I keep getting requests from lenders wanting to do an unsecured business loan taking real estate as an abundance of caution. I am fairly new to the bank and I have told them on several occasions that we should not be doing this, but I am getting resistance and the lenders are trying to tell me that the bank has always done this. Can you tell me if there are any situations where it is acceptable to do this?
When should exceptions be migrated from spreadsheets to electronic format?
What does “file deconstruction” mean with regard to imaging?
How do banks commonly work through paper backlogs?
We have a customer who wants to finance the construction of a barn on his homestead property. The loan officer says this is business purpose because the customer will have a horse operation in the barn and earn additional income (he has a full time job). I disagree and believe TRID applies. Which do you think it would be and why?
We are third-party appraisers. We saw something that we have never seen before. We have a bank that is charging a customer $3000 for a commercial loan appraisal, while we were charging the bank $1800. At the very least we thought there should be some sort of disclosure that there is fee income to the bank in that pricing structure.
This is a commercial loan, not a consumer loan. We are aware that the disclosures do not apply for many items, But should not fee income to the bank, versus a actual pass-through fee be shown?
We have an Ag Advance form we use that a customer submits when requesting an advance for fertilizer, feed, purchase farm supplies, etc. If we allow an advance for family living expenses, do we have a RESPA violation? The loan is to an individual and secured by his home and farm land.
We have a "Purchase money Security Interest in all inventory, equipment, etc., per our UCC-1 filing.
There are 4 other "All inventory, chattel paper, equipment ..whether now owned or hereafter acquired; all accessions...etc..." filings ahead of us that are current and have been continued and have not lapsed or been terminated.
My question: If the company fails would we be in first place with the equipment purchased with our loan funds?
I think not, but want to make sure.
Can you pull a credit report for a commercial purpose loan before you have a signed financial statement or loan application?
Does a TDR status follow the loan until maturity? If the TDR is acquired in a bank acquisition, does the TDR status continue?