05/03/2010
Is an Early Truth in Lending disclosure required on an owner occupied one-to-four family purchase that includes over twenty-five acres of property?
03/22/2010
I heard from a colleague that the FDIC is citing banks under Regulation CC (Section 229.16(c)(2)(ii)) for mailing case-by-case hold notices for deposits made in person by a customer. Apparently this was caught by the examiners in banks where their procedures require that large dollar checks deposited into customer accounts be placed in a bin for later review/hold determination by an Ops manager or where there is a secondary review of all hold notices prior to mailing. Purportedly, the FDIC has taken the stance that a case-by-case notice may only be mailed to the customer when the transaction was not done in person and that any references in Regulation CC and the commentary about mailing a notice refers only to those specific deposits which are not done in-person. This is not the way we or our compliance auditors have looked at this in the past, and we are curious to know how your group views this. What say you?
03/22/2010
Relative to Reg CC: the bank is using the case by case hold option. A customer comes into the bank and makes a deposit face to face with the teller. The teller determines that a hold needs to be placed. Is it acceptable to not give the written notice of hold at time of deposit and prepare it later in the day and mail it to the customer?
03/22/2010
If I take a home equity line of credit application in person, do the disclosures need to be given to the customer at that time or do I still have three days to get them out?
10/26/2009
If you give the customer corrected early disclosures, and you mail them, do you have to wait six days before getting the final documents signed? Do you have to assume it took three days for them to receive and wait another three days? If it is their primary residence, do you still have to wait another three business days before funding? Does the seven days and the three day waiting period on the early disclosures apply to rental properties as collateral, if the purposes of the funds is consumer, such as child education, buying a car, etc.?
10/19/2009
Recently a seminar was held by Jack Holzknecht on the new Reg Z requirements that began 7/30/09. One of his points on the timing of early disclosures was that the delivery rule was satisfied upon putting the disclosure in the mail. We attended a FED "Call the FED" phone seminar last week and the regulators stated that upon mailing of the disclosure you must wait three days before starting the seven day waiting period before loan consummation. Who is correct?
10/19/2009
We are totally confused on the subject of the recent Credit Card Act. We are understanding that the TILA amendments apply also to our HEQ Lines of credit. We now mail statements at month end with a due date ten days from the statement drop and allow fifteen extra days to make payment without a late fee or any reporting to a credit bureau. Are we in compliance or must we make our payment due date twenty-one days or more for mailing purposes, and then, by contract with the customer, still allow the grace period?
08/03/2009
Under FCRA, when mailing out adverse action notices to an applicant and a co-applicant that reside at the same residence, do the adverse action notices need to be mailed in separate envelopes or can they be combined into one envelope?
06/01/2009
We have a HMDA reportable loan and our borrower has selected the following: Ethnicity - Hispanic or Latino. He made no selections for the race. We do not feel that there is a corresponding race to select. What should we do?
04/06/2009
We want to make mortgage loan applications available on our internet banking website. What are some of the issues we need to prepare for?