Most Popular Lending Content
HMDA Reporting of Originated and Purchased Loans
10/20/2003
We purchase loans from smaller banks and sell them to investors. We report them on HMDA as purchased loans. Do the originating banks also need to report them to HMDA as originated loans?
Collecting for Insurance
10/20/2003
When closing a real estate purchase can I collect more then 2 months insurance, or is 2 months the maximum?
Does Reg O Allow Waiver of a Director's Late Fee?
10/20/2003
Is there any caveat in Reg O that would allow us to waive an inadvertent late fee on a loan for the interest of a director? I don't know of any, but if there is one I'd hate to prohibit the waiver!
Buy Down Program Disclosures
10/20/2003
Our bank is going to participate in a buy down program. For R/E and consumer loans if a customer comes in and wants to get a lower interest rate, we will charge a 1% buy down fee. What disclosures are required, if any? We aren't refinancing, a new note won't be issued. The monthly payment will not change either. I have found a blurb that states "an adjustment ot the interest rate on a loan with a term greater than one year secured by the consumer's principal residence requires that a disclosure of the changes be provided to the consumer. It must state the following: current and prior interest rates, index on which rates are based, extent to which the creditor has foregone any increase in the interest rate and what the payment will be due after the adjustment and the loan balance."
Getting Started with Open End Credit
10/06/2003
We are starting to look into started open ended lending versus closed end. I don't even know where to begin.