Most Popular Lending Content
CIP and Guarantors
10/06/2003
Should CIP procedures apply to guarantors of loans or only to co-borrowers?
Under the Revised HMDA Regs
10/06/2003
With the HMDA revision, I have read that the new definition of refinancing is a transaction in which a new obligation satisfies and replaces an existing obligation, where both the existing and the new loan are secured by a lien on a dwelling. However, in the revised reg., it says that for coverage purposes, a refinance is when the existing obligation is a home purchase loan and both the existing and the new obligation are secured by first liens on dwellings. For reporting purposes, both the existing and the new obligation are secured by liens on dwellings. What is the difference under the revised reg between coverage purposes and reporting purposes? What types of loans should be reported as refinances in the future?
CIP and Indirect Lending
10/06/2003
We are a little confused regarding CIP and Indirect Lending. We do Indirect Lending with a few dealers. They use a generic form for the loan agreement with the loan assigned to the Bank. We have an agreement with the dealer. The loan is not made until the Bank gives approval. Would this be considered a tranfer of assets and no CIP required or the dealer working as our agent?
Looking for Lending Regs in Print
10/06/2003
I am starting a new position as a lending manager. I am rusty with the regs. Where could I go to get a printed version of the regs applicable to lending, and which ones would you recommend I read up on?
SSCRA Rate Adjustment
10/06/2003
I have a customer that has recently returned home from the war. To comply with the Soldiers and Sailor Relief Act his loans were all changed to 6.0%. At what point do we change the interest rates on his loans? Do we have to honor his original rates or do they default to our current rates?