Most Popular Lending Content
APR Formula
04/14/2003
We would like to set up a Excel spreadsheet that calculates our APR for each of our products. Therefore, we are looking for a formula that calculates the APR that we could put into Excel and print out for everyone's use. We have calculators and software that calculate the APR but we are looking for the actual formula.
Revised Article 9 & Agricultural Loans
04/14/2003
With the Revised Article 9 would you suggest to continue getting property and legal descriptions for Agricultural or crop loans on state filings and security agreements?
Is there a regulation that requires a loan to be priced 2% above a CD rate (if using the CD as collateral)?
04/07/2003
What is the regulation that discusses the requirement that a loan must be priced 2% above a CD rate if using the CD as collateral? I assume this is a Federal regulation, correct? Can we make the loan rate 2% BELOW the CD or deposit account rate?
Requiring All Owners Of Jointly Held Accounts Used As Collateral To Sign The Security Agreement
04/07/2003
We have a debate going on in our bank and would like some advice on the best course of action. Some are advocating that whenever a CD or savings account is pledged as collateral that is joint with right of survivorship, all owners of the deposit account must execute the assignment/pledge. Others are saying this is not feasible. The UCC for joint accounts seems to indicate that any party on a joint account can pledge it as security on a loan and other parties do not have recourse against the creditor IF the proper assignment or pledge has been used as the security instrument. The language is, however, ambiguous. There are definitely benefits to obtaining all account owners' signatures but it presents difficulty in obtaining them also.
Collecting Monitoring Information During Phone Applications
04/07/2003
Do loan officers need to collect government monitoring info even if the application was taken via phone?