01/27/2014
Are non-bank lending institutions subject to interest rate disclosure regulations for business loans?
05/27/2013
On the Statement of Credit denial, termination, or change. Part I- Section- E. (other) What does this mean: "we do not grant credit to any applicant on the terms and conditions you have requested." Could you please give some examples?
05/27/2013
Is there a limit (by regulation) on an interest rate that can be charged on a consumer loan that is fully secured with cash on deposit at the Bank? We have a $5,000 loan that is going to be secured by a $5,000 savings account held at the Bank. One of our Board Members thought there was a regulation stating the maximum that can be charged on this type of loan is 2% over the interest rate being earned on the deposit account.
03/25/2013
We have an affiliate under our Bancorp that does 1031 Exchange Services. I want to do a risk assessment on this service but I am not sure what the risks are?
03/04/2013
Is documentation required to lower the interest rate on an existing consumer loan not secured by RE?
02/25/2013
In regards to HMDA reporting, how are we supposed to code an Interest Rate Reduction Loan (IRRL) where no income was required?
02/11/2013
A spouse dies on a jointly owned CD. Can the name of the deceased be removed and the CD continued to maturity? OR do you let it mature and then change the ownership? Is there a penalty for changing only the name due to the death?
07/30/2012
If we change the escrow rate for our escrow accounts, do we have to send the customers a notification of the rate change like we do when, for example, the rate on an adjustable rate mortgage changes? If so, how long do I have to send it to the customers?
06/25/2012
Participating lender stating we are in violation of a reg because we didn't include "INTEREST CALCULATION METHOD. Interest on this Note is computed on a 365/360 basis; that is, by applying the ratio of the interest rate over a year of 360 days, multiplied by the outstanding principal balance, multiplied by the actual number of days the principal balance is outstanding. All interest payable under this Note is computed using this method. This calculation method results in a higher effective interest rate than the numeric interest rate stated in this Note" in our note. Is she correct?
06/18/2012
The rule prohibits compensation to a Loan Originators for a transaction based on the interest rate. Does this apply to dealer reserve payments, in which the dealer receives a reserve payment based on the interest rate. i.e. if the interest rate is higher than the best tiered rate that the borrower could have obtained, the larger the reserve payment.