Most Popular Lending Content
BSA Examinations
11/01/2003
The agencies are in the process of publishing new examination procedures for the new components of anti-money laundering programs generated by the USA PATRIOT Act.
High Cost Loans: HMDA v. Truth in Lending
11/01/2003
We are about to enter a period of reporting information on high cost loans on the HMDA LAR. The fun begins on January 1, 2004 - actually the first business day after that date.
Loan Participation & Flood Requirements - Mary Beth Guard
10/27/2003
Loan Participation & Flood Requirements
by Mary Beth Guard, BOL Guru
Cross-collateralization clauses
10/20/2003
When a customer at our bank comes in to do a $1000 personal unsecured loan and we hold a mortgage on their home prior to this loan, that has an additional advance clause, if we uncheck the box on the new $1000 loan that refers to cross collateralization, are we securing the loan with the real estate anyway, due to a previous security agreement being in the customers file? Would unchecking the box on the loan that says "collateral securing other loans from lender may also secure this loan" cover that bases for compliance?
HMDA and Reporting Second Mortgages -- QuestSoft
10/20/2003
I just need some clarification on some HMDA reporting issues. 1) Please verify how the 2nd mortgage should be reported in this situation - 2nd mortgage for purchase of investment property (purchase split to avoid PMI)and home improvements collateral is 2nd on primary residence - do we report as home improvement, nonowner occupied and geocode for address of investment property? 2) Using the same situation as above except no home improvement, would we report as follows: purchase, nonowner occupied use address of primary residence? 3) for permanent financing of primary residence paying off another lender do we report this as purchase or refinance?