Latest Lending - Deceased Customer Topics

Should the HUD-1 Show Fees Not Passed On

12/06/2004

If a bank does not pass a fee to the customer and does not include the amount in the prepaid finance charge, must the amount and provider be shown on the HUD statement? For example, if a bank does not charge the customer for a flood determination, must the bank notify the borrower that a determination was pulled and provide the name of the vendor?

Insurance Disclosures on Ag/Business Loans

12/06/2004

Are banks required to give the Federal Credit Application Insurance Disclosure and the Federal Sale of Insurance Disclosure on business/agribusiness loans?

Frequency of a Rate Spread "Hit"

12/06/2004

How common is it to get a reportable rate spread when calculating the rate spread under the new HMDA rules? In our institution we are getting a reportable rate spread on probably 3 of 5 transactions.

Rescission on Renewed & Increased Amount

12/06/2004

I have asked several people this question and have not received the same answer, nor a clearly defined answer. If we lend a customer $60,000 for a home purchase, and five years and $10,000 in principal reductions later, they want to refinance and borrow $60,000 again and use the $10,000 for improvements, does rescission apply on the $10,000 since it is cash out, or does it not apply since they are borrowing the original amount? There is some confusion over refinancing and paid down amounts with rescission.

FACT Act requires records release for I.D. theft victims - Mary Beth Guard

12/01/2004