Most Popular Lending Content
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)?
Long First-Period Mortgages
03/07/2005
Can banks offer all types of installment loans, including mortgages with a 90-day period until the first payment is due, with remaining payments due monthly?
Does the Spousal Signature Rule Affect Perfection?
03/07/2005
If we are not making the spouse sign the note, but we are making the spouse sign the security agreement, isn't our right to perfect the lien by filing a UCC or EFS affected?
Is This Fee a Finance Charge?
03/07/2005
Is a fee collected for the preparation of extension/modification documents on a consumer non-real estate loan a fee to be included in the APR?
APR Formula for Construction Loan
03/07/2005
What is the formula that needs to be used when figuring the APR for a consumer construction loan?