Most Popular Lending Content
Eligibility for SCRA rate cap
10/22/2023
A soldier’s mother called to tell us her son joined the Army. Do we have to reduce the loan rate that day?
New Loan - HMDA Reportable?
10/22/2023
The situation - Grandparents are purchasing a house for their grandchild. Collateral - Grandparents farmland not located where house is. Question - Is this HMDA reportable? No mortgage being taken on purchased house, only the farmland.
Proper Reporting of Permanent Mortgages
10/22/2023
We do a lot of construction loans. Thee are one year, temporary financing loans. Our permanent financing of these mortgages have been treated as purchases for years. We converted to a new LOS and it is giving us compliance alerts for the same practices. Should these be refinances for HMDA purposes and should they have a rescission period?
Who gets the Adverse Action
10/15/2023
Our bank recently added an Equipment Finance division and I am wondering if an Adverse Action Notice needs to be sent either to the vendor or the business working with the vendor applying for credit?
CRA Credit for a Donation
10/15/2023
I'm somewhat new to identifying CRA qualifying donations and am looking for opinions on whether I should or could try to include a contracted annual donation to our County Economic Development Group. This CEDG is a non-profit and their mission statement lines up with the Revitalize and Stabilize category. Our marketing director indicated that the funds are considered a sponsorship and doesn't think it would count. We do get an acknowledgement on their website as being a sponsor so to that affect I'm assuming she is viewing it more as advertising for her reasoning to not include it. Our name being included on the website is in acknowledgement of our level of donation and the funds are a general investment into the organization. It is not a specific advertising expense. We have included one off donations to this group throughout the years but apparently have never considered adding this sponsorship donation to the list of qualified donations. Would it qualify as described or could it qualify if we had any stipulations as to funds use?