[timob1973]

Jack….can you provide the sites where examiners have raised issues regarding using modification agreements on loans that have already matured? Your help is greatly appreciated!!!

[timob1973]

Mo Donegal, Tim O’Brien, FNB Bank (Mayfield, KY), Group 3

[timob1973]

I think I found the answer in the UCC. UCC 4-303(a)(5).

[timob1973]

This was not a webinar/seminar that was put on by Jack. The webinar was provided by our Core Provider. The presenter may have just gotten confused or misstated something.

Thank you for your help!!!

[timob1973]

Gray Magician, FNB Bank (Mayfield, KY), Group 3

[timob1973]

I found the answer. Under KY law, GAP is not considered insurance. KRS 190.100(7).

[timob1973]

Good Magic, Tim O’Brien, FNB Bank, Group 3

[timob1973]

Jack…..can you provide any additional insight? It looks like when we read both, they are still referring to ownership interest.

[timob1973]

Gun Runner – Tim O’Brien – FNB Bank – Group 1

[timob1973]

Thanks everyone!!!!!

[timob1973]

Thanks for the response MCCompliance! Let me ask you this, the commentary seems to indicate that if the bank knows about a particular practice, we should list the fee on the LE. If we list the fee on the LE, would we list it in section H (page 2) and it would still be a charge that can change since we don’t require the service?

[timob1973]

We don’t finance the VSI. We collect it in cash due to the credit insurance issue.

[timob1973]

Robin,

We are dealing with a mobile home and land. We allow the borrower to shop for VSI so I’m guessing we will need to add them the provider shopping list.

[timob1973]

We were beginning to wonder about your response Robin. Any ideas on our question above?

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