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Correction Method for ACH Refund Error

10/13/2019

A loan customer gave us permission to originate ACH transactions to pay his loan payments. I originated a payment on the 30th of the month and a payment was posted to his loan. He then paid the loan in full. In error, I originated an ACH to refund the loan payment. Then I received a return of the payment on the 30th from his bank for a closed account. But they did not return my refund origination for account closed. The bank confirmed to me on the phone that the account is closed so I asked why they didn't return the refund for account closed, I was told they could not discuss the transaction. What is the proper 'correction' method and wouldn't the bank have some sort of responsibility to return ALL transactions on a closed account?

Texting “better pay up”

07/21/2019

Our borrower routinely said it was OK to text them and we have that screen capture in our records. Can I contact them now to collect the debt via text messages?

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CRA and Proper Loan Coding

12/29/2024

I recently started a new CRA role for a different bank. The new bank does not use Call Report codes to identify small business/small farm loans. They use class codes and collateral codes. I recently learned for all construction to perm loans originated for more than one year, that they are adjusting the class code to reflect what the class code will be after the construction phrase rather than reporting the loan to what is at the time of origination. Does anyone agree with this approach?

Modifications and borrower ficticious names

12/22/2024

When preparing the modification for a renewal/extension, if the borrower's fictitious name statement expired and we have re-filed for the fictitious name, do we need to indicate the new filing date in the modification agreement?

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