Most Popular Lending Content
Adverse Consequences from Late Adverse Action Notices
09/02/2003
We have just discovered that one of our loan officers has turn down applications on his desk since January 2003, what would be the proper way to handle this, is there any additional information that should be included in the letter since it is past the 30 day period to send out the letter. I think he has around 7 applications, is there anyway not to have a violation from the auditors.
Maximum Late Fee for Delinquent Loans
09/02/2003
I am the internal auditor at our bank and am currently reviewing lending operations. I am seeking to determine if there are any regulations or statutes that limit or prescribe amounts that can be charged borrowers as late fees for delinquent loan payments.
Bad Auto Loans: What's the average age of the auto?
09/02/2003
I am trying to find out some information on the average age of an automobile when the loan goes bad. Do you know where I can find some statistics on repossessions? I want to extend the age of an used auto that we will loan on. Currently, we only make a loan on autos up to 5 years old. I would like to loan on autos up to 8 years old.
OCC Preempts Georgia Law
09/01/2003
The OCC has published its conclusion that national banks are not subject to the Georgia Fair Lending Act (GFLA"). The GFLA contains strong measures designed to prevent predatory lending.
FFIEC and the Reclassified MSA Branches
08/18/2003
On June 6, 2003, FFIEC reclassified some of the MSA branches. The branch getting us into the HMDA reporting was dropped (which means we are no longer report HMDA ....hurrah.....) My question is, how do we report the information collected prior to June 6, 2003. Do we continue to collect HMDA information past the June 6th date? And what do we report to HUD next year? I have sent this question to HUD, FFIEC and FDIC (our regulator) and I have received no guidance. I need guidance. Can you help?