Most Popular Lending Content
Papering Renewals and Extensions
01/05/2004
What type of disclosure documents are necessary when you are doing a 3 year renewal of a first mortgage, and also for a 6 month extension of a first mortgage?
Funding Loan After Borrower Rescinds
01/05/2004
What happens if you fund the loan weeks after the borrower rescinded?
Second loan based on appraisal of first loan
01/05/2004
A borrower is closing a loan for the purchase of property, The appraised value of the property is $45,000 more than the sales price. After the closing, the borrower wants a second loan for cash using the appraised value. Is that acceptable, and if not, why?
Counteroffers and Denials on Dealer Apps
01/05/2004
Counteroffers and the need for a denial, as concerns dealer applications, have us in a quandary and we're getting differing opinions from regulators. The question is: if we counteroffer (through the dealer) and then another financial instituion ultimately makes the loan, do we need to send the counteroffer/denial to that applicant? Section 202.9(g) states: When an application is made on behalf of an applicant to more than one creditor and the applicant expressly accepts or uses credit by one of the creditors, notification of action taken by any of the others is not required. That begs another question - what if you deny and other bank approves?
Can We Take A Qualified Annuity As Collateral? -- John M. Floyd & Associates
01/05/2004
Can a qualified annuity be used for collateral on a loan?