Most Popular Lending Content
Payday Lending: Still on the Front Burner
04/01/2005
In recent years, we have coined a variety of terms for high-cost, short term loans. The names can vary from late payment fees through overdraft protection to payday lending.
Certificate of Non-Cancellation - Mary Beth Guard and John Burnett
03/28/2005
Certificate of Non-Cancellation
Answer by Mary Beth Guard and John Burnett, BOL Gurus
Guru BIOS
Can a Real Estate Agent Steer Clients Toward a Lender?
03/21/2005
Are there any federal statutes that address the extent to which a real estate agent or developer may encourage a potential buyer to work with a particular lender, whether there is a financial benefit to the buyer or otherwise?
HMDA Definition: "Satisfies and Replaces"
03/21/2005
According to "A Guide to HMDA Reporting: Getting It Right!" effective 1/1/04, the definition of a reportable refinancing is "any dwelling-secured loan that replaces and satisfies another dwelling-secured loan to the same borrower." Please define "satisfies and replaces." Does this require cancellation of the current loan promissory note and recording of a satisfaction of lien for the current security instrument/mortgage, followed by a new note and execution of a new lien/mortgage? Or does cancellation of the existing note followed by a new note qualify as "refinance" (existing lien instrument/mortgage stays intact)?
Can We Repair a Credit Record?
03/21/2005
I have a very irate customer who is upset that he has a bad credit report because he was a co-signer and/or co-maker on 5 separate loans. While he did not come in and keep the loans current when getting his past-due notices, he did eventually pay all of these loans off (some after they had to be charged off). Can I clear up his credit report for him?