Rep Payee and Reclamations
11/05/2023
If Representative Payee dies, what happens to existing funds in the account post reclamation of that months funds? Does the new Rep Payee have authorization to access funds?
You can reach Randy via email at: careyrandy@comcast.net
11/05/2023
If Representative Payee dies, what happens to existing funds in the account post reclamation of that months funds? Does the new Rep Payee have authorization to access funds?
11/05/2023
We are changing our passbook savings accounts to regular savings accounts or money market accounts. The account numbers and signers are not changing. The only thing changing is the account type. Can any signer on the account make the change and sign for the change, or is it required that all signers sign for the change so that everyone on the account acknowledges it?
11/05/2023
Do you have to obtain a new hazard insurance policy at loan renewal?
10/29/2023
Will the right of rescission apply on a 12-month bridge loan to purchase the borrowers secondary dwelling, using their primary dwelling as collateral also?
10/29/2023
Regarding Credit Card Billing Errors - If the bank makes a payment posting error to a credit card and within a few days through reconciliation discovers the error and makes a correction to the account, is this considered a Reg Z - Billing Error Resolution and a notice must to go out to the consumer explaining the error?
10/29/2023
We have a loan closing for a commercial property. The loan amount is $183,000 and the building is valued at $240,000. The borrower's flood policy is for $183,000 with a $50,000 deductible. He does not have sufficient cash on hand to handle a deductible this large. I told the lender the deductible is too high for the coverage amount, but the borrower is insisting on keeping his deductible at $50k. The lender says they are fine with the deductible being this high. Does that make this acceptable?
10/29/2023
Posts on the bank's social media (Facebook) that mention "our residential lending team" but include no mention of rates, terms, etc., do we need to include our NMLS number and EHL logos?
10/29/2023
Would there be any compliance requirements to collect a receipt or a copy of a check for earnest money for purchase transactions, or would this be a secondary market requirement?
10/29/2023
We have determined that it is appropriate to inform our borrowers of HELOCs nearing maturity about the availability of loss mitigation options. These borrowers are typically not past due, but we follow 1024.39 - Early intervention requirements for 180-day and 120-day timing for live contact and Written Notice. Is the Written Notice required to include all 5 items (1024.39(b)(2)) even though the borrower is not past due?
10/22/2023
The list of service providers we gave out has a mistake on it, The lender inadvertently put two providers in one box, One of these providers is an affiliate, the other provider is a third party, The contact information for the third party is right, but how the providers name is displayed as lenders affiliate-third party, would this be an issue? My concern was it would hinder borrowers ability to shop, also an affiliated business disclosure would be required. What are your thoughts?