Angela Rankin

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FinCEN Issues Final Rule for Beneficial Ownership Reporting

BSA/AML, Special Release / By

On September 29, 2022, FinCEN issued a final rule for Beneficial Ownership Reporting to support law enforcement efforts. The rule establishes timeframes for legal entities to report beneficial ownership information FinCEN as required by the Corporate Transparency Act (CTA). According to the publication, FinCEN will have rulemakings to: Establish rules for who may access the …

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We are originating a HELOC loan to fully pay off an existing HELOC loan. Since there is no new money involved, would Right of Rescission apply?

Q&A / By

Answer: Since the property is being deeded over to the borrower, the borrower is essentially purchasing the property for what is remaining Yes. Although no new money is being advanced, this is a new HELOC that will allow a customer to redraw on funds from the line once the loan is paid down. The Right …

We are originating a HELOC loan to fully pay off an existing HELOC loan. Since there is no new money involved, would Right of Rescission apply? Read More »

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Servicing Compliance Webinar Series: Adverse Action Requirements

Webinar / By ,

It’s more than just saying “No” When are adverse action notices required? Adverse action notices requirements for denied deposit accounts Adverse action notice requirements for commercial customers Notice of incompleteness requirements How should files be documented when a customer withdraws an application. What’s the difference between a withdrawn application and an application which was approved …

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Clarifying the Joint Intent Requirements at Application

In Depth / By

Joint intent exceptions are a common finding in our compliance reviews. We have found that there are misconceptions on what constitutes joint intent and how it should be documented; most of the questions come from commercial versus consumer mortgage loan officers. Many of the questions we are asked include: Isn’t the joint financial statement enough …

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LEI

Maintaining the Legal Entity Identifier (LEI): Should Partially-exempt HMDA Filers Renew?

Special Delivery / By

The passing into law of the Economic Growth, Regulatory Relief, and Consumer Protection Act (EGRRCPA) provided institutions with a partial exemption of some data fields under HMDA. One of the fields in the exemption is the Universal Loan Identifier (ULI) and allows institutions to report a Non-Universal Loan Identifier (NULI). The difference between the two …

Maintaining the Legal Entity Identifier (LEI): Should Partially-exempt HMDA Filers Renew? Read More »

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HMDA Reporting for Loans Secured by Multiple Properties

In Depth / By

We have received numerous questions about how to report multiple properties on the HMDA LAR for 2018. Quite frankly, it can be very confusing because some fields are reported on the property securing the loan and other fields are reported on the transaction. The commentary for §1003.4(a)(9) – 2 states the following: MULTIPLE PROPERTIES WITH …

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