Compliance Alliance

Post Compliance Services
Compliance Alliance

Membership Development Team
Bankers Alliance
P. O. Box 162407
Austin, TX 78716
Phone:  (888) 353-3933
Email
Website
Membership Contact Form

An expertly-staffed hotline, federal regulatory tools, policies and procedures, and unlimited reviews for small-to-medium community banks across the U.S. — the only all-inclusive banking compliance advisory. C/A’s nearly 1700 products and tools support 48 separate bank compliance areas –an unlimited-access Bank Compliance Library – conforms to the most recently published federal banking rules and regulations. Whether you are building institutional exam-readiness or a bank compliance program, C/A has all the resources, access, and availability for one membership subscription. Co-owned by the Virginia Bankers Association and 28 other state bankers associations across the country. Contact C/A’s Membership Development Team at (888) 353-3933 or at: info@compliancealliance.com. To learn more about C/A’s new Virtual Compliance Officer service or call (833) 683-0701.

Compliance Alliance Featured Q&A

Question:

Does MLA apply to the purchase of vacant land?  

Answer:

Generally, yes, MLA would apply as vacant land loans are not specifically exempt. Note, however, that transactions to finance initial construction of a dwelling that will secure the loan would be exempt as a residential mortgage, so in some cases this exemption may apply (https://www.ecfr.gov/current/title-32/part-232#p-232.3(f)(2))

“…Exceptions. Notwithstanding paragraph (f)(1) of this section, consumer credit does not mean: A residential mortgage, which is any credit transaction secured by an interest in a dwelling, including a transaction to finance the purchase or initial construction of the dwelling, any refinance transaction, home equity loan or line of credit, or reverse mortgage…”

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