Breaking Archive

Question: We have a question on a loan that is a refinance of a purchase of a second home and is adding funds to pay off personal credit cards. Should be report the HOEPA Status as “Code 3 – NA”? Answer: Assuming the loan ...Read More

by Murray Bibb, Porter White & Co. It was a run-of-the-mill Thursday morning — save for the record high temperatures approaching 80 degrees during the first week of February 2019 — as I was enjoying a pre-daylight cup of coffee and reading the Wall ...Read More

Question: For HMDA purposes, would a construction-to-permanent loan be considered a refinance under the Loan Purpose? Answer: It would actually be considered a home purchase loan under HMDA regardless of whether it is a combined construction to permanent loan or the permanent financing that ...Read More

Question: I have a HMDA question about construction loans. Our construction loans are 360 months plus 9 months interest. They are construction to perm. The first 9 months are interest only and then the 10th month includes principal &interest. Would we report this on ...Read More

by Terry Ammons, Porter Keadle Moore Risk management and cybersecurity are again top of mind for financial service providers heading into 2019. Recent data breaches at sizeable organizations have posed a significant question for these bankers: “Does our bank have the proper safeguards to ...Read More

Question: If we collect personal income from a Guarantor of a Small Business Loan, should we include this loan on our CRA Report and indicate it as a small business loans with gross revenue of less than $1 million if the personal income is ...Read More

by Erica Barnes, Maynard Cooper & Gale The financial press cannot get enough of virtual currency, from Bitcoin to its thousands of more obscure cousins like Ethereum or Monero. Virtual currency is either a great invention or a total failure; the end of traditional ...Read More