Compliance Q&A | Alabama Bank News

Compliance Q&A: Using a Closing Disclosure to Reset Tolerence on a Zero Tolerence Item

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Question: We have some confusion in regard to using a Closing Disclosure to reset the tolerance on a “0” tolerance item (origination charge) if there is a bona fide Change in Circumstance. On November 8, 2018, the customer requests an increase in the loan ...Read More

Compliance Q&A: SCRA and Defining Military Service

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Question: We have a customer that is leaving for boot camp for the Air Force. Am I correct in stating that boot camp is not active duty? Answer: Boot camp is included in active duty. “Military Service” is defined under SCRA as a period ...Read More

Compliance Q&A: Residential Balloon Mortgage Maturity Date Changes

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Question: Our current practice on residential balloon mortgages is to extend the maturity date prior to the balloon period if the customer requests it prior to the balloon and the borrower meets certain conditions. This is completed with a change in terms document leaving the ...Read More

Compliance Q&A Archive