Most Popular Lending Content
Prior Board Approval under Reg O
01/06/2003
Our bank falls under the $500,000 prior board approval requirement for extensions of credit to an insider. If I understand Regulation O correctly, exceptions under general prohibitions only apply to the aggregate lending limit when the loan is secured by a CD. If a loan is made to an insider for more than $500,000 and is secured by a CD in our bank, is prior board approval required?
Payoff of Home Equity Loan vs. HELOC
01/06/2003
Would it be more advantageous to take out a home equity line vs. a home equity loan paying off both at the same rate over the same period? Would the amortization be the same on both debt loans? I want to have the loan paid off in four years. My wife and I are having a dispute here. She says it doesn't make a difference, I say it is better to have a home equity loan vs. a HELOC. Again, the loan needs to be paid off in four years with equal monthly payments.
Determining Flood Status in a Nonparticipating Community
01/06/2003
How do we obtain an accurate designation on property located in a community that does not participate in the National Flood Insurance Program?
Appraisal Threshold Trigger
01/06/2003
For the threshold of certified appraisals on loans up to $250,000, is the threshold applicable to each loan or is that for an aggregate amount? For example, if we would use the same collateral on two separate loans, does the $250,000 apply to the aggregate amount of the loans or each separate loan?
Disclosing Payment Schedules on an ARM Loan
01/06/2003
What is the correct way to complete the Truth in Lending disclosure on the payment schedule portion, when you have a one year adjustable rate mortgage? Also, do you know where I can get a copy of the 10 year index? Isn't this a requirement for all ARM loans?