Most Popular Lending Content
Trusts & TIL Requirements -- John M. Floyd and Associates
09/02/2003
We made a loan to two individuals using property that is their primary residence. The property is titled in the name of a Trust. The individuals signed the note as borrowers and the Mortgage as Trustees for the Trust. Our loan document program did not automatically prepare the ROR.We did prepare the ROR for the individuals. We assumed TIL fell into place as the purpose of the loan was consumer purposes, the Borrowers are natural persons, using primary residence as collateral, but titled in the Trust name. In your opinion are we in compliance? We feel that we are.
OCC Preempts Georgia Law
09/01/2003
The OCC has published its conclusion that national banks are not subject to the Georgia Fair Lending Act (GFLA"). The GFLA contains strong measures designed to prevent predatory lending.
Declined Applications & RESPA Disclosures
08/18/2003
Are RESPA disclosure required within three business days if we decline the application within the three day period and mail the declination letter?
Partnership Name and Filing UCC Documents
08/18/2003
My borrower is a general partnership. They have registered a fictitious name for their partnership. Under UCC article 9 do I record UCC documents under the fictitious name of the business or the individual partner names?
Purchase money open end line of credit?
08/18/2003
We have a customer who is purchasing a condo for investment purpose and is requesting line of credit secured by the condo which will be advanced for the purchase money. Can we do a purchase money open end line of credit?