Most Popular Lending Content
Is email receipt of the LE sufficient
01/19/2020
We mailed the borrower’s Loan Estimate and they emailed us that it was received, and they want to proceed with the loan. Can we act on this emailed notice?
MIL - Open-end and ODP Coverage
01/19/2020
The Military Lending Act does not specify if the Act applies to an open-ended Overdraft Protection line that is tied to a checking account or a closed-ended loan secured by the applicants’ deposit accounts such as a savings and/or certificate of deposit. Does the Rule apply to both consumer credit types?
Estimating construction loan interest
01/19/2020
How is interest estimated for a multiple advance construction loan?
Rate Spread for HMDA on a Construction-Permanent
01/19/2020
When reporting the rate spread for HMDA on a construction-permanent loan, should the rate spread for the construction phase be reported or the permanent phase, which will take place a year later?
Allocate Flood Coverage-Multiple Buildings
01/12/2020
How should a bank allocate flood coverage when multiple buildings are on one loan? Here is my example: 1-4 Residences and we need to start the 45-day process for building one. Loan balance: $800,000 Bldg 1: RCV = $235,000; with previous coverage of $250,000 Bldg 2: RCV = $275,000; with current coverage of $250,000 Bldg 3: RCV = $200,000; with current coverage of $250,000 Minimum required would be $685,000, which is bldg 1 = $235,000, bldg 2 = $250,000, bldg 3 = $200,000 If the $685,000 can be allocated any way, what amount would be used for building 1 so as to not be insuring too much?
