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Section 1026.36(c) of Regulation Z states,”no servicer shall fail to credit a payment to the consumer’s loan account as of the date of receipt, except when a delay in crediting does not result in any charge to the consumer or in the reporting of negative information to a consumer reporting agency…” Crediting on Monday, instead of on Saturday, increases the amount of interest that is due, resulting in an additional charge to the consumer. the Commentary to Section 1026.36 states, “The “date of receipt” is the date that the payment instrument or other means of payment reaches the mortgage servicer.”
You need to credit payments on the date of receipt (Saturday) or you must follow the procedures for establishing a payment requirement as explained in the regulation.
As Glenn pointed out, favorites rarely win the Derby, but then the really long shots don’t do so well either. But I am going with a 50-1 shot – Done Talking. While the horse is unlikely to win, if he does win each $2 bet would be worth approximately $110 to $120.
Remember, Amy will tally up all of the votes early tomorrow morning. The horse with the most votes will be bet on behalf of the whole group. Amy will make one $80 win bet ($2 for each member) on that horse.
Don’t miss, or log on late for, tomorrow’s meeting. Amy will be modeling her outfit, including her hat.
The procedures we develop with our Compliance Masters Group include operating procedures, control procedures and audit procedures. The control procedures are internal monitoring. The audit procedures are the independent testing.
The failure to provide a TIL disclosure may lead to reimbursement required by examiners or lawsuits from consumers.Providing the disclosure and making an adjustment cuts off the borrower’s right to sue and will eliminate examiner concerns since the adjustment has been made.
For flood insurance there is a special rule that permits you to get sufficient insurance to complete the destruction of the property and haul off the debris. But flood insurance is required by law; hazard insurance is required by bank policy. So it is pretty much your call on how to handle this issue.
I have discussed this issue with a number of lenders around the US. In lieu of a hazard policy they get a letter, similar to a guaranty, from the church elders that states that the church will rebuild or repair the house if it is damaged. This letter will not work for flood insurance; FEMA does not provide any exceptions for this scenario.
The definition of the term “affiliated business arrangement” is defined in Section 2602(7) of the Real Estate Settlement Procedures Act. The term “affiliated business arrangement” means an arrangement in which (A) a person who is in a position to refer business incident to or a part of a real estate settlement service involving a federally related mortgage loan, or an associate of such person, has either an affiliate relationship with or a direct or beneficial ownership interest of more than 1 percent in a provider of settlement services; and (B) either of such persons directly or indirectly refers such business to that provider or affirmatively influences the selection of that provider; and (8) the term “associate” means one who has one or more of the following relationships with a person in a position to refer settlement business: (A) a spouse, parent, or child of such person; (B) a corporation or business entity that controls, is controlled by, or is under common control with such person; (C) an employer, officer, director, partner, franchisor, or franchisee of such person; or (D) anyone who has an agreement, arrangement, or understanding, with such person, the purpose or substantial effect of which is to enable the person in a position to refer settlement business to benefit financially from the referrals of such business.
The definition in your procedures is inaccurate and should be corrected.
Also, confirm the appraiser’s level of ownership in your bank. If the level exceeds 1%, the appraiser has an affiliate relationship with your bank and would need to provide an affiliated business arrangement in the event of a referral to the bank. This actually the appraiser’s concern, not the bank’s.
Regulation C refers to “manufactured home.” As you stated the HMDA definition refers to the HUD regulations, which in turn to not differentiate between situations where the title is surrendered and those where title is not surrounded. Your manufactured home is a manufactured home.
A refinance must involve a new transaction that satisfies and replaces an exisiting transaction, where both the old transaction and the new transaction are secured by a dwelling. Your loan appears to fit the definition.
Ask your audit firm if their position is opinion or regulation. If they state it is regulation, then they should be able to supply citations that direct you to the answer. I think you will find this is their position.
If you advertise that you match any rate, then you better match the rate or you are risking a UDAAP problem. If your offer has restrictions, then the restrictions should be disclosed in the advertisements.
