Most Popular Lending Content
"Joint Credit" Acknowledgments on FS Updates
09/06/2004
Reg B requires our commercial and ag customers to initial the top of the personal financial statement if applying for joint credit. Annually we mail out blank personal statements to our ag and commercial customers to update the credit files. Do these forms need initials also?
Permissible Purpose to Access Credit Reports
09/06/2004
Under the "permissible purposes" rule in the FCRA, if a customer applies for joint credit but only one applicant is present to sign the application authorizing us to obtain a credit report, do we have a "permissible purpose" to obtain a credit report on the absent applicant? Do we need the absent applicant's signature before obtaining the credit report? Is the same thing true for deposit accounts when checking with ChexSystems? I have not been able to find anything indicating the customer is required to sign giving permission to obtain the credit report.
Permissible Purpose to Access Credit Reports
09/06/2004
Under the "permissible purposes" rule in the FCRA, if a customer applies for joint credit but only one applicant is present to sign the application authorizing us to obtain a credit report, do we have a "permissible purpose" to obtain a credit report on the absent applicant? Do we need the absent applicant's signature before obtaining the credit report? Is the same thing true for deposit accounts when checking with ChexSystems? I have not been able to find anything indicating the customer is required to sign giving permission to obtain the credit report.
GMI Regardless of Lien Position
09/06/2004
Do we collect government monitoring information on a home equity loan, regardless of lien position?
Efficiently Documenting Collateral - TREEV
09/06/2004
Our bank has many commercial customers who secure several loans with the same collateral - such as large value properties. Today we make multiple copies of critical documents and store them separately with each loan. Is there a way to simplify the process so we don't need to make multiple copies? Also, how can we be sure that we have the most recent appraisals and insurance information without having to manually research each loan secured by that collateral?