10/07/2002
When extending the maturity date on a note securing a deed of trust and increasing the amount, what instrument is needed?
09/16/2002
We have a home equity loan that is being used to purchase a new home. Does this fall under RESPA.
08/12/2002
What is the proper way to perfect an interest in mobile homes?
08/05/2002
Our loan documents contain a spreader clause indicating that collateral securing other loans may also secure the new loan. Should we be marking this box, when this is a new customer with no previous loans. Do we have the right to secure loans that have not been made. We are under the impression that this box should be marked all the time including unsecured loans.
08/05/2002
A lender that I represent asked me whether the following was a loan that should be excepted for the purposes of truth in lending as an investment loan. The borrower wishes to refinance a condominium unit he owns - no existing lien, full cash out. The unit currently is investment property for him and he has listed the unit on his tax returns as income producing property for the last three years - although the property is currenly empty. However, on his application the reasons he listed for refinancing were largely personal, i.e., replenishing his brokerage account, etc. Therefore, this does not seem to fit neatly within the non-owner occupied rental property exceptions set forth in Truth in Lending. The lender's credit department felt that this was a consumer loan because of the personal nature of the use of the funds. I disagreed.
07/15/2002
I noted on your Roadmap that you indicated a transaction subject to RA9, with security interested perfected under old A9, perfected by filing, in the correct state, with the correct filing, should be continued prior to the normal lapse date by an initial financing statement. I was under the impression that a correctly filed security interest subject to a UCC1 filing under old A9 that meets all the requirements of RA9 should be continued by virtue of a UCC-3 continuation within the window period prior to the normal lapse date, not by an initial filing statement. Please clarify the need for an initial filing statement. Up to this point, I had understood that the initial filing statement was the means to maintain your lien position at the same time you were "correcting" or bringing into compliance with RA9 a filing not meeting the requirements of RA9, but for which you had been perfected under prior A9.
07/01/2002
Is there a simplified summary of the current, pending HOEPA changes/regulations, pertinent to a mortgage nondepository lender?
06/17/2002
When exactly is a servicing disclosure required on any loan? What type, what circumstances?
06/03/2002
When exactly is a servicing disclosure required on any loan? What type, what circumstances?
04/01/2002
On occasion, we have had customers who want to substitute collateral (such as wanting to sell the car that is being held as collateral and substitute with another car of same or greater value). We use a substitution form which is signed by the customer. I'm questioning if that is enough. Should the customer sign a new security agreement? Also, we have a difference of opinion when it comes to filing the new lien. Some people use the date of the collateral substitution as the security agreement date and some use the original security agreement date. If the latter is used, what about the 20 days to perfect our lien?