Most Popular Lending Content
Notice Of Right To Cancel - Not Required?
04/03/2006
For residential mortgages, are there any occasions when a Notice of Right to Cancel is not required (on purchases and non-owner occupied properties)?
New Flood on Modification of Existing Loan
04/03/2006
Is a new flood determination required if we are modifying an existing loan (previous life of loan flood in file), and providing additional funds to the borrower (no change in loan number)?
Spec Construction
04/03/2006
Is anyone aware of any specific regulatory-defined concentration limits for the amount of lending we can have in RE/Speculative Construction lending? We've got a number we've been managing to, but some question has arisen as to the source of that number, and whether it is something that was just developed internally or something that came from a regulation. I'm not aware of anything from a regulation standpoint, but others may know something that I've overlooked.
Is Internal Cross-Selling an FCRA Violation?
04/03/2006
My question relates to the FCRA and the ability of a bank, or other lending institution, to internally cross-sell. Let's say that a bank does a credit check (for a proper purpose under FCRA) to determine whether a potential borrower would be approved for a mortgage. Based on the information contained in the credit report, the bank then solicits the potential borrower to also obtain a HELOC. The HELOC is also done through the bank, although in a separate department, and another credit check would be pulled in connection with the HELOC if it was pursued by the potential borrower. Is this prohibited by FCRA? I have looked at the provisions of the act and it does not seem to be expressly prohibited.
Documentation for Secondary Residence Improvement Loans
04/03/2006
Can you give me a good source of information on documenting an improvement loan on a secondary residence? I am not sure if the same disclosures apply as they do on the primary residence.