Most Popular Lending Content
FTC Study on Credit Scores
07/01/2004
The FTC has solicited comments on its study of the effect of credit scores on the availability of insurance and credit products.
No CRA Change
07/01/2004
If you were hoping for some adjustments to CRA, you can stop now. The OCC and the FRB have decided not to change the regulation.
FRB Study on Prescreened Solicitations
07/01/2004
As required by the FACT Act, the Federal Reserve Board has initiated action to conduct a study on how the credit and insurance prescreening and solicitation system affects consumers.
RESPA Escrow and Excess Funds
06/21/2004
When we do our annual analysis and find out there are excess funds in an escrow account, can we apply the funds to payments that are delinquent? The accounts are more than 30 days delinquent.
What "Note" Makes it HMDA Reportable
06/21/2004
I read "The Masses Are Still Confused on Refinancings" posted 6/7/2004 concerning when a renewal is a refinance. Our bank is located in Louisiana (yeah, the state that does everything different). We use collateral mortgages that are reusable. There are four documents involved is securing a loan with a collateral mortgage: the promissory note, the collateral mortgage, the collateral mortgage note, and the pledge agreement tying the collateral mortgage and mortgage note to the promissory note. I understand that if the "note" is replaced, the loan is reportable under HMDA. My question: Which "note"? - the promissory note or the mortgage note? If at the maturity date stated on the promissory note, we replace the promissory note (and the pledge agreement) but use the existing collateral mortgage and collateral mortgage note, is it a refinancing and therefore HMDA-reportable?