Most Popular Lending Content
Home Improvement Loan: Does right of rescission apply?
03/04/2002
I have an application for a loan to remodel the home the applicants live in. Will they need to be given a Right of Rescission? I was told any time the primary residence is taken it is yes. But I was also told if it was less than a year - then no. - This loan is for 9 months.
Prepayment Penalty Disclosures
03/04/2002
Our bank is interested in adding verbiage to include "pre-payment penalties" on our commercial loans. What are the required disclosures and what are our options for structuring?
Using An Outdated Appraisal
03/04/2002
My question pertains to an outdated appraisal prepared for another financial institution. I have an appraisal for residential property that is over 4 years old and was prepared for another bank. The customer adamantly opposes paying to update the appraisal. This customer is financially strong enough to find another lender/bank to commit to the request without updating the appraisal. I have a few thoughts on how to circumvent updating the appraisal. However, I would like to see what other lenders/banks do in the same situation. This is not the first time I've encountered this situation and I'm sure it won't be the last time.
Loan To A Living Trust: Required Documentation
03/04/2002
When making a mortgage loan to a living trust, what documentation is usually required of the Trustees as part of the application process? There seems to be a reluctance to disclose sufficient information for proper underwriting of the loan request.
Is it okay to file a mortgage before the loan is funded or before the rescission period ends?
03/04/2002
Is it okay to file a mortgage before the loan is funded or before the rescission period ends?