Authorized signers on CD accounts
07/21/2024
Can a personal certificate of deposit account have authorized signers?
You can reach Randy via email at: careyrandy@comcast.net
07/21/2024
Can a personal certificate of deposit account have authorized signers?
07/14/2024
If I am refinancing a primary residence, do I need to include last year's insurance on the loan estimate and closing disclosure as a POC fee? Or can I just leave it off because insurance and taxes are accounted for on my Initial Escrow Disclosure?
07/14/2024
What regulation does collateral inspections fall under?
07/14/2024
We have a HELOC that is maturing 7/15/2024. Both borrowers are deceased. The son was paying the interest due each month. He does not qualify to put the loan in his name. We have agreed to give him a 90-day extension to either sell the home or get financing to payoff our loan. I have a copy of each of the borrowers' wills. Everything was bequeathed to the son and daughter equally. The daughter was named as the personal representative of the will and was authorized and empowered to sell, dispose of and convey all property, of every kind and character, which is owned at the time of death. My question is, who has to sign the loan extension documents? Is it the personalrepresentative of the estate?
07/07/2024
We have a business account that took out a construction loan 11 months ago on lot A. Our business customer just bought lot B (right beside lot A) and is planning to use the exact same floor plan as lot A for lot B for the construction. Since this appraisal was completed 11 months ago on a different address, would we have to get a new appraisal completed for lot B, or, since everything is the same besides the address (right next door with same floor plan not 1 year old) could we reuse the lot A appraisal for lot B? I am having trouble finding information about this in the regulation.
07/07/2024
Suppose that you have a customer that is 100% the victim of a scam. The transactions clearly show P2P withdrawals going to random people, the customer is purchasing gift cards at dollar stores and grocery stores and admits to sending this money to "a friend." The activity gets worse and worse every time you look at it, but the transactions are all authorized debit card purchases. Therefore, it is the customer's own money being spent, and the customer refuses to believe they are speaking with a scammer. Is this reason enough to close an account for suspicious activity? Is it a waste of resources for the account to be monitored?
07/07/2024
I am sending a revised Loan Estimate for an appraisal fee increase. What verbiage do I use to justify that the appraisal transfer invoice shows the fee is now $575 versus the $430 which was initially disclosed. This is an appraisal transfer from another lender., and I am not sure what the correct verbiage would be for this change.
07/07/2024
Are lowside and highside tracking used with credit bureau score decisioning, or does that just apply to decisioning with a custom pooled data scorecard? If so, what are appropriate thresholds?
06/30/2024
When a right to rescind is involved in a real estate-secured transaction, we are trying to confirm if there is anything in the regulation that requires the borrower(s) to sign all copies of the notice of right of rescission, or only requires the borrower(s) to sign one copy for the lender and leave the borrower copies unsigned. We can only find where the number of copies to be provided is specified (two for each owner if on paper, one for each owner if delivered electronically).
06/30/2024
If I am making an informational post about what mortgage points are and I state, "Each point typically costs 1% of your total loan amount and can reduce your interest rate by a fraction (usually 0.25%)," is that technically a method of determining a finance charge and subject to additionaldisclosures per section 1026.16? I should note that this post is an explanation of what discount points are, and not necessarily an advertisement for a specific product, but also I'm not sure there are carveouts from the provision. Any help would be greatly appreciated. Thank you!