Most Popular Lending Content
Sharing Information From Co-applicants With Co-applicants
04/21/2003
When you have several individuals (4 or 5) who are all co-applicants, may we discuss all applicant's financial information with the primary applicant since all applicants will be personally liable. For instance, the financial information we are lacking to make a credit decision or why we cannot approve the loan request because of insufficient combined income to service all of the applicant's debts?
Can we provide a copy of their credit report to a customer?
04/21/2003
Can we provide a copy of their credit report to a customer?
Right Of Rescission & Home Improvement Loans
04/21/2003
We will soon be launching a home improvement product for which we will be taking security interest in items that will likely become fixtures, i.e., windows, furnaces, etc. We will not be taking any traditional mortgage in connection with this product. Is the right of rescission triggered by taking such interests? Also, is there any concern with the application of federal flood regulations?
What is the difference between a pre-qualification and a conditional approval?
04/21/2003
In terms of lending, what is the difference between a pre-qualification and a conditional approval?
APR Formula
04/14/2003
We would like to set up a Excel spreadsheet that calculates our APR for each of our products. Therefore, we are looking for a formula that calculates the APR that we could put into Excel and print out for everyone's use. We have calculators and software that calculate the APR but we are looking for the actual formula.