09/29/2024
When you are doing a modification to change a payment date on a loan do you need to give the Fed Box or other Reg Z disclosures?
05/05/2024
Assume the following terms on a loan to an individual to purchase real estate: The purchase price is $100,000. The borrower wants to add an additional tract of land in lieu of paying any cash down. The land is owned free and clear and is valued at $30,000.
This results in a loan amount of $100,000 with total collateral value of $130,000 and a loan to value (LTV) of 77%.
Am I right in thinking that I will have a loan to cost exception and not an LTV exception? This loan would not need to be reported against the banks 30% of capital limit on commercial real estate exceptions.
04/21/2024
To get an auto loan our credit union requires the person to be a member. This requires a deposit/share draft account. Is this an allowable requirement to qualify for a loan?
10/08/2023
Could you provide a copy of a standard Modification Agreement? We want to extend a Construction loan for another six months.
10/01/2023
When quoting loan rates to customers in person or on the phone, what do tellers/bankers need to say? And ff the banker has an NMLS number, what can they quote and must they state theit NMLS?
09/24/2023
Are we able to have a floor interest rate on home loans? Is there any regulation on this?
09/17/2023
We had an auditor tell us that we needed to get the signers of an LLC to initial the "Joint Application for Credit" where the LLC is the only borrower. We disagree with that. There should not be a Joint Application for Credit for this loan. Has anyone else had this problem? What's the best way to handle the auditor and the loan?
09/10/2023
What is the difference between a co maker and a joint owner on a automobile loan?
09/03/2023
We have a vehicle loan to a minor with the father as a co-signer. They are wanting the minor on the loan to help build their credit. Are we allowed to report to the credit bureaus for the minor? If so, are we allowed to report negative info?
08/27/2023
I would like to know when exactly does a financial institution need to send the annual PMI notice? I understand that it can be included in the annual escrow statement, but if sent separately, what annual date should be used?