Most Popular Lending Content
Contacting Borrower in "Cure" Period
02/21/2005
Can you contact a delinquent borrower during the twenty-day period after you've provided them with a "Notice to Cure Default"? I've been a lender for 24 years and was trained that the lender could not initiate any contact during the cure period, but could respond if the debtor called. We have a difference of opinion at our bank.
What actions should my institution take in order to expand our Assessment Area(s)?
02/21/2005
What actions should my institution take in order to expand our Assessment Area(s)?
Rescission and Mobile Home Lot
02/21/2005
I have a compliance question regarding right of rescission. If a person's primary residence is a piece of land with a mobile home on that piece of land and the person applies for a loan using the land only as collateral, is a rescission period still required? I would think it would be since the property is that person's primary residence, even though the mobile home is not being used as collateral.
Will Appraisal Picture in File Cause Problem?
02/21/2005
We are working on a Fair Lending audit and noticed that one of the loans reviewed had an appraisal picture with a minority person walking out of the property being appraised. Is there anything wrong with this?
Conflicting GMI Checkoffs on Application
02/21/2005
When the borrower signs the 1003 for government monitoring purposes and checks the box for "I do not wish to furnish this information," but also checks the boxes for ethnicity and race, how does this get reported?