07/12/2010
We have a customer who had two loans. One was secured by a house in flood zone A. He had flood insurance on the house. When he paid that loan off, we received a check for a refund of part of the force placed flood insurance premium. Are we required to send the refund to our customer or would it be acceptable to apply that refund to the remaining loan that is past due?
06/07/2010
Is a loan secured by a savings or CD account covered if the purpose is the financing of secondary education?
04/12/2010
We have a customer who has titled his business as an investment company, and indicated that on his CIP form. Recently, he withdrew $15,000 in cash, and when asked the nature of his business, explained that it was "hard-money lending". Considering the amount of cash withdrawn, which is unusual for him, could he be an MSB? What is a hard-money lender?
04/05/2010
We received a levy, and the customer has a CD that is pledged as security on a loan. Does our perfected security interest trump the levy or do we have to exercise our right of offset (cash the CD and pay the loan) in order to not be required to satisfy the levy with it? Secondly, if a customer we get a levy on has both deposit accounts and loans, do we have to exercise our right of offset or does simply that right trump the levy. Can the bank say there are no funds available to satisfy the levy, even if the right of offset is not actually invoked, assuming the customer owes more in loans than is in the deposit account?
03/22/2010
When is a bridge loan exempt from RESPA? I know the standard answer is "bridge or swing loans where a lender takes a security interest in property that would otherwise be covered are exempt". I'm looking for guidelines. Is there a max term? Does it have to be secured by both the property being purchased and the property they are trying to sell? I have a loan that is for twelve months and is secured only by the property being purchased. Would this be covered or exempt?
11/02/2009
When making a cash secured loan, is the bank able to hold the funds in the customer's checking account or MMA, or do the funds have to be held in a savings account or certificate of deposit? The question is posed for both consumer and business loans.
09/21/2009
If a bank acquires loans through an acquisition, are new CIPs required? What would be involved from a BSA standpoint?
04/13/2009
Does a person have to sign the notice of right to receive copy of appraisal if he or she is signing the security deed pledging interest in the real estate, but is not a borrower or co-borrower?
03/18/2009
Any areas of risk we should be concerned about that we might be overlooking?
03/16/2009
With all the change going on inside our bank during this economy, much attention has been focused on expense reduction and process improvement. How do we focus on revenue growth during all the turmoil?