Most Popular Lending Content
Using An IRA As Loan Collateral
02/17/2003
Can an IRA be used as collateral for a loan?
Flood, Farms, and Financing
02/17/2003
If the bank has a mortgage on a farm, and the mortgage states "That it secures future loans to the borrower"-how do the flood determination rules apply? For example, if the borrower comes in and takes out a 60-day single-pay note. Do we have to do a new flood determination or check the accuracy of the existing flood determination we did when the mortgage was established?
Written Permission To Obtain Credit Report
02/17/2003
Is it required to have written permission to obtain a credit report on a potential borrower? If so, could you please tell me where I can find the information - what regulation?
Flood Insurance Requirements For Unoccupied Dwellings or Mobile Homes
02/17/2003
We are financing the purchase of land with a small cabin on it and taking as additional collateral a piece of property with a mobile home and pole barns on it. The properties are or will be owned by a partnership and will not be owner-occupied. It has been determined that the property with the mobile home and pole barns on it is in a flood zone. The mobile home is not in good condition. No one is living in it. In this case, would the borrower have to get flood insurance on the mobile home?
Calculating Flood Insurance
02/17/2003
We have a customer who purchased property located in the Flood Plain. A Church was built in the middle of the property. A survey of the property has been prepared and the customer is in the process of filing a application for Loan to take this structure out. There are other structures on the property if the Church structure is taken out, do we just need to get flood insurance for the value of the other structures? If their value is less than our loan amount, how much coverage is required? The value of the other structures or the loan amount?