Most Popular Lending Content
Rescission and Mobile Home Lot
02/21/2005
I have a compliance question regarding right of rescission. If a person's primary residence is a piece of land with a mobile home on that piece of land and the person applies for a loan using the land only as collateral, is a rescission period still required? I would think it would be since the property is that person's primary residence, even though the mobile home is not being used as collateral.
Will Appraisal Picture in File Cause Problem?
02/21/2005
We are working on a Fair Lending audit and noticed that one of the loans reviewed had an appraisal picture with a minority person walking out of the property being appraised. Is there anything wrong with this?
Conflicting GMI Checkoffs on Application
02/21/2005
When the borrower signs the 1003 for government monitoring purposes and checks the box for "I do not wish to furnish this information," but also checks the boxes for ethnicity and race, how does this get reported?
FACT Act and customer privacy: To disclose or not to disclose? -- Kirchman
02/21/2005
Our bank is getting ready to republish its privacy notice. We do share customer information with our affiliates for a marketing purpose. Even though the agencies have not yet published the regulations under the FACT Act regarding sharing customer information with an affiliate for a marketing purpose, should we address it in our privacy notice now?
First or Subordinate Lien?
02/21/2005
When doing my HMDA check, I am having trouble deciding which lien status to use. If the borrower already has a mortgage present, even if it's not through us, does this make ours a subordinate lien? I am trying to figure out how to decide if it's a first lien or a subordinate.