Most Popular Lending Content
Disclosing Payment Schedules on an ARM Loan
01/06/2003
What is the correct way to complete the Truth in Lending disclosure on the payment schedule portion, when you have a one year adjustable rate mortgage? Also, do you know where I can get a copy of the 10 year index? Isn't this a requirement for all ARM loans?
Explaining Transactional Testing
01/06/2003
We have done quite well with our compliance exams for over ten years. During the last exam, the compliance examiner stated we should do more transactional testing. Can you define that term for me so that I can show we are OK?
Prior Board Approval under Reg O
01/06/2003
Our bank falls under the $500,000 prior board approval requirement for extensions of credit to an insider. If I understand Regulation O correctly, exceptions under general prohibitions only apply to the aggregate lending limit when the loan is secured by a CD. If a loan is made to an insider for more than $500,000 and is secured by a CD in our bank, is prior board approval required?
Payoff of Home Equity Loan vs. HELOC
01/06/2003
Would it be more advantageous to take out a home equity line vs. a home equity loan paying off both at the same rate over the same period? Would the amortization be the same on both debt loans? I want to have the loan paid off in four years. My wife and I are having a dispute here. She says it doesn't make a difference, I say it is better to have a home equity loan vs. a HELOC. Again, the loan needs to be paid off in four years with equal monthly payments.
Determining Flood Status in a Nonparticipating Community
01/06/2003
How do we obtain an accurate designation on property located in a community that does not participate in the National Flood Insurance Program?