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Private Flood Insurance: Disparate Impact?

What do fair lending and disparate impact have to do with the new private flood insurance rules?   July 1, 2019, is the “go date” for the new private flood insurance requirements, which basically say that if a borrower provides the bank with a private flood...

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Exceeds the Maximum NFIP Deductible

Question: What if we have a private policy that meets all of the Biggert-Waters requirements except that the policy deductible exceeds the maximum NFIP deductible?   Answer: You cannot allow a private policy to have a deductible that is higher than the deductible...

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Did we violate Section 8 of RESPA?

Question: I recently had lunch with a real estate agent to talk about doing some co-marketing.  We discussed the potential RESPA concerns and decided to not move forward at this time.  At the end of lunch, the agent picked up the check.  Did we violate RESPA’s Section...

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Regulation E: Statute of Limitations?

Can a customer dispute a debit card transaction or an ACH a year or longer after it happened?   The answer is yes, they can!  To understand this, we need to look at both Section 1005.6 and Section 1005.11 in Regulation E.   Listen to the video as Dave...

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Proposed HMDA Changes

Yesterday, the CFPB issued a proposal that seeks to make changes to the existing HMDA Rule.  They also issued an Advance Notice of Proposed Rulemaking (ANPR) to solicit comments as to whether certain other changes are needed.     The proposed changes...

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EFT Error Resolution Myths

When a customer disputes an electronic funds transfer, it’s not uncommon for a bank’s card processor to require that the customer first try to resolve the issue with the merchant, sign an affidavit or jump through other hoops. It’s important to point out that...

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Cancelling an Escrow Account on a HPML

Do you have a borrower that wants to cancel the required escrow account on their Higher-Priced Mortgage Loan (HPML)?     First you need to understand what your options are.  Option #1 is that you don’t have to honor their request.  You can require they keep...

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