Bio:
Linda Westfall is Excecutive Vice President of McCormack and Associates, inc., a company offering management solutions for the financial service industry.
Linda has 33 years of banking experience, and degrees in accounting and computer science. She worked in community banks for nine years and has been a consultant with MAI for 24 years. Her banking experience includes:
- Internal Audits
- Directors Examinations
- Compliance Audits
- In house compliance training sessions
- IT Audits
Linda received the Certified Bank Auditor designation in 1991 and the Certified Regulatory Compliance Manager designation in 1994.
Areas of Expertise:
Audit Services
Compliance Audits
Compliance Review
Fair Lending
HMDA Analysis
Questions Answered
01/06/2003
Would it be more advantageous to take out a home equity line vs. a home equity loan paying off both at the same rate over the same period? Would the amortization be the same on both debt loans? I want to have the loan paid off in four years. My wife and I are having a dispute here. She says it doesn't make a difference, I say it is better to have a home equity loan vs. a HELOC. Again, the loan needs to be paid off in four years with equal monthly payments.
05/20/2002
Exactly when is written evidence of flood insurance coverage required on a construction loan? Many insurance agencies will not issue coverage until the floor foundation is complete and a flood elevation is performed by a civil engineer and submitted to the agency since the premium is determined by the elevation.
05/06/2002
Is it necessary to define business day on the Error Resolution Notice for <a href="http://www.bankersonline.com/regs/205/205.html"> Reg. E</a>?
05/06/2002
Is there a limit on the number of reasons you are allowed to provide on an exception hold? Is it different for a "reasonable cause to doubt collectibility" situation?
05/06/2002
Of the various notices required under Reg E, which ones must be in writing? In the commentary it says unless otherwise stated, notices can be provided orally. The only place I see a written notice required is when there is no error or the error is different than the consumer stated <a href="http://www.bankersonline.com/regs/205/20511.html">(205.11d)</a>
03/04/2002
I need to know how I can request the FBI Control List that was sent via email last fall. Our President did not receive a copy.
02/11/2002
If we vary our mortgage fee structure in one market to eliminate a fee charged in all our other markets, would it be considered an absorbed cost and subject to POC disclosure?
02/11/2002
I am unsure what type of service providers we need a confidentiality agreement with. Some examples are: appraisers, realtors, surveyors, Insurance underwriters, Inspection companies, title companies, janitroial services, attorneys used for legal purposes for the financial insitution, attorneys used for title searches and other legal work involving a loan, Insurance companies use to obtain insurance coverage for the bank.
02/11/2002
If you are making a loan on property with a mobile home, <i>using only the land </i>(no interest in the mobile home) and the customer lives in the mobile home, is a rescission required?
11/05/2001
The RESPA regulation states "within 3 business days from the date of application". Is the day that you received the application considered "Day #1". For example, an application is received on Monday. Do I need to send disclosures by Thursday or by Wednesday? Answer by Linda Westfall
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