Most Popular Lending Content
Adequate Reserves and Other Hot Buttons
05/01/2003
by Jeffrey K. Bagby, Regional Examiner, Oklahoma State Banking Department
Delinquencies On The Rise
04/30/2003
A survey conducted in conjunction with the Consumer Bankers Association revealed higher delinquency rates in some areas of lending in the last year compared to the previous year.
Getting the HUD-1 Right
04/28/2003
by Mary Beth Guard, BOL Guru
Purchase Money Loan, HELOC, or Both
04/21/2003
A customer has requested Home Equity Line of Credit to be used partially as purchase money for new home. We would have 1st lien as remainder of purchase will be from customer cash. Do we treat this as a "Purchase Money Mortgage" with all appropriate RESPA and TIL disclosures, or will it qualify as HELOC with appropriate disclosures? The loan will not be closed until current home is sold, therefore, no bridge loan.
Exchanging Loan Collateral
04/21/2003
Frequently we have borrowers who wish to exchange the collateral on their loan, and leave all the terms the same. For example, a customer has a vehicle loan, trades in the vehicle and wants to exchange the collateral. The original loan was done using a combination note/disclosure and security agreement. Can we comply with the customer's request? If so, should we use a Change in Terms Agreement to document the collateral exchange or, does a new note and security agreement need to be completed?