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?
We use SBA for commercial loans and have rated them as a high-risk vendor due to the information that is shared, when we asked for a SOC1, SOC2, SSAE 16 from our rep, they stated no other bank has ever asked for this. In my Vendor Program we say we need annually a 3rd party audit, is this an exception because it is the federal government? If not, how do I obtain a copy?
If we are lending on a commercial property that is a strip mall (3 attached stores) and the strip mall is in a flood zone, do we need to obtain insurance on each store unit or just $500,000 on the entire structure which is owned by one entity?