Most Popular Lending Content
Does SCRA Apply to Employees of the Military?
04/24/2006
The SCRA defines active duty and who is covered under the act. Would you be able to clarify scenarios in which documentation requesting the rate discount protection is supplied by a someone who lists their employer as the military, yet provides copies of orders? Is someone employed by the military always considered active? How does the act define servicemembers under this scenario?
When is Proof of Flood Insurance Required?
04/24/2006
When is proof of flood insurance required on a residential construction loan? Would proof be required at closing, or when the structure is under roof?
Conflict Over Meaning of Abundance of Caution
04/24/2006
My question deals with the definition of the term abundance of caution. I have recently read "to qualify under the abundance of caution definition, you would have to make the loan under the same terms and condition as if the borrower did not offer the real estate as collateral." However, in some FDIC material I have read the following: "abundance of caution, e.g., the institution takes a blanket lien on all or substantially as of the assets of the borrower, and the value of the real property is low relative to the aggregate value of all other collateral." These two seem to be in conflict. Can any of you help me get a handle on what exactly is meant by this term? If possible cite your source.
RESPA‘s 25 Acre Exception with a Twist
04/24/2006
Regarding RESPA‘s 25 Acre Exception. Do the 25 acres have to all be on one deed or in one area? For example, what if I had 5 acres of land in 5 different counties?
HELOC - Notice of Right to Rescind
04/17/2006
After the 3 day rescission period has passed on a HELOC, can we fund the line or do we have to wait for the "non-cancellation" section of the form to be signed, dated and returned to us? My understanding has always been that we can disburse after the three days as long as we have not received a "Wish to Cancel" back from the borrower.