Vendor Guru Q&A - Lending

Latest Lending - Overdraft Charges Topics

Max Fee for NSF Check Returned for CC Payment

09/22/2019

What is the maximum fee allowed for a NSF check which was returned for a credit card payment? And is there a maximum fee for late charges for credit cards?

Electronic Right of Offset

08/20/2007

Our lending operations department (not credit card) would like to initiate an EFT through our third party vendor to debit our customer's deposit account to exercise our right to offset for amounts owed on our customer's loan. Our deposit account terms and conditions discloses our right to offset any amounts owed to the bank. We know that generally Reg E, Section 205.3 (c)(5) would allow the bank to electronically transfer funds between a customer's accounts without the customer's specific request under certain circumstances and that the official commentary provides that this exception to Reg E includes the right to initiate "electronic debits or credits to consumer accounts for check charges, stop-payment charges, NSF charges, overdraft charges, provisional credits, error adjustments and similar items that are initiated automatically on the occurrence of certain events." In order to exercise our right to offset electronically, the transaction will need to be processed through our third party vendor. Do we have any Reg E or other regulatory concerns in doing so?

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Use of the old four-page uniform application with the demographic information addendum

07/12/2020

Can we continue to use the old four-page uniform application with the demographic information addendum or must we convert to the new nine-page form?

Time Limit to Correct Error on HELOC?

07/12/2020

We have a customer who has a home equity loan. We found that about $8,000 in draws which were not posted to his account from a year ago. His loan is now almost maxed out. Is it too late to charge his account? Is there a time limit to correct our error?

Use of the Lender Information form

07/05/2020

Are we required to use the Lender Information Form?

Credit Card Promotion-Waive Annual Fee

07/05/2020

The bank is considering a credit card promotion for a period of 90 days that will waive the annual fee for the life of the credit card. A customer must apply for the credit card during this time frame to be eligible. It will not be advertised externally. Must the credit card application be altered or can we leave the annual fee on the app in case other customers take the application with them? What other compliance requirements exist for this type of promotion?

How to Report Purchase of 6 Properties on 1 Loan

07/05/2020

How do I report the purchase of 6 properties on one mortgage loan with a combination of 9 leased apartments plus 28 bedrooms with shared bathrooms that are rented weekly or monthly?

Latest Lending - Overdraft Charges Topics

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