Does an entity need a separate resolution for each
03/09/2025
Do you have to have a new resolution with every new loan a borrower does. Or will oneresolution for the entity work?
Randy Carey
Bio:
A renowned regulatory compliance authority, Randy is a Compliance Specialist with ppdocs.com, powered by PeirsonPatterson, LLP.
A leader in technology, PeirsonPatterson, LLP (PPDocs) has enabled clients the ability to order, produce, deliver, print, and track closing document packages through the use of their website, www.ppdocs.com. PeirsonPatterson takes pride in its reputation of providing personal attention to their clients, regardless of their size.
Previously, Randy spent 15 years as an independent regulatory compliance and bank management consultant. He also has 20 years of banking experience which included positions ranging from Check Sorter Operator, Proof Supervisor, Senior Training Officer, Staffing Analysis Officer, VP and Project Manager, National Retail Loan Payment Processing Manager, VP - Compliance and Community Reinvestment Act Activities, and VP and Director of Internal Audit.
He is a graduate of the ABA National Compliance School, the ABA National Graduate Compliance School, and the ABA National Truth-in-Lending School. He has served as an instructor for the American Institute of Banking, the Texas and Oregon Bankers Compliance Schools, and the BankersOnline BSA Top Gun and Lending Triage Conferences and passed the Certified Bank Compliance Officer examination. He is also a former member of the Community Reinvestment Leadership Council of the Federal Reserve Bank of San Francisco.
Areas of Expertise:
AML/BSA Compliance
Deposit Compliance
Lending Compliance
Conference Speaker
Contact info:
You can reach Randy via email at: careyrandy@comcast.net
Questions Answered
Third-party fees and tolerance cure
03/09/2025
If a third-party fee, such as a wire fee or E-Doc fee from the Closing Agent, was not disclosed on the LE, does the lender have to provide a tolerance cure for the full amount of such fee(s) or would they fall into the 10% tolerance cure calculation bucket?
Obtaining a Tax Transcript to Verify Income
03/02/2025
What is the procedure for getting a 4506-T (Tax Transcript) on behalf of a client?
Offset rights when cashed check bounces
02/23/2025
Per bank policy, we have always stated that if we cash a check for a customer (it is never deposited into their account) and the check is returned, we cannot offset their account for the returned check. We (the bank) have always thought this was a regulation, but cannot find it anywhere. Is a bank permitted (or not) to debit the customer's account when a cashed item is returned?
Customer claims checks altered after approving pay
02/23/2025
We have a member that we have called several times to confirm a check for things like a check number differing from what's shown in the MICR line and other things. Each time, he has informed us that his CPA was having issues, and asked us to pay the item. Recently he added a business partner who has reviewed the account and identified the items which were approved, and says they were in fact altered. The member now wants to make a claim on these checks. Would we be able to deny the claim since he had previously approved them?
Texas homestead and lien validity
02/16/2025
We have a situation where a customer owns a Texas property which is their homestead, and the only property they own. They are purchasing a home in Kansas and want to do a bridge loan for this purchase where by a lien is taken on the Kansas property and an additional collateral deed of trust is taken on the Texas homestead property. Since the deed of trust on the additional collateral does not become valid until the Texas property ceased to be homestead property and the property being purchased is not in Texas, is the lien on the additional collateral valid?
Who Gets the Adverse Action Notice?
02/16/2025
Our denial of a business deposit account application was based on the qualifile score of the individual applying for the business. Who gets the Adverse Action Notice?
Construction loan with extension and flood insurance
02/09/2025
If an extension is built into a Security Agreement for a construction loan allowing a 6-month extension, would this constitute a MIRE event for a flood determination? The property is in a flood zone and the borrower does have flood insurance.
ATM cash withdrawals and CTRs
02/09/2025
A customer came to the bank and withdrew $10,000 in cash, and then went to another financial institution's ATM and withdrew $400. Both transactions posted to the customer's account on the same business date. Do we need to file a CTR? If so, please explain why.
Defining a SAR Subject vs. Victim
02/09/2025