Most Popular Lending Content
Do we need an application for this loan?
07/18/2005
If a bank is giving an unsecured installment loan for the purpose of purchasing a home, does the borrower need to fill out a Uniform Residential Loan Application or a Personal Financial Statement?
Is this a HMDA reportable loan?
07/18/2005
Is this a HMDA reportable loan? Customer borrowers $69,000.00 for 120 months to use as a down payment on his vacation home and put a first lien on his primary residence.
Adverse Credit Reports on Authorized Signers
07/18/2005
When we have an existing client that is adding a power of attorney or trustee to an account, we pull a credit report on the individual. Our accounts have checkwriting, Visa card and margin loan access. If the individual does not meet the credit standards, can we tell the client this individual is being denied account access due to credit, or would this be disclosing information to a third party? The other problem is telling a client that the person they selected for trustee or POA cannot hold this position on their account. Many times this is a spouse or family member. How can we handle this situation?
How is this coded for HMDA?
07/18/2005
Please advise how to classify purpose code for HMDA reporting purposes. A mortgage application is received for the refinance of the borrowers primary residence with the purpose defined as a debt consolidation. An appraisal is ordered and upon receipt of the appraisal, it is learned that the bathroom is completely gutted and incomplete, so the loan officer requires a $10,000 holdback to complete the bathroom. Is this clasified as a refinance, or does the loan officer's requirement in the commitment of a holdback for improvement of the bathroom, trump refinance even though the customer did not disclose this?
Outside Banner Advertising a HELOC
07/18/2005
What disclosures are required on an outside banner for a HELOC with an intro rate?