Latest Lending - FDIC Topics

ECOA Requirements for Conditional Approval Letter

01/01/2017

I am trying to find out what the federal regulators would require we have on a Conditional Approval Letter issued to a borrower. Like the FDIC logo, Equal Housing, etc. What does ECOA require be on this letter?

FDIC Special Situation Clause Multiple Structures

06/17/2013

We have an Ag Loan that has five parcels secured by one loan. When running the flood determination, it shows that two of the parcels are in a SFHA. Out of the five, the two that are in the SFHA have structures on them, a mobile home (permanent foundation) a dwelling, and two equipment/storage sheds. We have flood insurance on the mobile home and the dwelling. My question is are we suppose to have a separate policy for each and every structure on the parcel or can we go by the FDICs special situation clause where it states for multiple structures that secure a loan FEMA does permit borrowers to insure nonresidential buildings using one policy with a schedule separately listing each building or do we have to have a policy for each storage building?

FDIC Lending Limits for Individual Loans 2009-10

06/10/2013

What were the FDIC lending limits for bank loans to individuals during 2009-2010?

FDIC Obvious Error Rule-APR Open-End Credit

01/21/2013

Have you heard of the obvious error rule? The FDIC has recently completed a compliance exam and mentioned the obvious error rule in relation to the APR calculation on open-end credit.

Flood Insurance Violation if Didn't Originate Loan

11/12/2012

We are looking to purchase a portfolio of 2nd mortgages from an unregulated lender, who was not following flood insurance regulatory processes. As a regulated institution could we be cited for flood insurance violations by FDIC even though we did not originate these loans?

Customer Confirmation on Receiving Privacy Notice

08/15/2011

Do we have to/should we have our clients sign/acknowledge that they received a copy our our new Privacy Notice that went into effect 2010? My question stems from a recent FDIC exam.

Conforming Loan Payment Notice

05/30/2011

We have an upcoming FDIC Compliance Exam. In the pre-exam questioning, I was asked if we provide a "Conforming Loan Payment Notice". I thought this was just for the credit card payments but was told that this also involves "payments on residences". I have searched for some type of guidance and have only found information that pertains to credit cards and helocs. In "googling" the topic, I have found several banks that have the disclosure on their website. This is telling me that I have certainly missed something. Could you give me some guidance or somewhere to look further?

Does a Lending Officer have to be Licensed?

02/14/2011

It is my understanding that a Bank Lending Officer does not need to be licensed under the SAFE Act, is that correct? We are regulated by the FDIC.

Collecting Monitoring Info on RE Loan

01/17/2011

We are an FDIC regulated bank. When do we not collect the government monitoring information on a real estate loan application?

Gross Income for Loan Applicants

10/18/2010

We qualify loan applicants based on gross income. Our credit officer says that tax free income from SSI or VA Disability is the gross income and shouldn't be grossed up. I say the income is net and should be. Who's right? If we don't gross tax SSI up, are we discriminating?

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Military Status and Foreclosure

01/26/2020

If our borrower hasn’t requested SCRA protection and is past due on her mortgage, can we start foreclosure as we normally would?

"Purpose" for a home improvement loan

01/26/2020

For a home improvement loan, is the Purpose = Home Equity?

CC Dispute- Purchase for Cancelled Trip

01/26/2020

We received a complaint from an account holder who used their credit card to purchase a trip on 7/3/18 for over $2,600 from a travel company. He provided evidence to us on 8/11/18 that the travel company had closed and the trip would not be offered and there would be no refund for what he had paid. The information he was provided from the travel company said the purchase was non-refundable and he had not purchased trip cancellation protection. He filed a dispute with us on 8/11/18 asking for credit for the cost of the trip. He did not make any payments on the account between 7/3/18 and 8/11/18, so it seems to me he would have a valid claim under both Reg. Z 1026.12 and 1026.13 (since he didn't/isn't going to receive the services he paid for and he filed his dispute within 60 days of the date of the statement the charge appeared on and he had not paid for the charge before he filed his dispute. Our bank's disputes department declined his claim, so he filed subsequent disputes, but was told each time that he was not entitled to a credit. I work in Complaints, which is where this claim has now landed, and I believe we need to credit him for the purchase. Is my thinking correct?

Collection Method Questions for HMDA

01/26/2020

This question has come up before but I have not seen a clear answer. If the application is NOT taken face to face, how should the collection method questions be answered for HMDA? Code 3 (NA) is only supposed to be for applications where the requirement to report the data does not apply to the covered loan. We would use code 3 on applications where it is an entity. Code 2 (not based on visual observation) would be the only choice that would make sense. What are your thoughts?

Is email receipt of the LE sufficient

01/19/2020

We mailed the borrower’s Loan Estimate and they emailed us that it was received, and they want to proceed with the loan. Can we act on this emailed notice?

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