Vendor Guru Q&A - Lending

Latest Lending - Privacy Topics

Background Checks on New Hires

01/17/2005

The only procedures we have in place for background information on new hires is to pull a credit report and verify references.Can you please share with me some other sources/avenues that you would use in doing background checks on employees?

Information Security: FTC Action

01/01/2005

Banks and thrifts are not alone when it comes to requirements to maintain security for customer information.

COMPLIANCE CALENDAR

01/01/2005

FEBRUARY
Get the HMDA data in by the end of the month - or sooner. Be sure to do a quality and edit check before sending in your data.

Late Fee Begets Late Fee

10/04/2004

If a customer makes a payment from his scheduled payment book, but it arrives late, the bank charges a late fee. The bank now deducts a late fee from the next scheduled payment, and this continues to roll every time the customer is late, which forces the account to go delinquent each month. This customer went through a bankruptcy 4 years earlier, so the bank has not communicated with them in the form of an annual statement of account, annual terms and agreements, or privacy notice, even though the customer did not include this loan in the bankruptcy and never missed a payment. Now their account is reporting 7-8 months of 30 days late. Has a violation occurred?

HUD 1/1A and Privacy

08/16/2004

Does disclosing a service provider as a "borrower" or "customer of the bank" on the HUD 1 present a privacy issue? It just doesn't seem right. If they are both a frequently used servicer and a customer must we list both?

Difference Between Act and Regulation

04/05/2004

Can you please tell me the difference between an Act and a regulation? And is a law different than a reg or act? For example, Regulation DD is for Truth and Savings, but there is also a Truth and Savings Act.

Disclosing Seller's Impending Bankruptcy to Buyer

01/05/2004

When is a mortgage company allowed to give nonpublic personal information about a borrower/seller to the buyer of the mortgaged property? Mortgage company holds the mortgage and has information about an impending bankruptcy of the seller that will occur after the sale of the house. When is it apropriate to forward this information to the buyer? Does this violate privacy laws?

FACTA and Credit Scores

01/01/2004

Over the past decade, there has been much discussion about credit scores, what they mean and how they are used.

Clear & Conspicuous: A Federal Reserve Standard for Disclosures

12/01/2003

We saw it coming. When the privacy regulation was promulgated, the agencies had to set standards for notifications.

IT Regulatory Hot Buttons

08/04/2003

As it relates to IT examinations, what are the top "hot buttons" for regulators?

Selective reporting to credit bureaus

10/20/2024

As part of an initiative to be able to sell to secondary market we need to set up reporting to all credit bureaus. Currently we only report to Equifax. I am wondering if there are any compliance concerns if we only report to all bureaus for some loans (mortgage loans) and not others (in house branch originated) or mortgages vs. other loan types, commercial vs consumer, etc?

Call report codes and agricultural use land

10/20/2024

We have a number of residential loans that sit on several acres of property that i would consider 1B if it were vacant, i.e., "usable for agricultural purposes." Should these be classified as 1C2A or 1B on the Call Report? The definitions leave room for interpretation. For example, a loan for a single family residence that sits on 100 acres.

Latest Lending - Privacy Topics

Pages

Pages