Vendor Guru Q&A - Lending

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Credit Union Signature Requirement for Payoff-Auto

09/02/2018

Currently the Credit Union requires a member to sign an authorization for payoff when we are posting insurance settlement checks for cars that are considered a total loss. (checks sent by insurance company) Is there any regulation that states we have to have the authorization signed or as lienholder can we make the business decision to accept those checks and post them the same day?

Non-Profit/Charity As Beneficiary On Deposit Acct

01/27/2014

If a customer names a non-profit or charity a beneficiary on their deposit account, do we have to obtain that non-profits tax ID number like we do for individuals?

Policy for Deceased Customer's Loans/Account

05/16/2011

We have a member who passed away last month and has a signature loan and a line of credit with us. Are we within our rights to place the funds in the account towards these loans?

POD Beneficiary Signing Security Agreement

03/13/2006

Does a POD beneficiary of a pledged CD, or Savings account need to sign the security agreement?

Pledging a Jointly Owned CD as Collateral

11/17/2003

When a Joint CD is used as a collateral on a loan must both parties pledge the collateral or is the one borrowing the money the only one necessary? If a loan is secured by a CD the has a POD on it must the POD pledge the collateral also for the loan?

Pledging a Jointly Owned CD as Collateral

11/03/2003

When a Joint CD is used as a collateral on a loan must both parties pledge the collateral or is the one borrowing the money the only one necessary? If a loan is secured by a CD that has a POD on it must the POD pledge the collateral also for the loan?

Signature for Online Loan Application

11/17/2019

We have an online loan application that our members complete. It does not have a signature on it. We use that to pull credit, make the loan and the members come in and sign loan documents. My question is do I need them to complete a loan application in person with a signature or is the on-line application sufficient?

What counts for HMDA reporting thresholds

11/17/2019

Are all transactions that are HMDA reportable counted toward the thresholds?

Right of Rescission Rule Interpretation

11/17/2019

I need some help with the right of rescission rule interpretation. On a refi loan, if the borrowers receive all TRID disclosures on a Saturday but our offices are closed that day so their signatures would have to be made on Monday. My question is, when should the 3 day rescission period begin? On Monday- Wednesday ( based on disclosures received on Saturday) or Tuesday-Thursday ( based on the effective signing date of Monday)? Reg Z states: 1026. 15(a)(3) i. The period within which the consumer may exercise the right to rescind runs for 3 business days from the last of 3 events: A. The occurrence that gives rise to the right of rescission. B. Delivery of all material disclosures that are relevant to the plan. C. Delivery to the consumer of the required rescission notice.

Reason for Suspicious Activity on SAR

11/10/2019

We have a customer who asks for random people's help by having them issue checks to him and he provides them cash (more than the amount on check) in return. For us, it's suspicious but don't know what is the best reason to put in the SAR?

Open-end or closed-end?

11/10/2019

How are lines of credit that do not revolve treated; are they open-end or closed-end?

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