Most Popular Compliance Content
Determining the Correct Occupancy Code
05/19/2008
A residential 1-4 family property loan is originated by your bank for the purpose of purchasing a property in an MSA where you have a branch. The owner-borrower will be a Trust. What is the correct occupancy code? Should it be "2", not borrower occupied or "3", NA?
Determining Income
05/19/2008
Your bank approved a mortgage on a residential property for the purpose of purchasing the property. The bank relied upon the income of the borrower as indicated in his tax return, but also took into consideration the income of corporations owned and controlled by the borrower. Should your bank include only the adjusted gross income as reported on the personal tax return or should you also include the income of the corporations owned and controlled by the borrower and upon which you considered when making your credit decision?
Regs Triggered Due to Increased Asset Size
05/19/2008
We will soon reach a total asset size of $500 million. Are there any regulations or requirements that will be triggered by this threshold?
HMDA Reporting on a Commercial Line of Credit
05/19/2008
We have a commercial line of credit secured by the principal shareholder's primary residence. It is not for the purchase of the home or a refinance; it is merely security along with the business equipment. Is it HMDA reportable?
Hunting Camp - HMDA Reportable?
05/12/2008
We have a commercial loan with the customer purchasing a home and 40 acres of land to use as a hunting camp for family and friends. Is this HMDA reportable?