Bio:
Kimberly is an industry-leading trainer and currently serves as the Director of Risk and Compliance at Compliance Resource, LLC. She has more than a two decades of experience working in the financial services industry. Ms. Boatwright is a well-regarded financial industry risk and compliance professional with a strong background in program development and implementation. She is a thought leader who specializes in Fair Lending, Anti-Money Laundering, OFAC and consumer compliance. During her career she has worked for and consulted with all types of financial institutions helping to establish and evolve compliance and risk programs. She is a frequent public speaker, trainer, and author on compliance and risk management topics. Kimberly is a Certified Regulatory Compliance Manager and a Certified Anti-Money Laundering Specialist
Questions Answered
12/22/2024
I actually referenced these as well which is what I used to support my interpretation; however, the other interpretation I heard the reason they said they got to that was following the citations along with the HMDA reportable transaction exclusions. So 12 CFR § 1002.104(b)(2) then if you go to the citation referenced there 12 CFR 1003.2(e) then go to the 1003.3 (C) referenced there. So looking at those exclusions it doesn’t mention anything in regards to if your bank is in an MSA or not but #11 references FI that have fewer than 25 loans. Hence, that being their reasoning that the only way non HMDA banks would exclude HMDA transactions was if they were non-HMDA due to loan volume.
I’m not disagreeing with your answer because that was our interpretation as well but when following the citations that they used to come up with their interpretation and can see why they would maybe think that.”
12/15/2024
We have a question on the 45 day letter/forceplacement time frames. Can you give an example of the timing when a policy expires on 12:01 am on April 1st. The 45 day letter would go out on the 1st, when would you actually forceplace; the 46th day after the date of your letter?
Please also clarify the FEMA lapses due to funding. Were you saying that if we have a FEMA policy in place and the government lapses the program, we are required to have them obtain a private policy or we need to start our 45 day forceplace process until the government reinstates the program?
12/15/2024
My FI has never had HMDA issues before; why do I need this course?
12/15/2024
I heard there were three major HMDA CMPs, what caused them?
12/15/2024
Are you one of the 1,700 HMDA reporting institutions that was required to start collecting and reporting data ? Here’s where to start.
12/15/2024
Do you think you have gaps in your fair lending and CRA program?
12/15/2024
How can appraisal bias effect my fair lending program? We use a third-party
12/08/2024
I have a question about a SBDC exclusion. I know that the exclusions reference that HMDA reportable transactions are excluded. We are a non HMDA bank so what we initially thought based on the prior SBDC trainings I have been to and the research that we have done is that we would exclude transactions that would be HMDA reportable if we were a HMDA reportable bank. However, I recently went to a Forvis compliance conference and what I heard there caused some confusion for me in regards to that.
We are a non HMDA bank due to us not having a branch in an MSA and not because of our loan volume. So their interpretation was that HMDA transactions would not be excluded for us since we don’t have a bank in an MSA and since our loan volume wouldn’t exclude us from HMDA if we were in an MSA. I can see following the citations how they derived to that answer but this is the first time I had heard it interpreted that way.
Can you give any guidance or clarification on this?”
12/08/2024
We closed a refinance transaction on Monday and gave the 3 day right of rescission. The loan was for $250,000 and is a 15 year. This morning he contact us and they are starting to worry about the payment amount on the 15 year. They are asking if they can pay down $50,000 and change the term to a 30 year.
We have not ever had this happen. Our question is does this trigger then to use the 3 day and cancel the transaction and start over or do we fund the loan into our MPF program, wait the 60 days and then do a modification?
12/08/2024
We are looking into changing our procedures regarding force placed insurance, on both hazard and flood. Currently, we have been increasing the principal balance of the loan and including the premium in our coverage amount. We have not however; on flood, been pulling another flood determination or providing a new flood notice. We thought since they were “life of loan”, we were ok. We are wanting to change the procedure, to adding the force placed insurance as a fee and renewing/charging at time of balloon.
My question is…are we in compliance if we only cover the principal balance and not include the payoff (which will contain our premium)?
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