We have a certificate of deposit pledged to a loan. The CD amount exceeds the loan balance by a couple thousand dollars but the original hold was even greater as the loan originated at 60% of its original amount. We recieved a garnishment which will include this CD.
Are we obligated to decrease the hold amount to the balance of the loan on the date of receipt of the garnishment and send the excess funds to the court or does the full amount of our original hold superceed this, meaning we would report there are no funds available? I am in Oklahoma if it is a state law issue.
Does Reg D apply to a savings account that has been used as security for a loan?
Two years ago we granted a new loan and took a first mortgage on a piece of vacant land as collateral. The loan is now going through a renewal. While completing the evaluation, we learned that the borrower; using his own cash, built a home on the property that’s encumbered. The way our mortgage reads, we have interest in ... all existing or subsequently erected or affixed buildings, improvements, and fixtures...
When we complete the valuation report, should the value of the home be included in the report and furthermore, if so, should the report be mailed to the borrower under Regulation B?
What are common tracking oversights made by loan admins?
I have a customer who wants to use his IRA account (elsewhere) as additional collateral since his appraisal was not sufficient for the amount requested. I know that we can not use the IRA as additional collateral. I see in the IRS PUB560 the notation but my question is ...Is there a regulation that relates to this situation?
We have a borrower who owns multiple investment properties and we want to cross collateralize these properties with his primary residence. Are these any compliance issues with this?
What is the required timeframe to provide Credit Score Disclosure; Right to Receive Copy of Appraisal to borrower for a Land Only; Consumer Purpose; with Collateral of the Land?
What is the regulatory definition of a secured loan and where can I find the definition?
I want to change the payment terms (lower the payment amount) on a consumer car loan because the borrower made a large principle reduction. Rate, maturity date, and payment date will stay the same. I would also like to release unneeded collateral due to the significant decrease in the loan balance. What disclosures are required?
Our bank recently decided to purchase Mortgage Blanket Insurance to use in event borrowers lapse on their hazard insurance on a mortgage the bank has secured as collateral so that the bank will have coverage for the ownership interest of the real estate. This insurance is obtained through an insurance agency which is a subsidiary of the bank. The borrowers of course will not be incurred a charge for this. Are we required to provide an Affiliated Business Arrangement? Is there any other requirement that we must do for this?