Most Popular Lending Content
Issues with Applications in PDF Format
11/03/2003
Our bank wants to offer loan applications online. The customer can print the application, then submit it in person or mail the application. The customer cannot enter any information online. This application cannot be submitted via the Internet. My question is, we are offering the application in PDF format, which would require the user to download and install the Adobe Acrobat Reader. Is the bank responsible to disclose anything about Acrobat or the link to the Adobe site?
Bridge Loan Disclosures
11/03/2003
I have a loan application for a bridge loan. The customer wants to use their current residence as collateral to purchase a new residence. We will be taking a lst lien on the existing residence as well as a 1st lien on the new residence. The loan will be for 6 months, interest only. What type of disclosures do I need to prepare? Does Early TIL come into play? We will not be doing permanent financing.
Quoting Loan Rates by Phone
11/03/2003
Can we quote loan rates for auto, mortgage, and commercial loans over the phone? Do they have to be the APR or can the rates we quote be the note rate? Can we quote rate and terms over the phone without long disclosures? The regs are pretty clear on advertising, but I am interested in call-in customers....
BSA Examinations
11/01/2003
The agencies are in the process of publishing new examination procedures for the new components of anti-money laundering programs generated by the USA PATRIOT Act.
High Cost Loans: HMDA v. Truth in Lending
11/01/2003
We are about to enter a period of reporting information on high cost loans on the HMDA LAR. The fun begins on January 1, 2004 - actually the first business day after that date.