We have recently hired some new loan officers and they have always been told that they cannot order their own appraisals. Is there anything in the regs that prohibits a loan officer from ordering appraisals?
We have a mortgage lending office about two hours from deposit taking branches. The mortgage area wants to hand out flyers advertising the banking services we offer. Is the FDIC logo required on them? We're afraid it will look as though the loans are FDIC insured.
If we send surveys out to consumers requesting information on deposit and lending products, do we need to have Member FDIC and the Outhouse logo on the survey form?
Do we have to use both the "Equal Housing Opportunity" and the "Equal Credit Opportunity" logos on our lending advertisements or is just one of them sufficient? We're a state-chartered nonmember bank.
My question deals with the definition of the term abundance of caution. I have recently read "to qualify under the abundance of caution definition, you would have to make the loan under the same terms and condition as if the borrower did not offer the real estate as collateral." However, in some FDIC material I have read the following: "abundance of caution, e.g., the institution takes a blanket lien on all or substantially as of the assets of the borrower, and the value of the real property is low relative to the aggregate value of all other collateral." These two seem to be in conflict. Can any of you help me get a handle on what exactly is meant by this term? If possible cite your source.
Recently I came across a thread that recommended looking at the OCC's Comptroller's Handbook for a handy chart of what is a finance charge, and what is not. In the CHARGES NOT INCLUDED (residential mortgage transactions, and loans secured by real estate) column, I found that fees for preparing loan documents are not finance charges, and should not be calculated into the APR on those types of loans. Do I understand this correctly? Are document fees or document preparation fees not finance charges in regards to residential mortgage/loans secured by real estate?
We have been cited during a recent FDIC compliance exam for not including POC costs for hazard insurance and property taxes on the form HUD-1A, when the customer obtains a second-lien home equity type loan. We have never been written up for this before and the fees don't seem to fit in the categories provided on the HUD-1A. Are they really required to be listed?
by Regional Examiner Jeff Bagby, Oklahoma State Banking Department
I have a question that involves CRA Reporting for community development loans. If we have mortgage loans that are made to LMI borrowers or are in LMI areas, can we include these as community development loans on our CRA report? They are also included on our HMDA report. I know we get credit for these, but my question is whether we should include them on the CRA report to the FDIC as community development loans.
I am basically a lending side compliance person but I am having to assume additional responsibilities including approving ads...I have a bank that wants to advertise a 5% CD on "flashing signs" and put them in front of the branches. In reading about deposit advertising, am I correct to tell my marketing folks that the ad would:Need the FDIC logo, if they want to use the 5% then they would have to state an APY and also spell out APY at least once on the sign?