08/04/2003
I need some information pertaining to 1098 reporting. Can a large motor home loan be coded for a 1098 as a second home?
08/04/2003
Our bank is going to start offering online loan applications for customers to print, fill out and send in for home mortgages. Do we have to give any disclosures out on the Web site to customers printing up a loan application? We will also be taking applications for new accounts online. To stay in compliance with the CIP regulation, will they have to come into the bank for the account to be opened? Do we have to have the disclosures online or can they be given to the customer when the customer comes into the branch?
07/01/2003
There is nothing quite like going through a mortgage settlement to get a fresh perspective on compliance, regulatory burden, and paperwork in general.
07/01/2003
06/30/2003
When using two pieces of real estate as collateral on a bridge loan, if one is the customer's present principal dwelling and the other property is the purchased property, does ROR apply?
06/02/2003
If our Bank President owns the Bank as well as a real estate agency and an insurance agency, is an affiliated business relationship disclosure required for RESPA covered loans?
05/05/2003
We have had a couple of inquires from customers regarding their ability to obtain credit for the purpose of purchasing a homestead while their legal status is that of an illegal immigrant. They claim to have a legitimate ITIN issued by the SS administration and have filed for 3-4 years worth of income taxes. It is prudent and/or legal to extend credit (real estate secured) to individuals under these circumstances, if they meet all other credit qualification?
05/01/2003
04/21/2003
We are renewing a commercial loan secured by real estate owned 100% by the business. The business is owned 100% by Mr. Business Owner. In the past, the loan was individually (not jointly )guaranteed by Mr. Business Owner and his wife, Mrs. Business Owner. We have no financials due to the value of the property and loan/value ratio.We don't know what % ownership the wife has in any of Mr. Business Owner's assets. Do you think there is any value in keeping Mrs. Business Owner as a guarantor? How would I justify or explain to the loan review committee we really don't need her as a guarantor?
04/21/2003
We will soon be launching a home improvement product for which we will be taking security interest in items that will likely become fixtures, i.e., windows, furnaces, etc. We will not be taking any traditional mortgage in connection with this product. Is the right of rescission triggered by taking such interests? Also, is there any concern with the application of federal flood regulations?