Credit Reporting on Guaranty
03/19/2007
If an individual personally guarantees a commercial loan and that loan is subsequently delinquent, is the negative information and/or the debt reported on the individual's credit report?
Lucy is Editor of Compliance Action and President of Compliance Resources, Inc., a company offering compliance support and services to banks. She is also a Senior Associate of Paragon Compliance Group, a company dedicated to providing compliance training. She has more than twenty-five years of experience working with regulatory agencies and financial institutions. Her extensive work experience with regulatory agencies includes the Federal Home Loan Bank Board, the Board of Governors of the Federal Reserve System, and the Federal Trade Commission. As the manager of the Compliance Division of the American Bankers Association, she worked directly with several of the association's banker committees and with regulatory agencies to identify compliance priorities, and to produce resources and programs.
You can reach Lucy via email at: griffin@bankersonline.com
03/19/2007
If an individual personally guarantees a commercial loan and that loan is subsequently delinquent, is the negative information and/or the debt reported on the individual's credit report?
03/19/2007
When doing a loan to a sole proprietor how would the sole proprietor be titled? Owner, president, individually or proprietor?
03/19/2007
Does the floor and ceiling rate need to be on the actual note or a separate form of disclosure?
03/19/2007
Does a Disclaimer Of Oral Agreements for loans over $50,000.00 only apply to commercial loans or to consumer loans as well?
03/12/2007
I am looking for help in developing a performance based compensation plan, especially for senior loan officers. What should and should not be considered? Obviously considering the new loan production and rates charged are good for the bank, but could lead to problems in discriminatory lending. What issues should be addressed and how do other banks balance these?
03/12/2007
I have a real estate loan with two single people. They are both on the mortgage as single, but the deed is in just one of their names. Who has legal right to the property?
03/05/2007
In our metropolitan area there are real estate companies that require their agents to pay a portion of their commission for each property sold. The agent is passing this charge on to the consumer, both in cash and financed deals. Is this a finance charge? I find nothing in Reg Z that indicates it is. Where, if at all, in the closing documents should this be disclosed?
03/05/2007
If a husband and wife sign a mortgage instrument, but only the husband signs the note, what information in the mortgage file would the wife have access to? Are there privacy issues here?
01/29/2007
Have you ever heard of a situation where a borrower closed a loan and then immediately tried to pay off the lender with a personal check? I think this may be a scam where we deposit the check and it comes back NSF and somehow the borrower tries to argue that our lien is invalid.
08/28/2006
What happens to a loan if the cosigner passes away? Does the loan go into default or need to be re-applied for?