Most Popular Lending Content
Adverse Action Notice for Credit Suspension?
10/20/2003
If a line of credit account is delinquent, is it necessary to send an adverse action notice if the credit limit is suspended or terminated due to delinquency?
Flood Determination on Mobile Home Lot
10/20/2003
When financing a mobile home lot, should a flood determination be done for the mobile homes on the lot?
Cross-collateralization clauses
10/20/2003
When a customer at our bank comes in to do a $1000 personal unsecured loan and we hold a mortgage on their home prior to this loan, that has an additional advance clause, if we uncheck the box on the new $1000 loan that refers to cross collateralization, are we securing the loan with the real estate anyway, due to a previous security agreement being in the customers file? Would unchecking the box on the loan that says "collateral securing other loans from lender may also secure this loan" cover that bases for compliance?
HMDA and Reporting Second Mortgages -- QuestSoft
10/20/2003
I just need some clarification on some HMDA reporting issues. 1) Please verify how the 2nd mortgage should be reported in this situation - 2nd mortgage for purchase of investment property (purchase split to avoid PMI)and home improvements collateral is 2nd on primary residence - do we report as home improvement, nonowner occupied and geocode for address of investment property? 2) Using the same situation as above except no home improvement, would we report as follows: purchase, nonowner occupied use address of primary residence? 3) for permanent financing of primary residence paying off another lender do we report this as purchase or refinance?
Proper line on the HUD-1
10/20/2003
I was wondering what is the proper line to disclose on a HUD settlement statement the amount of money recieved by a lender to a broker? Would it be considered an origination fee since it is a fee related to the borrowing of the funds?