Most Popular Lending Content
Does ROR Apply To All Borrowers?
06/02/2003
Three borrowers have submitted a refinance request. Two of the borrowers use the original collateral as a second home and their income to qualify. The primary occupant of the collateral disclosed no income. Would the right of rescission apply to all borrowers since this is considered a second home for the two borrowers? They are also shown as owners on the deed.
Bankruptcy Discharged Debt: $0 on credit report?
06/02/2003
If a customer files bankruptcy and discharges our debt, are we required to change the balance owing to $0 on their credit report? I know we must put that it was included in the bankruptcy.
Guarantor Access To Borrower's Credit Scores
06/02/2003
Does a potential guarantor have a right to see the credit report or be told of negative items or credit scores for a potential borrower? Specifically, an existing customer of our bank sent in someone for a car loan. The existing customer offered to guaranty the loan. We ran a credit report on the potential borrower, and the credit scores were low and the report contained various collection items.
The Latest On Redlining & Predatory Lending
06/01/2003
Predatory lending has been front and center for several years - and it is staying there.
Applying the new HMDA rules
06/01/2003
Question: I have heard lots of conflicting information about the HMDA rules that take effect in 2004.