We have a commercial appraisal on a property for one borrower. The borrower could not reach an agreement with the seller so the deal fell through. We have another customer interested in the property. Can we use the original appraisal for the new customer's request?
A customer signed her application using a hyphenated name. Her property is in solely her maiden name, but it is vested as "husband and wife". Do I still need to put a/k/a on documents?
Should a loan officer be the one signing loan docs or can it be anyone that is an officer of the bank do this?
When we have a borrower in one state but their collateral is located in another state, we will file a UCC where the debtor is located. Some Lenders want us to file in both states just to be safe but then that posed the question, should we be preparing two separate security agreements, one for each state as well? Also, if we have a borrower that has collateral in both states we have been just preparing one security agreement where the borrower is located and still filing two UCC's but we think we should be preparing two separate ones in this case also?
Can the bank charge a default rate on a single-close, construction-perm mortgage loan during the construction phase if construction is not completed on time? For example, a 9 month construction term with multiple draws has a fixed interest at 4.125%. If construction is not completed at 9 months when the construction phase is to mature a default rate of 4.625% would apply from the maturity of that phase. If it is permissible, does this make the loan an ARM or the increased rate a refi?