Question of the Week

  • QUESTION: Is a bank required to follow the amendments to the mortgage disclosure requirements (TRID) on October 1, 2017?

    ANSWER: A bank may comply with the amendments as of October 1, 2017; however, the bank’s loan origination software may not be ready by October 1, 2017 as there are likely loan system updates that will need to be made. Mandatory compliance with the amendments is required on October 1, 2018.


Question of the Week Archive

  • QUESTION: What date should be listed on the Loan Estimate and Closing Disclosure?

  • QUESTION: If a bank receives a consumer report that includes an initial fraud alert, what is the bank permitted and not permitted to do?

  • QUESTION: For loan applications received in 2017, what data must be reported?

  • QUESTION: How is adverse action defined under Regulation B versus FCRA (Reg. V)?

  • QUESTION: What happens when a changed circumstance does not cause the sum of all charges that fall in the 10% tolerance category to increase by more than 10%?

  • QUESTION: What is the requirement to list the MLO name and NMLSR ID# on the TRID disclosure forms?

  • QUESTION: Under the Military Lending Act requirements, can we use a covered borrower identification statement to identify covered borrowers?

  • QUESTION: Does a regulated bank require a reliance agreement with another regulated bank to be able to purchase a loan from that bank without re-conducting CIP?

  • QUESTION: When does a bank need to provide the ARM Notice of Change?

  • QUESTION: Regarding flood insurance and NFIP reauthorizations, should community banks make plans now for how to handle a lapse in NFIP coverage if it happens in late 2017?

Ask An Expert

We want to hear your pressing questions about compliance at your bank. Please fill in the form below. Not all questions will be featured. Your questions will be kept anonymous.