Alabama Bank News

by Michael Rediker and Mike Murphey, Porter White & Co. The Financial Accounting Standards Board (“FASB”) has mandated a new methodology known as Current expected Credit Loss (“CECL”) to calculate a bank’s Allowance for Loan and Lease Losses (“ALLL”). Currently, ALLL estimates charges over ...Read More

Question: We have a few questions about mortgage payments. Our core is set up so that mortgage payments are applied in the following order: The monthly escrow is put into the escrow account. The remainder is applied to interest. If anything remains after interest ...Read More

Question: We do business in a state with dower rights. I just want to make sure that a spouse who is not on the title to real estate but uses the home as a primary residence does not receive the right to rescind—is this ...Read More

by Charles W. Prueter, Waller The composition of the Supreme Court is a constant, if not primary, focus of political debates in this country. As a New York Times editorial put it in February 2012, “the makeup of the court for the next generation, ...Read More

By Maggie Thompson Somewhere along the way (perhaps, not-so-coincidentally, as we each made the transition from child to adult) the holiday season became one big ball of pressure—with financial worry at its core. Statistics seem to support that spending (and, often, overspending) plays a ...Read More

Question: We send disclosures electronically and can be notified when the borrower has not accessed them by the Loan Estimate (LE) due date. Are we required to mail the disclosures on that day if the borrower hasn’t accessed the electronic docs? They are telling ...Read More

Question: Is an “assumed” loan HMDA reportable? There was only one borrower when the loan was originated (not this year) and the loan was reported in that year. The Bank has now allowed another borrower to assume the note from the original borrower.   ...Read More