I am looking for feedback on these two OAO product offerings. Specifically how long you have been on the respective OAO platform, implementation experience, back-office experience, end user (customer) experience, compliance issues, examination issues, account funding issues, disclosure issues, reliability/availability issues, core compatibility issues, billing/accounting issues, ID verification/authentication interface, product support issues? Do you have an SLA and have you ever had to invoke your SLA to obtain/enforce a penalty? I would appreciate any information on the two OAO product offerings. We, like everyone else, just want to make an informed decision. Thanks in advance.
Does anyone have a copy of their fair lending policy that they can share? On our recent audit it was recommended that we include the ratings for Low, Moderate aor High risk categories. I'm also looking if anyone has incorporated HMDA, UDAAP and SCRA in their policy as well.
Thank you to all who are willing to share!
Husband and wife come in together. Husband has a check payable to himself for $10,500.00 to cash and wife wants to withdrawal $10,000.00 from their joint account (she signs withdrawal slip). They want all cash back as one lump sum. (ran as one transaction)
When filing the CTR, do I mark each of them as conducting on own behalf with the total that each requested on line 22?
Sorry. My brain is in overdrive today!
**I will say we are a small bank, but we allow a new accts employee to take information and prepared the customer's documents and then allow that same employee to input the new account information in the online system. We do have a separate employee that gets a new account report with this new information the next day and then this "other" person then reviews what was input referring to the documentation (at least they are supposed to be referring to the documentation-but there are situations in which all the documentation might not be available when the account is reviewed.). However, this process is being questioned. Should whoever opens the account not be allowed to input the information into the system?
We already have a mortgage on the vacant land. The new application is for refinancing the current land loan and purchasing a mobile home to sit on the property.
I was initially assuming "purchase" since we are purchasing the mobile home, but after researching it sounds like it would only be considered purchase if we were purchasing the land with the new loan because we don't list the mobile home at the top of the LE where the property address is. So is this loan "purchase" or "refinance"? Is it only the property address on the LE that the loan purpose is referring to? We do list the mobile home on page 4 of the CD under "security interest."
As a follow-up, how does this effect my HMDA purpose?