08/12/2002
An applicant is refinancing to buy out her ex-husband's interest in their primary residence. Is this subject to a 3 day recission? Some are looking at it as a purchase while others see it as a refinance.
08/12/2002
For a consumer-purpose, revolving line of credit, are we still required to disclose the same information normally found in the fed box on regular notes - APR, Amt Financed, etc? If we have a non-consumer that is getting a loan to purchase or build a single family residence for resale, do we include them on our HMDA report?
08/05/2002
Do we need a right of recission for a mobile home loan? This mobile home is NOT in a mobile home park, but on REAL Property that is also used as collateral on the loan.
08/05/2002
If a consumer lives in a property (renting) that we are making a loan for the same consumer to purchase the property they are living in, are there rescissions?
08/01/2002
HUD has published a proposal to make significant changes to the Good Faith Estimate that lenders issue within three days of taking an application. HUD calls this a "simplification" of the GFE.
08/01/2002
HUD's proposal to revise the Good Faith Estimate is a significant turning in the regulatory process.
07/15/2002
We are a federally charted bank with offices operating in different states. Do we follow state or federal law for allowable loan fees on consumer, residential mortgage and commercial loans?
07/15/2002
I noted on your Roadmap that you indicated a transaction subject to RA9, with security interested perfected under old A9, perfected by filing, in the correct state, with the correct filing, should be continued prior to the normal lapse date by an initial financing statement. I was under the impression that a correctly filed security interest subject to a UCC1 filing under old A9 that meets all the requirements of RA9 should be continued by virtue of a UCC-3 continuation within the window period prior to the normal lapse date, not by an initial filing statement. Please clarify the need for an initial filing statement. Up to this point, I had understood that the initial filing statement was the means to maintain your lien position at the same time you were "correcting" or bringing into compliance with RA9 a filing not meeting the requirements of RA9, but for which you had been perfected under prior A9.
07/15/2002
If a bank provides a right of rescission but disburses a loan before the 3-day cooling off period ends, what are the consequences to the bank if the customer then rescinds within the 3-day cooling off period (after disbursement and assuming no special emergency waiver)? Does this represent the cancellation of the contract itself or just the cancellation of the security interest? If the contract is still valid, though unsecured, can the bank charge interest on the loan while trying to collect? (Basically, what is the bank's legal recourse in regards to the improper disbursement?) Also, what are the possible regulatory penalties for such a violation?
07/01/2002
The Consumer Advisory Council ("CAC") met for the second time this year and discussed the hottest topics of interest to consumers: privacy notices and CRA.
Privacy