Vendor Guru Q&A - Lending

Latest Lending - Lien Topics

California UCC Filing System

03/28/2021

Where can I access the California UCC Filing System?

Discharge Fee on HELOC Agreement-Increased

04/19/2020

We are a lender in Massachusetts and disclose on our HELOC agreement the discharge fee that will be charged by the registry of deeds to discharge the loan when it is paid in full. Massachusetts recently went up in their fee by $30. The fee disclosed at the time of loan closing was accurate at that time. Can we charge the increased fee?

Can Borrowers Pre-sign the Closing Documents?

11/10/2019

We have a borrower who will be out of state on the closing day of their purchase money mortgage. Are there any issues with having the borrowers pre-sign the closing documents? (For example, the closing is on 10/01 and all the docs are dated 10/01, but the docs are signed and notarized 09/27.)

Loan to New Entity-Short Term Line of Credit

07/14/2019

We are trying to make a loan to a new entity and provide a short term line of credit to help fund the costs of there first contract as a company. We are wanting to take an assignment of the contract and have their customer issue joint checks for their payouts. I have been unable to find any document that works on our compliance software. Any ideas of how I would perfect this transaction?

2 Separate Security Agreements-1 for Each State?

06/16/2019

If we have a customer that has their business registered with the Delaware SOS however they live in ND, do we need to produce two separate security agreements, one for each state? I noticed this changes in the governing law section of LaserPro documents.

Joint Owners Signatures on Security Agreement

05/26/2019

For loans secured by savings or CD's, can just one of the joint owners sign the security agreement (if the account is owned by John "or" Jane), or must all joint owners sign?

Releasing & Refiling A New Lien to Match New Loan

04/20/2015

If we hold a lien on a titled vehicle and that loan is refinanced into a new loan, is it necessary to release, and refile a new lien to match the date of the new loan, or is our lien good for as long as we have an interest in the collateral (until released)

How to Perfect Lien on Farm Loan

02/23/2015

When doing a farm loan and we take Government Payments & Crop Insurance do we file a UCC or UCC1F to perfect our lien or is a Agricultural Security Agreement showing the Government Payments & Crop Insurance as collateral enough to perfect the lien?

Hypothecation Agreement for Automobile Loan

01/12/2015

If I have an automobile loan that is in one party name but the title is joint with husband and wife and both signed a security agreement is a HYPOTHECATION AGREEMENT necessary to perfect our lien?

Can Port-a-Potty Company File A Lien On Property?

11/03/2014

Can a port a potty company file a lien on a property?

Premium Content View All

ECOA and Appraisals: Both Notices & Copies are Mandatory

ECOA's requirement to make copies of appraisals available to applicants are not new.

New from CFPB: Escrow Accounts - and More

The rules are finally coming to implement the Dodd-Frank Act compliance changes. The big one - the rule to merge RESPA and TILA mortgage disclosures - won't be out until August.

Third-party Imaging vs. Core Imaging

05/09/2021

What are some reasons for considering a third-party bank imaging system?

Use of an existing determination

05/09/2021

If we are renewing, extending or increasing a loan do we need to do a new flood determination? Can it be recertified?

Advertising Rate Sheet-"Limited Time Offer"

05/09/2021

We are creating a rate sheet to be used by local Realtors. It will provide the current rates for several types of loan products. Under our in-house loan category, Marketing would like to list "Limited Time Offer" as one of the bullet points. I recommended they provide an expiration date. Marketing wants to show that as follows - "Limited Time Offer. May Expire Without Notice." Since UDAAP is governed by perception of the reader what are your thoughts, I am still leaning toward a hard expiration date. What is required, or commonly done?

Consequences of Sending our Annual HMDA LAR Late?

05/09/2021

What are the consequences of sending our annual HMDA LAR late? I am new to this realm of lending. Who do I talk to, to discuss why it is late and does it help that we have never been late in the past?

Data Collection on HMDA Form- Grantor spouse

05/02/2021

For purposes of data collection on the HMDA form, is a non-borrowing but grantor spouse considered a co-applicant or are they to be left off the form? They are only granting collateral and are not a borrower or guarantor.

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