TOPIC: Compliance

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.

    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.

        BSA loan purpose

        Director at a Company (USA)
        Originally Posted by Regina Pettis, Compliance Officer/BSA Officer of 22nd State Bank, on 29 Mar 2017 to CBANC FI Professionals Community.

             I am trying to find out where in BSA does it state that we have to have a SPECIFIC LOAN PURPOSE for loans greater then $10,000 that are not RE secured.​

          HELOC with never-ending Draw Period

          Director at a Company (USA)
          Originally posted by an anonymous author with the title AVP Regulatory Compliance and Legal on 5 Dec 2018 to CBANC FI Professionals Community.

               
          We're looking into changing our HELOC program so that the draw period goes on forever. Does anyone have a product like this? Are there any compliance issues you could think of? We are located in Illinois. I haven't been able to find any requirements regarding length of the draw term.