Monthly Archive:: May 2020

Question: This is a HMDA question. Borrower was scheduled for closing, but because a home inspection that the borrower ordered did not go as they planned, the borrower ended up cancelling closing. The bank did not require this inspection and all underwriting conditions had ...Read More

by Brian Malcom With the promise of low-interest or no-interest loans, and even the possibility of loan forgiveness, small businesses rocked by COVID-19 have recently turned to banks to apply for federally guaranteed funds. These funds are vital to many small businesses in order ...Read More

Q: This is a CARES Act question on credit bureau reporting for consumer-purpose loans. For those loans that have requested forbearance or other payment accommodations during the pandemic, we are not reporting those accounts as late (nor charging fees). However, if a loan does go ...Read More

May 8, 2020 – Legislators returned to Montgomery on May 4 with an eye toward completing the 2020 Regular Session, but their arrival to the capital city felt somewhat unusual. Because maintaining social distancing guidelines is nearly impossible in the State House, many legislators ...Read More

Question: Regarding the recent Regulation D amendments, are these temporary or permanent changes? Answer: As the interim final rule is currently written, these changes do appear to be permanent, and not tied directly to the current COVID-19 pandemic: “In January 2019, the FOMC announced ...Read More