Loan Fees

Director at a Company (USA)
Originally posted by an anonymous author with the title AVP Regulatory Compliance and Legal on 7 Jan 2019 to CBANC FI Professionals Community.

     
Dear colleagues, I am new to the loan compliance side of the bank. I wanted to better understand how note fees, doc fees or origination fees could be handled. Can the fees be branch specific and or note type specific? how could we exempt a customer from that fee, amount of loan value? I appreciate your feedback in advance.

New Loan - Existing Relationship

Director at a Company (USA)
Originally posted by an anonymous author with the title AVP Regulatory Compliance and Legal on 4 Mar 2019 to CBANC FI Professionals Community.

     
We are working on a new loan to an entity that is subject to the beneficial owner requirements. The beneficial owner has been identified as one of our existing customers. CIP was performed on the individual account in accordance with policy. However, the ID used expired in 2017. For the purpose of verifying the identity of the beneficial owner on the new loan, can I rely on the old expired DL or do I have to get a current ID since the information on file in not "up to date and accurate"?
Side note - We went ahead and requested an updated DL to be on the safe side but the customer informed us that he does not have a new one. Should we allow this loan to open? What options do we have?

Lien Release Letter

Director at a Company (USA)
Originally Posted by Cynthia Siatkowski, Compliance Officer of First National Bank of Scotia, on 2 Oct 2018 to CBANC FI Professionals Community.

     
Once an auto loan is paid in full, how many days after the last payment is received do you send out the lien release letter?

Loan Rate Sheets

Director at a Company (USA)
Originally posted by an anonymous author with the title AVP Regulatory Compliance and Legal on 13 Feb 2019 to CBANC FI Professionals Community.

     I am developing a new tiered loan rate sheet based on borrowers credit scores for our in house mortgage loans and other consumer loan products. Does anyone have a template they have developed that they could share?

Property in Flood Zone

Director at a Company (USA)
Originally Posted by Erica Fisher, Compliance/ Credit Admin. of The Yukon National Bank, on 7 Jun 2018 to CBANC FI Professionals Community.

     
If we have a property in a flood zone is there is a 10 day waiting period from the date the determination is signed/delivered before we can close the loan? Also if it is in a flood zone how many days do you have to notify them?
We don't get flood zones often so just want to clarify somethings. Thank you.

Loan purchase???

Director at a Company (USA)
Originally Posted by Christina Lester, Compliance/BSA/OFAC/CRA Officer of Grundy National Bank, on 16 Oct 2018 to CBANC FI Professionals Community.

     
I have this question from one of our loan officers. Any help is greatly appreciated!
I currently have a real estate and the property has been condemned due to the septic tank not being up to code. The property is not suitable for another septic system to be installed. The county is condemning this property. The customer has talked to Mt. Rogers planning commission who helps people with obtaining another home due to a situation such as this. This is purchased for him from federal funds. The only cost to my customer is that his current loan (debt) on his property is to be transferred to the property he will receive from Mt. Rogers Planning commission. My question is do we have to treat this as a purchase transaction? My customer will have to pay for an appraisal, attorney fees for title examination, prep. of the DOT, and recording fees to record mortgage. He will have to do another loan because we cannot just change the collateral.

Drive By Appraisals

Director at a Company (USA)
Originally Posted by Susan Pogats, Compliance/CRA Officer of Hantz Bank, on 6 Feb 2018 to CBANC FI Professionals Community.

     
Hello, I am looking for guidance on not having to order an appraisal on a portfolio loan for 5.5 years. We are considering a drive by appraisal. Any thoughts?

TRID Loan Purpose

Director at a Company (USA)
Originally Posted by Jessica Horton, Compliance/CRA/BSA/AML/OFAC/FACTA Officer of Community Spirit Bank, on 25 Jul 2018 to CBANC FI Professionals Community.

     
What would the loan purpose be if for example a mother is transferring ownership of her property over to her son and the son is taking out a loan against the property? All of this is taking place with the loan but he is not using the proceeds to purchase the home from the mother, she just wants to transfer ownership into his name. If part of the proceeds has to pay an existing obligation on the property held by the mother, would it have to be labeled a purchase then or would it be a purchase regardless since there will be a transfer in ownership? Also confusion with rights of rescission in this particular case?

Credit Score HMDA LAR

Director at a Company (USA)
Originally Posted by Denise Hensley, Compliance Officer of Wyoming Bank & Trust, on 1 Feb 2018 to CBANC FI Professionals Community.

     When you have an application with a borrower and co-borrower and a credit report is pulled with three credit scores (tri merge) for both borrowers, the score used in making the credit decision is the low middle score. Are you required to report both middle scores on the HMDA LAR or can the bank use it's own discretion and only report the score used in making the credit decision and mark NA for the other applicant?

Bankruptcy

Director at a Company (USA)
Originally Posted by Katie Stanley of Security Savings National Bank on 19 Mar 2019 to CBANC FI Professionals Community.

     
Good Afternoon, I have 2 questions.  I’ve contacted the OCC and wasn’t given a thorough answer, so maybe you all could help me with this?

 The question is:
We have a mortgage loan on a primary residence.  The loan became 90 days delinquent.  We sent out the 30 day foreclosure letter and within that 30 days we received notice of Chapter 13 bankruptcy.  
From here, what do we do?  Do we charge down the loan to market value and await the bankruptcy hearing?  Do we charge the whole loan off?  The bankruptcy hearing is April 19th and we have received a tentative plan summary. 
Do we await the filing of the bankruptcy (upon approval) and then file maintain the account according to the plan summary?  This is our 1st mortgage bankruptcy and we need guidance.  
Also…
We have a consumer loan that has filed Chapter 13 bankruptcy.  The bankruptcy was approved and we received the plan summary.  We file maintained the account to the new rate, term and payment.  However, since the file maintenance 
we have only received pieces of the payment ($15, $20, $15, etc).  After a call to the Bankruptcy trustee, we were told that we would not be receiving the full payment for 7 months after the plan started (this is the new pay schedule for all BK loans according to the trustee).  So, we have already file maintained the loan and it is now 97 days past due according to the initial file maintenance and us not receiving a full payment to date.  We now know that we will begin receiving the full payments on May 1st.  Can we file maintain the loan again and put the new payment date of May 1st??  I didn’t want it to look as though we were skewing delinquency or anything wrong to the bank. Thanks for your help.