Bio:
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.
Questions Answered
08/28/2022
We are making a new loan to a company with property in flood zone. The property has 4 buildings on it that are due to be demolished soon with new construction of a above ground parking garage.
Where can we find information on whether flood insurance is required on the above ground parking garage? We are not sure yet whether it will be completely walled in.
We are going to require flood insurance on the buildings that will be demolished.
08/28/2022
When the first notice is sent to the borrower in regards to force-placed insurance, does the premium amount that may be charged to the loan after the 45 days have to be disclosed on the first notice to remain in compliance? What are the notice content requirements?
08/21/2022
What loan types must be provided a Notice of Servicing Transfer?
08/07/2022
Our bank has an indirect lending department where we finance autos, RVs, etc. We have always required that the dealer disclose any protection products that are financed, such as an extended service contract or GAP insurance, as a line item on the loan contract as per Reg Z. We are getting pushback from some of our dealers concerning the disclosure of some of these products. They claim that any non-refundable product, such as paint protection, is a "front-end" product that Reg Z excludes from disclosure on the contract. We can find no such distinction in Reg Z between refundable and non-refundable products. Does such a distinction exist or should all financed protection products be disclosed?
07/17/2022
We do not offer credit life insurance on the consumer real estate loans. Are we required to have the customer sign the Federal Sale of Insurance Disclosure at application for these?
07/17/2022
In order to be considered HMDA reportable as a refinance, does the loan have to payoff an existing loan to the same lender?
07/03/2022
How long is a Deed of Trust good for after the loan is paid off but no release has been filed?
05/15/2022
When should a copy of the appraisal be given to the borrower on a commercial loan before closing?
05/08/2022
In reviewing the FEMA manual and Flood Act requirements, I don't see any carve-outs for old "placeholder dwellings" (dilapidated structures).
Our policy has been that if they have two walls and a roof and they are in a flood zone requiring insurance, it must be purchased. We are running into insurance agents who are saying that homes have a lifespan of 40-60 years so if the home is 60 years old, that the percent of life left is 0 and as such, there is no Actual Cash Value, even when a picture of the dwelling shows it is still standing. Are you aware of any basis for accepting an agent's statement that there is $0 ACV based on the age of the home and lack of upgrades to avoid requiring flood insurance?
03/06/2022
We have a customer that we are certain is involved in a scam, which involves her sending money to these perpetrators. Does the bank have the authority to put a hold on her account for suspicious transactions with questionable people?
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