If we are making a CRA small business loan to an individual that operates as a sole proprietor and who does not have any schedules as part of their tax return, can we use the personal income as the gross revenues since we relied upon that personal income in making the credit decision, or would this not be a reportable loan?
A customer I know has been running past due about 30 days... They recently paid current owing a 1/2 payment for May and Junes full payment. But, somehow had over $400.00 in late fees, when the late fee per month is only around $47.00 per their promissory note and payment stub? Can a lender hold late fee's like that and charge interest on them? With only owing May and June there should have been only 2 late fees?
Currently the Credit Union requires a member to sign an authorization for payoff when we are posting insurance settlement checks for cars that are considered a total loss. (checks sent by insurance company) Is there any regulation that states we have to have the authorization signed or as lienholder can we make the business decision to accept those checks and post them the same day?
What does a customer need to do to waive the three-day rescission period?
I am doing a HELOC for under $250,000 as a 1st Deed. Is a full interior appraisal required or can a desk-top valuation be done?