A loan is taken to purchase a single family home that will be owner occupied. The loan is in the name of the borrower's business, a corporation. Is this loan subject to the Regs such as Reg B, Reg Z and RESPA?
Is there a resource that lists all the mandatory training drivers for banks/mutual associations?
I am refinancing an in-house mortgage on a customer's primary dwelling for the purpose of consolidating bills. I know that we can legally charge interest during rescission so they are in effect during the 3-day rescission period being charged on the old loan as well as on the new loan. After rescission, the pay off on the old loan is when it comes out of rescission. I realize if they refinanced with a different lender they would pay interest at both places during rescission also. If it is in-house and under our control why are we charging them on both ends? My suggestion is to make the loan date the date they sign documents, make the dispersal date the date it comes out of rescission and payoff the old loan on the dispersal date. I can’t find any Regs on charging interest during rescission on a refinance on both loans.
When an applicant does not qualify and the lender advises they need a co-signer or guarantor, does the co-signer/guarantor need to sign the intent to apply for joint credit? Where can I find this in the Regs because in my search I can not find anything. Also, can someone provide a good definition for co-signer and guarantor?
We have recently hired some new loan officers and they have always been told that they cannot order their own appraisals. Is there anything in the regs that prohibits a loan officer from ordering appraisals?
When taking a mortgage on both a current homestead and a home being purchased to become the new homestead on short term financing, would RESPA and/or Reg Z apply?
If the collateral is commercial or rental R/E, and the loan proceeds will be used to purchase a new home and remodel it, will RESPA, Reg Z and Reg B apply in this case? We are a non-HMDA bank.
I'm looking for a list of all fees required to be disclosed per RESPA regs. This would include FHA/Conv/VA.
I'm the Internal Auditor of a community bank and will really appreciate your help with this. I'm working on the BSA Internal Audit and was trying to see if the FDIC/State requires for all employees to complete their BSA training, regardless of their department? We have a very good compliance program and training but it seems that some of the Loan department has not finish or even started with their online BSA training. Should I include as a recommendation to make sure that all employees complete their BSA training or should I write it up as violation? If you advise me to write it as a violation, give me good arguments because I have a stubborn Compliance Officer. Once again I would like to thank you for your time and assistance.
Can you please tell me the difference between an Act and a regulation? And is a law different than a reg or act? For example, Regulation DD is for Truth and Savings, but there is also a Truth and Savings Act.