Most Popular Lending Content
Graduated Payment or Variable Rate Ad
06/07/2004
I am confused by the Truth in Lending rules and FTC Guidance (How to Advertise Consumer Credit) on how to advertise the following product: 10/1 LIBOR ARM. Repayments are "interest only" for 10 years with a fixed rate, then for the remaining 20 years (30-year loan), the rate becomes variable and the loan is amortized for principal and interest payments. At a minimum, our line of business wants to advertise the amount of the monthly payment. Is this a Graduated Payment feature loan, or a Discounted Variable Rate Plan or something else? Any real-life examples are appreciated.
Joint Credit Notice on Mortgage Applications
06/07/2004
What is the purpose for the separate "Regulation B Notice of Intent to Apply for Joint Credit" for mortgage loan applicants?
Compliance Award Goes to Chuck Lewis
06/01/2004
The 2004 ABA Compliance Executive Committee's Distinguished Service Award was presented to Chuck Lewis, President of UMB Consulting Services.
Overdraft Protection: New Practices, New Rules
06/01/2004
When the lifeguard says it's not safe to go into the water, it is generally a good idea to stay out - and dry.
FTC Pursues Deceptive Mortgage Advertising?
06/01/2004
FTC has charged a California mortgage broker with unfair or deceptive trade practices and violations of Regulation Z. The significance of the case is twofold.