Legal Ease is a ‘question of the week’ chosen from actual calls and emails received by our compliance team. Specific questions posed by community bankers are answered in an easy to understand format. Citations to relevant regulations and commentary are routinely provided. A ‘compliance tip’ is usually included at the bottom of each Legal Ease as a best practice or something to watch out for. Past Legal Ease are included in a searchable archive here.
Question of the Week
We have an application where the borrower is purchasing a primary residence and offering another piece of real property owned free and clear as additional collateral, for equity purposes. Can we do that? Does that property have to be listed on TRID disclosures? Which property is reported on HMDA?
Learn the answer here