Most Popular Lending Content
Bank in Dark Ages
11/03/2003
Believe it or not, we still hand type all promissory notes and all lending documentation in our bank. I have been trying to convince the boss to move to an automated system based upon the time issue, but now am going to try from a compliance issue. I need help with my side of the argument.
Reaffirmation in Chapter 7
11/03/2003
Borrower files Chapter 7 bankruptcy. Filing states intent to reaffirm. Borrower/attorney fail to execute reaffirmation and borrower is discharged. Borrower continues to make payments. Did borrower reaffirm by continuing to pay?
Issues with Applications in PDF Format
11/03/2003
Our bank wants to offer loan applications online. The customer can print the application, then submit it in person or mail the application. The customer cannot enter any information online. This application cannot be submitted via the Internet. My question is, we are offering the application in PDF format, which would require the user to download and install the Adobe Acrobat Reader. Is the bank responsible to disclose anything about Acrobat or the link to the Adobe site?
BSA Examinations
11/01/2003
The agencies are in the process of publishing new examination procedures for the new components of anti-money laundering programs generated by the USA PATRIOT Act.
High Cost Loans: HMDA v. Truth in Lending
11/01/2003
We are about to enter a period of reporting information on high cost loans on the HMDA LAR. The fun begins on January 1, 2004 - actually the first business day after that date.