RSK.IQ.Staff, Author at RSK Compliance Solutions LLC • Page 44 of 122

RSK.IQ Question of the Week 5/21/18

Posted on May 21, 2018May 18, 2018 by RSK.IQ.Staff

Flood Insurance and Building to be Demolished

Issue/Inquiry

The Bank has received a commercial mortgage loan application for a property for which there is presently a commercial structure on the land. This structure will be torn down and a new structure will be built. The Bank is considering the vacant land as the collateral for the loan, but the time period when the present structure will be torn down and the new structure constructed is uncertain. While the current structure is commercial, the new structure may not be.

Is flood insurance required?

RSK.IQ Question of the Week 5/14/18

Posted on May 14, 2018May 11, 2018 by RSK.IQ.Staff

Beneficial Ownership Rule and Nonprofit Organizations

Issue/Inquiry

How is the Beneficial Ownership Rule applied to charitable organizations, such as a local Girl Scouts troop?

RSK.IQ Question of the Week 5/7/18

Posted on May 7, 2018February 27, 2020 by RSK.IQ.Staff

When to Obtain the Certification of Beneficial Owners

Issue/Inquiry

At what point should the Bank’s lending department have the customer complete the Certification of Beneficial Owner(s) (upon application, loan approval, or at loan closing)?