Most Popular Lending Content
Cooperative UCC Filing- Continuation
08/02/2004
The filing period of a financing statement is 5 years and one of the exceptions is "Cooperative Filing - effective 50 years." For example, if we (the bank) had granted a 15-year co-op mortgage loan to the customer several years ago and filed a UCC-1 on the unit at that time, would this UCC filing be effective for 50 years and would we not have to file a continuation every five years?
HOEPA Rate Spread Selection
08/02/2004
If we are making a closed-end home equity loan and this will be a first lien on the property, do we consider this a first lien and base the APR test on 8% or would this fall under the 10% for second liens? This is unclear to me as our rates and terms are different for refinance vs. home equity loans.
Conflicting Rules
08/01/2004
Question: When one office of a regulator says one thing and another office in the same regulator says something that conflicts, what do we do?
Preparing for the FACT Act: A To-Do List (Activity List)
08/01/2004
During the next six to ten months, the FACT Act provisions will continue to take effect.
Short Term Loan
08/01/2004
Question: If we are making a temporary loan, such as a bridge loan, is it subject to rescission?