Is a Corporate Banking Resolutions on a bank's letterhead which is completed and certified by the Board Secretary with the corporate seal affixed, sufficient to memorialize a resolution taken by a company's board of directors regarding actions related to a banking relationship such as appointing a new board secretary or adding and deleting signers?
I have questions that bother me when I dealing with a commercial real estate transaction where a residential property is taken as collateral. When does the Notice of Right to Receive a copy of an Appraisal apply? I have seen many different concepts in the internet regarding to dwelling:
- A 1-4 residential property which is the borrower or guarantor's principal residence;
- Any 1-4 residential property which is the borrower's principal residence, and it is going to be refinanced; or
- Any 1-4 residential property taken as collateral in the commercial real estate transaction.
I would like somebody clarify which is in compliance. I am in Florida if that matters.
What are other banks doing to track beneficial ownership documentation?
What are the downsides of tracking policy exceptions in a spreadsheet?
What are common tracking oversights made by loan admins?
Does the new CDD for Beneficial Ownership play into a participant loan? How would you get this information?
In regards to Reg B appraisal notices and commercial loans: does the loan need to be secured by a first lien on a dwelling for the notice requirements to apply or is it any dwelling secured loan - regardless of lien position? For example, an LLC is securing a commercial loan with a 2nd lien on a dwelling, do they get the appraisal notice or not?
How do banks use technology to manage loan policy exceptions?
We have a customer who wants to finance the construction of a barn on his homestead property. The loan officer says this is business purpose because the customer will have a horse operation in the barn and earn additional income (he has a full time job). I disagree and believe TRID applies. Which do you think it would be and why?
If we are lending on a commercial property that is a strip mall (3 attached stores) and the strip mall is in a flood zone, do we need to obtain insurance on each store unit or just $500,000 on the entire structure which is owned by one entity?