Monthly Archive:: January 2021

Q: We have an applicant who is doing a cash-out refinancing. They stated they will use the funds for a purchase of another dwelling, but it is at an unknown, future date.  Would this still make it a “Home Purchase” loan for HMDA purposes? ...Read More

Q: If the bank is escrowing for flood insurance is there a regulatory requirement to also escrow for real estate taxes or can the bank waive it? A: The federal regulations only require you to escrow for taxes and hazard insurance if the loan ...Read More

by Michael Murphey Overview In December 2020, the FDIC produced a staff study entitled Economies of Scale in Community Banks which concluded community banks generate 90% of potential efficiency gains when a bank’s loan portfolio reaches $300 million and continue to accrue cost savings ...Read More

By Elizabeth Brusa, Chris Hawkins, and Alex Dugan, Bradley On Dec. 9, Congressional Democrats, including Elizabeth Warren (D-Mass.) and Jerrold Nadler (D-N.Y.), proposed sweeping legislation that would overhaul consumer bankruptcy law. The proposed changes, if adopted, generally would make it easier for consumers to ...Read More

by Mag Bickford and Chase Stoecker In the time of Coronavirus, with many municipalities implementing restrictions on business and individual activity, banks may currently allow employees to work remotely to the greatest extent possible. However, given the nature of the business, many bank managers ...Read More