07/14/2024
If I am refinancing a primary residence, do I need to include last year's insurance on the loan estimate and closing disclosure as a POC fee? Or can I just leave it off because insurance and taxes are accounted for on my Initial Escrow Disclosure?
07/07/2024
We have a business account that took out a construction loan 11 months ago on lot A. Our business customer just bought lot B (right beside lot A) and is planning to use the exact same floor plan as lot A for lot B for the construction. Since this appraisal was completed 11 months ago on a different address, would we have to get a new appraisal completed for lot B, or, since everything is the same besides the address (right next door with same floor plan not 1 year old) could we reuse the lot A appraisal for lot B?
I am having trouble finding information about this in the regulation.
07/07/2024
We have a “spin the wheel” promotion. To spin, a customer must donate $1 that the bank donates to a charity. All the prize amounts on the wheel are more than $1 therefore all customers will get more than they donate. The amount won is then sent to the customer via our e-wallet app. We set a certain number of spins and it is done on a first-come-first-served basis.
06/30/2024
Can we advertise a drawing on social media only?
06/30/2024
When a right to rescind is involved in a real estate-secured transaction, we are trying to confirm if there is anything in the regulation that requires the borrower(s) to sign all copies of the notice of right of rescission, or only requires the borrower(s) to sign one copy for the lender and leave the borrower copies unsigned. We can only find where the number of copies to be provided is specified (two for each owner if on paper, one for each owner if delivered electronically).
06/23/2024
Can we do an internal raffle (selling tickets for a chance to win a prize) to benefit a non-profit organization?
06/23/2024
HMDA: If a reportable loan is secured by a residence but the first two borrowers listed it as investment property whereas the third borrower listed it as primary residence, how would you put the occupancy? The first two borrowers are parents of the third borrower, who'll live in the home. Thank you.
06/16/2024
Now that banks can participate in lotteries, can we facilitate raffles unrelated to the bank for local service groups, posting lobby posters or selling tickets for or be a sponsor, etc.?
06/09/2024
We ran a contest and no prize was over $300. We didn’t need to collect non-public private information from the winners since the prizes were small, did we?
06/02/2024
Every year we hold a bake sale to raise funds for Breast Cancer Awareness/Local Hospital Foundation. Is this acceptable?