as collateral. When does the Notice of Right to Receive a copy of an Appraisal apply? I have seen many different concepts in the internet regarding to dwelling:
- A 1-4 residential property which is the borrower or guarantor's principal residence;
- Any 1-4 residential property which is the borrower's principal residence, and it is going to be refinanced; or
- Any 1-4 residential property taken as collateral in the commercial real estate transaction.
I would like somebody clarify which is in compliance. I am in Florida if that matters.