Most Popular Lending Content
When Is This An Application
08/16/2004
If a lender takes only basic inquiry information so it can review a credit bureau report, and later takes an application for a mortgage loan, is the date of application the date we pulled the credit report, or the date we got the complete application?
APR and Finance Charge Tolerance
08/16/2004
The Finance Charge rule is that if it is understated by $100 or less or if it is overstated it is deemed accurate. I have recently ran into situations where some companies are using a $35 tolerance. Has the finance charge rule changed?
Flood Determination, New Loan - Existing Mortgage
08/16/2004
What is needed regarding a flood determination when a new loan is made, and the security on the loan is a previous, still existing, real estate mortgage on a home?
Cooperative UCC Filing- Continuation
08/02/2004
The filing period of a financing statement is 5 years and one of the exceptions is "Cooperative Filing - effective 50 years." For example, if we (the bank) had granted a 15-year co-op mortgage loan to the customer several years ago and filed a UCC-1 on the unit at that time, would this UCC filing be effective for 50 years and would we not have to file a continuation every five years?
HOEPA Rate Spread Selection
08/02/2004
If we are making a closed-end home equity loan and this will be a first lien on the property, do we consider this a first lien and base the APR test on 8% or would this fall under the 10% for second liens? This is unclear to me as our rates and terms are different for refinance vs. home equity loans.