02/17/2019
For a loan with a savings account as collateral, can all of the loan fees (doc fees, credit report fees, etc) be included in the savings hold?
01/27/2019
How can I tell if a loan is cross collateralized, what language shall I look for and in what document?
11/11/2018
If we have three DDA accounts securing the same loan, does the "single action rule" limit us to only using the funds from one account in the event of default? It is the funds in all 3 accounts that add up to enough to cover our loan proceeds.
09/02/2018
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?
09/02/2018
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?
08/12/2018
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.
05/20/2018
Two years ago we granted a new loan and took a first mortgage on a piece of vacant land as collateral. The loan is now going through a renewal. While completing the evaluation, we learned that the borrower; using his own cash, built a home on the property that’s encumbered. The way our mortgage reads, we have interest in ... all existing or subsequently erected or affixed buildings, improvements, and fixtures...
When we complete the valuation report, should the value of the home be included in the report and furthermore, if so, should the report be mailed to the borrower under Regulation B?
04/22/2018
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?
02/18/2018
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?
02/04/2018
We have been asked to collateralize a loan with an independent insurance agents book of business. Since the insurance company owns those policies how do you perfect a book of business? I am looking at this as basically unsecured. Thoughts please.