When a lender/servicer is accepting ACH payments from a loan customer and the loan is sold/transferred to a non-affiliate, can the ACH account information be passed to the new servicer and the auto pays continue? Or must the borrower authorize the new servicer?
Currently the Credit Union requires a member to sign an authorization for payoff when we are posting insurance settlement checks for cars that are considered a total loss. (checks sent by insurance company)
Is there any regulation that states we have to have the authorization signed or as lienholder can we make the business decision to
accept those checks and post them the same day?
What are the procedures for force placing auto insurance on a customer, who's auto policy has lapsed? I have found procedures for hazard and flood but wondering if there are different procedures for vehicles.
I have a borrower who wants to pay off credit card debt with a consumer loan from our institution. The collateral in this case would be two vehicles and I would like to reference an existing mortgage that is on a rental property (owned by my borrower's father.) The borrower is not the owner of the RE 1-4 family rental property. What RE disclosures do you see need to apply?
What is the guidance for timing of booking a repo vehicle to other assets? Does it have to be at the time the car was taken back? Is it okay to keep as a loan for a few weeks if the car will be sold in that time period?
We made a car loan on Friday evening. The customer came back on Saturday morning before the loan was put on the books and said they decided against the car. They brought back the money order that was made out to the dealership. My question is: Do we actually have to put the loan on the books and then do a payoff ? Or can we treat it as withdrawn ?
Is there any reason the Bank/Lender cannot accept a copy of the white slip to fund on a vehicle loan? Should the Bank be presented with the original white slip?
In the Itemization of Amount Financed on a personal, vehicle loan, does the down payment need to be disclosed?
If we hold a lien on a titled vehicle and that loan is refinanced into a new loan, is it necessary to release, and refile a new lien to match the date of the new loan, or is our lien good for as long as we have an interest in the collateral (until released)
On a consumer auto loan; can an appraisal fee be charged?