Empty mobile homes park - HMDA?
04/21/2024
Is a mobile home community HMDA reportable if there is only pads and electricity and no homes on the collateral?
Dan is Vice President and Compliance Officer for The Peoples State Bank with its main office located in Ellettsville, IN and supporting nine branches in surrounding communities. The bank is a privately owned bank that began its existence in 1904.
Dan entered the financial services arena in 1974 when he went to work for Commercial Credit Corporation. He worked eighteen years with Bank One and three years with the Indiana University Employees Federal Credit Union. In addition to serving as a Compliance Officer, he has served as a Collection Officer, Consumer Loan Officer, Commercial Loan Officer and Loan Operations Officer. His primary duties falls within lending compliance, training and consumer loan reviews.
He attended Three Rivers Junior College in Poplar Bluff, MO and Arkansas State University in Jonesboro, AR. He is also a graduate of the ABA Bank Card School, ABA Commercial Lending School and ABA National Truth-in-Lending Compliance School.
04/21/2024
Is a mobile home community HMDA reportable if there is only pads and electricity and no homes on the collateral?
04/21/2024
If I am registered mortgage lender under a Montana NMLS number, working for a community bank registered under a Montana NMLS number, can we originate and service the loan if the real estate collateral is in another state?
04/07/2024
When you are doing a modification to change a payment date on a loan do you need to give the Fed Box or other Reg Z disclosures?
03/31/2024
Is there a specific recordkeeping requirement for a lender/credit union to keep mortgage and home equity rate sheets? If there is not a reg, is there a best practice?
03/24/2024
A broker sends a potential borrower to the bank. He wants to pre-qualify for a loan that will be a finished house in a builder's subdivision which is represented by the broker. The dwelling will not be finished for 6 - 12 months. The bank received the application from the broker and pre-qualifies (no pre-approval program) for a later date. There would not be any early disclosures at the type of the pre-qual, correct?
03/17/2024
Can the legal address be used on flood policy instead of the physical address? This issue has come up where the insurance company is refusing to change the address. We asked if we could use the legal address instead.
03/17/2024
I am commercial loan broker, I have applied my client for an SBA 7a Loan, and we are near closing. The appraisal report is done, but the banker with whom I communicate, said to me that the appraisal is only available after closing. Aren't they allowed to send it, or he is doing it on purpose so we don't go with another lender?
02/18/2024
How often does active duty have to be checked to comply with MLA? If we have originally checked the active duty status on an origination and we need to renew the loan, should we check that status again?
12/10/2023
A UCC filing fee paid to a government entity to perfect a security interest in a consumer product must be listed in the Fed Box to avoid being a finance charge and included in the APR. Our filing fee is paid to a non-government third party vendor. Because of this third party involvement, our compliance department feels the fee should not be listed in the Fed Box. If all or a portion of filing fee we charge to the borrower will be paid to the government entity I feel that portion should be noted excluded from the finance charge and APR. Do you agree?
12/10/2023
We want to offer finacial webinars in Spanish to consumers. These would include smart ways to purchase a vehicle or a home and we have many more topics in mind. Would we need to supply disclosures or other documents in the Spanish if we do this?