Most Popular Lending Content
COMMERCIAL LENDING 101 - Part I
03/18/2002
Commercial Lending 101 - Part 1
by Bob G. Hayes
Requiring Credit Life Insurance
03/11/2002
We have always required borrowers of unsecured credit to purchase credit life insurance from a company we have always done business with. While reading some information on "Consumer Protections for Depository Institution Sales of Insurance" I ran across some information that suggested we can not "require" a borrower to purchase credit life insurance. Is this true? Also, customers request credit life insurance on other types of loans, do we still have to give the insurance disclosures on these types of loans? Can these disclosures be added to the bottom of a loan application?
RESPA: How do you provide full disclosure of third party fees when the amount is unknown?
03/11/2002
For consumer construction loans that are RESPA related, how do we complete the HUD 1 regarding full disclosure of third party fees, for example inspectors, if we close prior to knowing who will be performing the inspections?
Using Average Costs For Loan Fees
03/11/2002
When we close a loan on the mortgage side we charge a $30 credit report fee. The actual fees are between $16.50 and $50. We averaged our actual costs and came up with $30; therefore, we are charging more for some customers and lessfor others.My question is - is this practice permissible or do we have to charge actual costs? Can you point me in the right direction on this issue?
Single Interest Insurance Policy: Passing On The Premiums
03/11/2002
Our bank is interested in obtaining a blanket lenders single interest insurance policy. I would like information on what amount of the premium could be passed through to the consumer, and if that amount would be need to be included in the finance charge?