Most Popular Lending Content
Is new information required on every application?
08/18/2003
We do not always get a new written application with each request for credit, esp. with our investors. If the required information (income, race and sex) was collected on a previous transaction, can we rely on that information? If so, does it ever expire? I mean I know ones income can fluctuate, but ones race and sex seldom do.
Declined Applications & RESPA Disclosures
08/18/2003
Are RESPA disclosure required within three business days if we decline the application within the three day period and mail the declination letter?
Partnership Name and Filing UCC Documents
08/18/2003
My borrower is a general partnership. They have registered a fictitious name for their partnership. Under UCC article 9 do I record UCC documents under the fictitious name of the business or the individual partner names?
Purchase money open end line of credit?
08/18/2003
We have a customer who is purchasing a condo for investment purpose and is requesting line of credit secured by the condo which will be advanced for the purchase money. Can we do a purchase money open end line of credit?
HMDA & Multi-family Dwellings
08/18/2003
Isa 2-story townhouse building considered 1-4 family or multifamily for the purpose of HMDA?