Most Popular Lending Content
Can we require a customer to maintain terrorism insurance on collateral?
04/21/2003
Can we require a customer to maintain terrorism insurance on collateral?
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?
SSCRA: What defines active duty?
04/14/2003
We have received our first request under the Soldiers and Sailors Civil Relief Act. In this instance the customer's orders are sending him to Korea. How do we determine what is considered being called to active duty? Does this request fall into the active duty category?