Vendor Guru Q&A - Compliance

Latest Compliance - Reg. Z Topics

Loan Estimate Expiration Date

07/31/2016

Is it required under the new TRID rules or Reg Z that the loan estimate 10 day expiration date stay the same when the loan is re-disclosed or should the expiration date be renewed/extended with each loan estimate given?

Timing of Closing Disclosures

07/31/2016

Assume we mailed the Closing Disclosure on 03/08/2016. Can one of the borrowers sign the loan docs on 03/09 and the other one sign on the expected closing date of 03/15/2016 as scheduled? is it respecting the 3 days timeframe?

New Closing Disclosures

07/24/2016

After closing on a real estate, if the fee charged for an attorney or abstract is under what we cut the check for, do we need to issue a new closing disclosure to the customer? I understand they will receive the refund, but not sure on the CD part.

Reg E claims steps

07/24/2016

Regardless of the merits of a dispute, must we go through the formalities of an investigation and document what we’ve done, including paying provisional credit if the claim was made in a timely manner?

Timing of the Closing Disclosure

06/26/2016

We have several supermarket branches that are open for business seven days a week and it's not unusual for our mortgage lenders to have appointments with potential mortgage customers on Sundays. If a mortgage applicant receives her TRID closing disclosure in person on Sunday, can her loan close three business days later, on Wednesday?

TRID loan and disclosures of seller costs

06/26/2016

For a TRID loan, do the seller-paid costs on Page 2 need to be shown on the buyer's final closing disclosure? And if there is a change to the seller paid items, is a revised closing disclosure to the buyer required within 30 days?

Clerical Error On Closing Disclosure

06/19/2016

if a clerical error is made on the Closing Disclosure (omission of a payee), do we simply mail borrower(s) corrective CLoD? Are we out of compliance because of this?

Paid Before Closing Fee: Lender Credit

06/12/2016

How are 'paid before closing' items handled on a closing disclosure if the paid before closing fee exceeds the actual invoice charge? Would the difference be a lender credit or a cure?

Prepaid finance charge

03/20/2016

Are lender paid prepaid finance charges included in the amount financed calculation?

Impact of fee disclosures on HMDA reporting

03/13/2016

The changes to HMDA are not effective until January 1, 2018, so what is the fee concern related to HMDA at this time?

Incentive Progarms and Trust Account Investments

01/21/2024

We recently inquired if we could use self-deposit investments where the bank is acting as Trustee. We have received a legal opinion stating that we can use self-deposit investments so long as we document our due diligence, the trust allows for the investment, and our Money Market Account (MMA) is a competitive rate. We are currently discussing a referral incentive program which would include our Trust Division. I have read a lot of guidance between FDIC, OCC, and FRB, but I am not seeing anything that speaks to my particular situation. Can a Trust Officer use a self-deposit investment as Trustee and still receive a referral incentive for this transaction? I personally feel like this is a conflict of interest and somewhat, self-dealing. However, I am not seeing anything stating this would be an issue per se. I am only running into nonretail deposit and broker/dealer requirements. I have also looked through Arkansas code (our state) and I could not see anything that spoke on this particular situation. If you have any insight or could point me in the right direction to help confirm or rebuttal my though process, I would really appreciate it!

Cash Transaction More Than 10K For a Joint Account

01/21/2024

I have a CTR question I have yet to see posted anywhere. Any cash transaction(s) more than 10K to a joint account by any conductor is a CTR. However, what if there are multiple (3) joint accounts. EX: $5,000 cash deposit by Suzy to account A; $5,000 cash deposit by Suzy to account B; $1,000 cash deposit by John Doe to account C. All 3 accounts are jointly held by the conductors. Would this be considered a CTR because Suzy and John can benefit from the $11K, via separate accounts or exempt because not more than one person conducted to a single (one) joint account?

Advertising CD specials on social media

01/14/2024

We are promoting a CD special on social media. The Reg DD advertising disclosures are a drag. Must we include them? Can’t we say something like “call us for details”?

How should a check "for" another read?

01/14/2024

Is a check payable "FOR" someone the same as a Representatives Payee? I've seen checks that do not have "Representative Payee for..." just "For..." John Doe FOR Sally Doe Is this sufficient, or what should it read?

Timing Required on Check Exceptions

01/14/2024

I am working with a new core system and we are discussing our exceptions process for items presented that cannot post for various reasons i.e. NSF, closed account, account restriction, etc. This system will not backdate the item to the date of presentment in cases where we choose to pay it. Is there anything that states the item must be "paid" on the date of presentment? Every other core I have ever used in my 28+ years has always backdated the item to the presentment date.

Latest Compliance - Reg. Z Topics

Pages

Pages