The Home Mortgage Disclosure Act (HMDA) requires institutions to indicate what “action” was taken on reportable applications. The institution must choose between a finite list of these actions to describe what exactly happened to the covered loan or application. What was the ultimate outcome? Was the transaction originated or purchased from another institution? Was the…
read article →On June 19, 2019, the Office of the Comptroller of the Currency (OCC) issued OCC Bulletin 2019-28 Risk Management Guidance for Higher-Loan-to-Value Lending Activities in Communities Targeted for Revitalization (the 2019 Bulletin) and rescinded its prior bulletin of the same title, OCC Bulletin 2017-28 (issued August 21, 2017) (the 2017 Bulletin). The purpose of the…
read article →On May 31, 2019, the CFPB released two new frequently asked questions (FAQs) to address the application of the TILA-RESPA Integrated Disclosure (TRID) rules to consumer construction loans. FAQ #1: Are construction-only loans or construction-permanent loans covered by the TRID Rule? Yes. Generally, a loan, including a construction-only and construction-permanent loan, is covered under TRID if…
read article →March 29, 2019, Louisville, KY—Professional Bank Services, Inc. is excited to introduce ProBank Advisor, the company’s new online Compliance Advisory Service, at LendIt Fintech USA, on April 8 and 9 in San Francisco, CA. Developed by industry professionals with decades of hand-on experience and knowledge, ProBank Advisor provides thorough answers on Lending, Deposits, Bank Secrecy…
read article →Let us put our five decades of experience to work for you.
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