I need to know in this scenario if a CTR is required for the husband? The wife and husband come into the bank. The wife conducts a deposit to her personal (individual) account of $8,000 in cash. Then she conducts a deposit into the joint account (with her and husband) for $2,600. In my mind a CTR only needs completed on the wife because the wife is benefiting and conducted the $10,600 deposit. The husband did not conduct either transaction and is only benefiting from $2,600. Is my thinking correct? If required, please explain why a CTR is needed for the husband. Also, if a CTR is needed for the husband, I would like for you to consider this same scenario but without the husband present for the $8,000 deposit to the wife's account. When he enters the bank to make a $2,600 deposit to the joint account and we tell him we need to complete a CTR, wouldn't we be breaching customer information to tell him it is because his wife made a large cash deposit to her personal account early in the day?
The IRS 1098 reporting instructions do not address the ownership of the real property subject to a loan and are we required to report for commercial loans too? Assuming all the conditions are met for a commercial real estate loan (borrower is an individual, payer is an individual, and the interest paid is over $600), should we really ignore the ownership of the property? We have a case in which the real property is owned by an affiliate business entity which is an LLC.
If you have changes to a loan product or loan amount, etc. one day prior to the initial closing disclosure being issued, can you use the initial CD to disclose the changes or do you have to reissue the loan estimate and restart the clock, or is there another solution?
My compliance officer says we have an affiliated business arrangement with a title insurance company that is 20% owned by our holding company. I thought the rules kicked in with 25% ownership. Who’s right?
We have a borrower that is using their primary residence (that does not have an existing lien) to purchase a second home. If I am understanding Reg C correctly, I would be reporting the loan as a purchase because that is what the funds are being used for. Would I then report it as a primary residence because the property that will have the lien is their primary residence or would it be a second home because that is what the funds are being used for?