Most Popular Lending Content
Adverse Consequences from Late Adverse Action Notices
09/02/2003
We have just discovered that one of our loan officers has turn down applications on his desk since January 2003, what would be the proper way to handle this, is there any additional information that should be included in the letter since it is past the 30 day period to send out the letter. I think he has around 7 applications, is there anyway not to have a violation from the auditors.
Maximum Late Fee for Delinquent Loans
09/02/2003
I am the internal auditor at our bank and am currently reviewing lending operations. I am seeking to determine if there are any regulations or statutes that limit or prescribe amounts that can be charged borrowers as late fees for delinquent loan payments.
Bad Auto Loans: What's the average age of the auto?
09/02/2003
I am trying to find out some information on the average age of an automobile when the loan goes bad. Do you know where I can find some statistics on repossessions? I want to extend the age of an used auto that we will loan on. Currently, we only make a loan on autos up to 5 years old. I would like to loan on autos up to 8 years old.
Indirect Loans and Fair Lending Concerns
09/02/2003
The bank I work for has a huge dealer loan portfolio and works directly with a large number of dealers. We recently rolled out a "Preapproved Program" in which dealers are allowed to pre-approve loans on the bank's behalf using bank issued guidelines. They are also considering expanding the pre-approved program to include our mortgage broker relationships. I have been searching for articles that discuss indirect loans and fair lending concerns and cannot locate any. Can you recommend any resources I can use to develop a management presentation that outlines the "fair lending concerns" associated with these activities? In addition, is there a checklist any where that can be used as review outline of fair lending issues/concerns to consider as management continues to develop new and/or more competitive loan programs?
A HELOC for a Living Trust?
09/02/2003
Realizing that a Revocable Living Trust is not a natural person; and right to rescind doesn't apply, can the Trustee of the Trust apply for an equity line of credit for the Trust?