Most Popular Lending Content
Mortgage Application OK for HELOC?
01/17/2005
Can an applicant use a mortgage application for a HELOC, or is there a need to use a specifically designed HELOC application, and why?
OFAC Requirements for Lenders
01/17/2005
We are looking for recommendations/best practices regarding loan proceeds/payees and OFAC. Is it necessary to check OFAC for those entities receiving proceeds from a loan?
HMDA - Recording a Withdrawn Application
01/17/2005
HMDA Date Action Taken- if you have a file wherein the loan was approved, sent approval letter, but then Borrower never contacted you again - details on how to handle this please. Thanks!
Household Goods as Collateral - Reg AA Question
01/17/2005
I'm researching Reg AA and came across the following: "It is an unfair act or practice for a bank to enter into a consumer credit obligation that contains a nonpossessory security interest in household goods, other than a purchase money security interest." I understand what purchase money security interest is, and that we can have a security interest in that, but is that the only instance where a bank or subsidiary can take household goods as security on a loan? Is it allowable to have a customer complete a personal property list and indicate on the note/security agreement that we have security in the items indicated on the personal property list?
Rescission and Home Equity Lines
01/17/2005
If the HELOC is closed simultaneously with the purchase money mortgage and the HELOC is fully funded at that time, my understanding is that it would not be subject to rescission. However, if a payment is paid on the line and later another advance is taken, is that next advance rescindable? Can the notice be given to the borrower at closing for future advances? Should specific language be in the disclosure noting that rescission does not relate to the initial advance?