Most Popular Lending Content
If we approve a customer for a loan and they want a copy of their credit report can we give it to them?
10/21/2002
If we approve a customer for a loan and they want a copy of their credit report can we give it to them?
Rate Buydown Fees, Prepaid Finance Charges, and APR
10/21/2002
In a falling rate environment as we have now, we for a short period will offer our mortgage pipeline customers a chance to buydown their rate. For example, an applicant's rate, 6.50%, is locked in at application and when approved they are issued a commitment for 60 days at that rate. The rate has now dropped to 6.0% and instead of making them withdraw their application or apply elsewhere, we will let them pay us $500 to get the lower rate. We show this $500 fee as a P.O.C. item on the HUD-1. Should we include this fee as a prepaid finance charge and therefore include it in the APR calculation? Also, what would be the best description for this fee?
Implementing Fees For Changing Collateral
10/21/2002
The Loan Department at my bank wants to implement a new fee for customers changing collateral, i.e., vehicles on an existing loan. Evidently, they have a few customers who buy and sell vehicles quite often and instead of doing a new loan, the bank simply changes the collateral securing such loans. If this is done for all customers who change collateral, do we still have a problem? Are we required to do new disclosures?
Is it necessary to report our commercial and agricultural loans to the credit bureau?
10/21/2002
Is it necessary to report our commercial and agricultural loans to the credit bureau? If not necessary, is it recommended?
Can you tell me where to find a good accurate Homeownership Counseling Notice?
10/21/2002
Can you tell me where to find a good accurate Homeownership Counseling Notice?