Are we required to have an intent to proceed on commercial purpose loans?
For Reg C, which date do you use as the beginning date to calculate the intro rate period, the origination date of the loan or the first payment date?
In Indiana, I know that if a maturity date is not listed on the filed mortgage that the maximum term is 20 years. But if a maturity date is stated on a HELOC, is there a state/federal/regulated maximum maturity and what is it? Obviously, you have to look at the draw period and calculate a projected repayment, but can the maturity date be the actual date of repayment or would it have to balloon so as to keep with the state or federal regulation of maximum maturity date?
Should a loan officer be the one signing loan docs or can it be anyone that is an officer of the bank do this?
When we have a borrower in one state but their collateral is located in another state, we will file a UCC where the debtor is located. Some Lenders want us to file in both states just to be safe but then that posed the question, should we be preparing two separate security agreements, one for each state as well? Also, if we have a borrower that has collateral in both states we have been just preparing one security agreement where the borrower is located and still filing two UCC's but we think we should be preparing two separate ones in this case also?