We have a commercial loan where the borrower took out a loan to reimburse himself for the purchase of an investment property. The property was already owned by the borrower at closing and none of the proceeds were being used to pay off any other loan or to improve this home. Would this be HMDA reportable, and as what purpose?
Which regulator issues the most enforcement actions?
When collecting HMDA information on declined consumer loans, what is the source document for verifying the number of units? Are we OK to use the application where the client indicates the number of units since we do not have an appraisal or do we need to verify using a tax card? Since it's a decline I wasn't sure what the source document would be.
We found two construction loans which have the wrong maturity date and we need to update them. Is it acceptable to update the documents and have the customer initial the change on the Note or do we need to do anything else to be compliant?
We went through a merger and acquired another bank's assets. With the bank's name changed, what disclosures do we need to give on mortgage loans we are servicing as a result of the acquisition and what information needs to be on there?