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Thank you for the suggestion. We like to hear from members and do our best to work suggested topics into the schedule.
In the meantime, there are E-SIGN q&a’s throughout the forum. Some are located in the “What Else is on Your Mind” forum and some in this forum.
If more than six transfers/withdrawals are continually permitted it can’t be classified as a savings account on your system. If a customer continues to exceed the transaction limits then you either need to prohibit the transactions (if you want leave them in the savings account) or close the account and open a transaction account. Are you sending notices or contacting the customer in some way letting them know they are exceeding the account limitations and that if they continue to do so what action you will be required to take? Usually these steps will deter many customers from continuing to exceed the limits.
Here a link to Reg D (see 204.2(d) and footnotes): https://www.gpo.gov/fdsys/pkg/CFR-2016-title12-vol2/pdf/CFR-2016-title12-vol2-sec204-2.pdf
I would suggest it be on all your lending advertisements. Even if they are not for a specific product, the general loan ads would encompass your dwelling secured loan products.
Although the FDIC logo rules don’t address web searches specifically, I believe this would likely fall under the exception for advertising in a directory under 12 CFR 328.2(d)(4) since that is essentially the service that the Google search tool is providing. And the EHL logo is required when you are advertising a loan for the purpose of purchasing, constructing, improving, repairing, or maintaining a dwelling or any loan secured by a dwelling. If you aren’t doing that in the Google blurb you should be fine to omit it there, but include it on your website.
Here are the FDIC’s regulations and an advisory opinion for the use of the logos:
https://www.fdic.gov/regulations/laws/rules/2000-5200.html#fdic2000part328.3
https://www.fdic.gov/regulations/laws/rules/4000-10120.html
https://www.fdic.gov/regulations/laws/rules/2000-6000.htmlWe have had technology issues with updates to our website and our forum has been down since Friday afternoon. I did respond to this question early Friday afternoon, but I see my reply isn’t showing up. I apologize for the inconvience. We now have the problem corrected and the forum is working properly. Please see my response below.
You need to include the specific information you need from the applicant in order to evaluate the application. If that is specific documents you should define those so the applicant know what he/she needs to provide.
I apologize for the delay in responding. Our forum has been down since Friday afternoon due to technology issues. We believe we now have the problem corrected.
To answer your question, it will depend on the loan purpose, not the collateral. You will need to re-evaluate the purpose (business or consumer) at the time the refinance is being done.
I discussed this Jack and he agrees. He did note, however, that a consumer can sue anybody for anything. The CD contains the closing date. You tell the borrower we are going to close on May 27 and then before that date arrives you send an adverse action notice. The consumer might sue for an unfair or deceptive act or practice. Not likely, but possible.
Even with the most honest intentions (e.g. disclosure was delivered earlier) I don’t like back-dating disclosures. The date should reflect the date it is signed. Your file and procedures should show that you delivered the CD in the required timeframe. Ensure your written procedures reflect how you will handle CDs that are mailed, including documenting the file to show the date the disclosure was mailed, and how you will handle signatures, such as the disclosure will be signed at closing. Make sure these procedures are carried through and reflected in the loan file as evidence of delivery.
I don’t believe you are obligated to close a loan, if something arises in underwriting that makes the applicant ineligible, because you gave the closing disclosure.
Typically a lender will know before the closing disclosure is issued if the loan will be denied.
I’ve sent the question to Jack. He’ll weigh in if he has differing or additional thoughts.
If the attorney has a license number from the state or other regulatory body then you would include it. If they do not then you would leave it blank. I assume in most instances the attorney will not have a license number.
HPML status is determined based on the APR compared to the APOR on the date the rate is set. I don’t think a subsequent decrease in rate would affect the status – that has already been determined.
The disbursement date would be the date you disburse the proceeds. You should probably talk to LaserPro.
There isn’t anything in the regulation or commentary or preamble that discusses this and, as far as I know, we haven’t heard any comments on it from the CFPB. As a result, it doesn’t seem there is anything from the regulators that indicates you must or should treat all fees as 0% tolerance. However, you also want to avoid further issues with the regulators (UDAAP) and it might be best to absorb the fees – evaluate the circumstances and all potential corrective actions. Most importantly, ensure you have processes in place to avoid this all together.
