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Yes, it will be required at an ATM that allows for transfer between deposit accounts. You can find the FAQs here: https://www.fdic.gov/resources/deposit-insurance/questions-and-answers-related-to-the-fdics-part-328-final-rule.html#:~:text=The%20final%20rule%20requires%20that,customer%20may%20transact%20with%20deposits.
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No, Flood is a dwelling regulation. Insurance would not be required until your institution’s policy requires it during the construction phase. The FAQs discuss contraction requirements and guidance in 6 questions found in Section XI.
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Based on the scenario you have outlined in the first question you do not have a purchase. If what you are indicating is that the funds are being refinanced into a new loan it sounds as if you have a refinance as written into the original question.
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Only provisional credit can be revered. Since you completed the investigation with in the required time frames the regulation assumes you have the proper document to support the decision not to reverse the provisional credit that was provided to the consumer.
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________________________________________I’m not sure where Jack would land on this issue today. I was unable to locate any current cases that speak to this issue. I would recommend you pose this question to your institution’s legal counsel ideally because tenant rules by state can be very tricky in today’s world. However, strictly speaking by federal law (Reg Z) the Recession notice would be for the owner of the collateral. So I would not provide one to the renter. They have nothing to rescind since they do not own the collateral and I’m assuming they are getting a purchase loan for the property.
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Purchase is only used if any of the funds will be used to purchase a property. If I’m understanding your scenario, the purchase was already completed, it sounds that you have a refinance and not a purchase.
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Yes, if you are aware that the borrower put in a deposit and/or down payment those are required to be on the LE. The rules state you are to make a “good faith” effort to disclose the the transaction. Additionally, every time a revised LE is sent it must include updated and relevant information.
This question is a bit tricky. It all comes down to definitions. HMDA does not require that prequalifications be reported on the LAR. It does require that HMDA preapprovals be reported. So the first question is does your institution have a HMDA preapproval program? Which means that you collect everything needed to approve the loan, but the property address. That the applicant is provided a preapproval letter, with the amount approved and an expiration date. The only thing that can be outstanding are conditions around a property, that appraises, gets a flood cert and/or insurance etc. If you do not have a HMDA preapproval program and your question is all about a prequalification then there is not a HMDA violation. The other thing that needs to be considered is the comment on having an address. HMDA preapproval programs do not require an address, that is a TRID requirement and definition. You will want to be very careful of using that stipulation in a HMDA transaction.
Joint intent is required to be acknowledged on all joint applications.
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This question would need to be asked of your institution’s attorney. There could be specific state laws that need to be addressed with these types of issues.
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This questions has a few complications.
1. You indicate you are new to CRA. Is your bank new? Has the assessment area already been defined and established by your BOD? Are you needing to make adjustments for growth? Changing markets? Or are you traying to establish an FBAA under the new rules? What is your bank size?
2. Making loans in other counties is not reason enough to make adjustments to your AA. Consideration needs to be given to:
a. The percentage of loans out side your Bank defined AA. Is it significant enough to adjust the boundaries? If you are starting to see more than 25-30% outside your AA then you are going to need to make an adjustment.
b. Are any of the counties that are adjacent/contiguous LMI? if they are you will definitely want to include those. If they are not, you will want to understand why loans are being made there and if it appears you only services Moderate and High net worth areas.
c. If you are intermediate or Small can your bank reasonably serve these new areas?
3. You can only create an assessment area if: the geographic area that can reasonably be served by each of a bank’s locations, including its main office, any branches, and deposit-taking ATMs. It has to have a deposit taking facility in it. I’m not sure that would be true of a trade area.NOTICE: This email message, including any attachments, is intended only for the addressee, and may contain confidential and privileged information either as protected work product or confidential client information. Any unauthorized review, use, disclosure or distribution is prohibited. If you are not the intended recipient, do not read, copy, retain, or disseminate this message or any attachment, and please contact the sender by reply e-mail or at 888.760.5646and destroy all copies of the original message and attachments. Neither the transmission of this message or any attachment, nor any error in transmission or misdelivery shall constitute waiver of any applicable legal privilege.
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If the loan is being denied because of the title issue then you would send it as being denied and list the reason. If the title issue has caused the applicant to not move forward with the loan and your institution approved it, it would qualify for approved not accepted.
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That would not be considered a violation as long as you are informing them of a know issue and not selling product.
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Escrow on TRID disclosures is tricky as it was not really addressed by the CFPB when the rules were released or with any subsequent updates. The only guidance is that if there is no required Escrow you still have to show payments. If you are a FI that does not offer (meaning you are exempt from Escrow requirements) to Escrow you select that option on the form.
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Based on what you stated in your question. I understand the reason for denial to be insufficient income. If that is the only reason and the real reason for the denial. You should not list anything about the credit score. You should only ever list credit score if it is actually a denial reason. Since it sounds as if you gave the borrower a loan the last time, I assume they must have a credit score that meets the institutions underwriting requirements and is not why they were denied a loan this time.
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________________________________________They they would need to be able to download the public file if they are inclined to do so. Similar to coming into a branch and asking for a copy they have a right to receive a copy of it and you have the right to charge them a reasonable fee for providing it in a form they can take.
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