Most Popular Lending Content
Interest During Rescission
09/20/2004
On a Freddie Mac refinance of a primary residence where there is the right of rescission; if the loan closes near the end of the month, and the rescission period goes into the next month, (closes 4/28/04 and the rescission date is 5/2/04) is it correct that the customer can only be charged interest from the rescission date (5/2/04) and not the closing or note date? Therefore, the customer would be charged interim interest from 5/2/04 to 6/1/04 and the first payment date would be 7/1/04 due to the fact that all Freddie Mac loans have payments due on the first of the month. Is this correct?
Signing for Credit Ins When There Is No Credit Ins
09/20/2004
Do we have to have the customer sign the credit life portion of the loan document regardless if they choose to purchase credit life or not?
Educational Requirements for Compliance Officer
09/09/2004
Would you say a bachelor's degree would be a minimum requirement for one seeking a position as a compliance officer?
Efficiently Documenting Collateral - TREEV
09/06/2004
Our bank has many commercial customers who secure several loans with the same collateral - such as large value properties. Today we make multiple copies of critical documents and store them separately with each loan. Is there a way to simplify the process so we don't need to make multiple copies? Also, how can we be sure that we have the most recent appraisals and insurance information without having to manually research each loan secured by that collateral?
Signature to Affirm No Rescission
09/06/2004
How many banks require the customer to sign an acknowledgment that they have not exercised their right of rescission before funds are advanced? We raise the question because the regulation does not require such an acknowledgment; however, we have been told that unscrupulous lawyers can use it as a loophole.