To avoid Reg O conflicts, we are thinking of granting a loan to an executive officer that is secured by a CD at our bank. Does this type of collateral eliminate any Reg O concerns?
We made a loan to a borrower for the purchase of 2 mobile homes located in a mobile home park in Florida. The homes are “strapped down” to meet state/local requirements and have electricity and plumbing. However, we feel the home can be disconnected and moved and would not require us to perform a flood determination. Are we correct?
I thought that the CFPB came out and said that banks could no longer engage in MSAs because of a large enforcement action?
Is it a problem if the mortgage brokers that we use invite some of our lenders to parties to celebrate milestones like year-end celebrations where loan closing goals were met?
Who is an “Executive Officer” under Reg O?
We are making a loan to a business customer to purchase a new apartment building. The apartment building is not located in a flood zone. The loan approval requires the cross collateralization of two additional properties owned by the borrower. Do I need to obtain flood determination on these properties?
Would it be considered an issue if we “favor” the loan applications that are sent to us from one real estate agency over another if they just send us more of them?
Our bank president is a signer on a local non-profit’s checking account. That non-profit just bounced a check – does Reg O come into play here? Can we pay the OD and waive the fee?
We have a commercial loan on farmland with 12 outbuildings and a dwelling. Only one of the buildings (a small barn) is located in a flood zone that requires insurance. The loan amount is $500,000 and the appraiser valued this building at $70,000. Because only a small percentage of the secured collateral is in a flood zone, is flood insurance still required?
Could you benefit from a comprehensive HMDA training course to ensure your data is ready for submission?