Latest Compliance - RESPA Topics

Early Disclosure for Non-Owner Occupied Home?

05/19/2014

My bank never prepared early disclosures for a non-owner occupied home equity in the past. About a month ago someone said we should be making those disclosures, so we have started. My question is: Do we really have to send out early disclosures for a loan being backed by a non-owner occupied home?

New TIL Required for Change In Circumstance?

05/19/2014

Is a new truth in-lending required when there is a change in circumstances? (2nd lien)

Exemption of Small Servicers-Loss Mitigation

05/19/2014

On the Exemption of Small Servicers here is the Reg I have found. Small Servicers (except, per 1024.41(j), small servicers may not file for foreclosure if borrower is performing pursuant to a loss mitigation agreement OR is 120 or fewer days delinquent), Reverse Mortgages, Qualified Lender. My question is it says we are exempt; however, if the borrower is performing their loss mitigation agreement we have to consider that before 120 days foreclosure. If we are exempt from Loss Mitigation how would the borrower even have a loss mitigation agreement in place? So maybe we really are not exempt from the Loss Mitigation Agreement?

List of Homeownership Counseling Exemption

05/19/2014

Is the List of Homeownership Counseling Organizations exempt on a homestead loan on property of 25 acres or more?

CBC Credit Bureaus Fees Passed On To GFE

04/21/2014

I noticed on invoices on CBC credit bureaus the company is charging additional fees besides the cost of running the credit bureau. The fees include items like a $9 charge to update credit bureau records. $55 charge for something called 3 system residential mortgage. The bank passes these costs on to the customer on the GFE as credit bureau fees when the actual cost of the running the bureau is ~ $20.90. Should the bank be passing the extra charges from CBC on to the customers which do not appear to be costs of the actual bureau? No other credit bureau service appears to be adding charges to their bills.

Debt Cancellation Insurance-Escrow Analysis

02/10/2014

We are going to start offering Debt cancellation insurance on 2/1 replacing credit life, etc. We can set this monthly in and out fee up on our core system as Other Escrow but need some clarification if this is going to make the loan be required to run through an escrow analysis every year? These payments would never change, a payment would collect then wash out immediately to CSO.

New TIL Rules Require Force Place Hazard Insurance

01/27/2014

In the new TIL Rules Is it required that an institution force place hazard insurance? Can we choose not to? We are a small servicer by definition.

Is a Trust a Person?

09/23/2013

Would a trust be considered a legal entity or natural person when it comes to Truth in Lending, RESPA, and HMDA disclosures?

Disclose Original Cost of Report As POC Item?

05/13/2013

Our loan policy allows our loan officers to rely on a credit report for existing customers if the report is less than 1 year old. Should we be disclosing the original cost of the report as a POC item on the settlement statement?

1st & 2nd Deed of Trust-RESPA Reg Z Apply?

02/25/2013

We are making a 1st deed of trust loan to purchase a primary residence and a second deed of trust loan for renovations on a 12 month interest only loan (to be refinanced on permanent financing with same lender at maturity by adding 1st & 2nd together). Does RESPA & REG Z both apply...and if so, can you make a 12 month interest only loan if it is a HOEPA loan?

Vendor Guru Q&A's - Compliance

Compliance tiers for Dodd-Frank Section 1071

Data privacy & Section 1071

Batch processing vs. transaction level processing for deposits automation

Section 1071

Exception management and better audits

Resolving credit and loan document exceptions

Proactive loan exception management

Tracking loan policy exceptions

Reasons for loan policy exceptions

Audits and document management

Are Cash Advances Required

04/07/2024

Can a bank offering cash advance services through Mastercard choose to stop offering that service?

Revoking Provisional Credit That Isn't There

04/07/2024

According to Reg E, if I need to reverse provisional credit from a customer and they do not have the funds in the account in the amount of the reversal, can I proceed even though it will leave the account in the negative? The customer has been notified verbally of the reversal and I will send the reversal letter via mail, but they have made no attempt to deposit the money to cover this. Can I proceed, regardless of if the funds are available and still be in compliance?

Broadcast a report on bad official checks

04/07/2024

If a bank has fraud on the banks official check account, who does the bank report that to? As we get notifications on other institutions fraud official checks we are unsure of how that information gets sent out.

Bank Completed Corporate Resolutions Risks

03/31/2024

What are the pro's and con's of New Accounts completing various Resolutions when opening business accounts? I was advised by legal, that if we use ione, it needs to be board approved and we better know how to complete them accurately. If they are this binding or legal of a document, is it best to not use them? Our system generated resolutions are complicated and we are not completing them consistently.

Responding to Exam

03/31/2024

Our bank received an MRA (Matter Requiring Attention) to establish a testing/audit program due to a vacancy in the internal audit position for some time. We've engaged an external audit firm to perform the audit function starting this year. This firm was already engaged prior to our examination. I've never assisted with a response to an MRA and am wondering what format and information should be provided. Can you please share any key components or advice with me on this topic?

Latest Compliance - RESPA Topics

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