07/01/2002
07/01/2002
No matter how you count or measure compliance risk, Truth in Lending has led the list for decades. The number of errors that translate into violations is always high.
07/01/2002
Is there a simplified summary of the current, pending HOEPA changes/regulations, pertinent to a mortgage nondepository lender?
05/06/2002
We are confused as to what is considered a prequalification and what is an application. According to your definition it's a prequalification if a specific property is not identified. We have a situation where a borrower came in and got prequalified without a specific property in mind. At this point we are classifying the file as a prequalification. Several days later he calls and says he has found a property and is signing the purchase agreement that day. Our loan officer does not send out disclosures until a week later when she gets the purchase agreement. Should her three days have started when he told her he had found a property and was signing the purchase agreement? Our loan officer is saying that the borrower did not state the specific address (the loan officer did not ask for it either). Therefore our loan officer said it was still a prequalification until she received the purchase agreement. Is the loan officer correct? If it is not considered an application until we have the specific address what obligation do we have to ask for the address? This loan officer also stated that she never does the disclosures until she has a purchase agreement. Any information you have on a prequalification versus application and when we are required to send disclosures would be great. We argue about this all the time!
02/11/2002
I'm a new compliance officer and I need to know what regulations require employee training. I'm in the process of putting together a compliance training calendar for my bank.
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.
01/07/2002
We all understand the positive impact to our bottom line if more of our customers conduct transactions over the Internet. What must we do to make the Internet more secure and make consumers more comfortable conducting financial transactions and services on the Internet?
11/05/2001
11/05/2001
When opening an account for a non-profit organization with several signers maybe 6, are we required to make a copy of ID and SS card as ID. If not required are we legally allowed, this org is refusing to do so.
09/17/2001