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Latest Lending - Guarantor/Guarantee Topics

Discontinuing USDA and FHA lending

09/08/2024

In considering discontinuing offering USDA Guaranteed and FHA loan programs, what compliance concerns/issues should we be aware of?

SCRA protections of assets of servicemember giving

06/09/2024

Under the The Servicemembers Civil Relief Act (SCRA), (50 U.S.C. § 4026), it states that under "Availability of non-business assets to satisfy obligations" that If the trade or business (without regard to the form in which such trade or business is carried out) of a servicemember has an obligation or liability for which the servicemember is personally liable, the assets of the servicemember not held in connection with the trade or business may not be available for satisfaction of the obligation or liability during the servicemember’s military service. Do the "assets of the servicemember not held in connection with the trade or business" include a personal guarantee of the servicemember?

Denied App-Send Adverse Action Notice Co-signer?

11/05/2017

If we deny a​n application for a​ consumer installment loan ​from a ​consumer​ who applies with a ​cosigner, do we need to send a​n​ ​adverse ​action​ notice​ to the ​cosigner?

FCRA Permissible Purpose Rule Violation

10/28/2013

If a person is a grantor of collateral on a loan and is not otherwise a maker, co-maker or guarantor, would pulling a credit report on the grantor be considered permissible or would this be a violation of FCRAs Permissible Purpose rule as it does not relate to the consumer applying for credit?

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Loans Require Deposit Account

11/03/2024

To get an auto loan our credit union requires the person to be a member. This requires a deposit/share draft account. Is this an allowable requirement to qualify for a loan?

Rate sheet

11/03/2024

Are we required to use a rate sheet for commercial loans?

FCRA Signature Required?

10/27/2024

We are transitioning to a new loan software program and have noticed the Negative Information Disclosure document provided at closing is not providing a signature line for the borrower to sign. Our current loan software has the signature line that isn't removable so we have always assumed it was required. I cannot find any information in the regulation that a signature is required. 1) Is a signature required and 2) If it is not required to obtain signature, is it required that we retain a copy of it with the closing package to show examiners it was provided at closing? It just seems odd from what we have always seen and would like to know if we should request a signature line be added.

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