We found two construction loans which have the wrong maturity date and we need to update them. Is it acceptable to update the documents and have the customer initial the change on the Note or do we need to do anything else to be compliant?
We went through a merger and acquired another bank's assets. With the bank's name changed, what disclosures do we need to give on mortgage loans we are servicing as a result of the acquisition and what information needs to be on there?
When a loan is maturing, do we do new note or change in terms when extending the maturity date?
What should be a financial institution's main considerations/conditions for lending to a start-up business for processing hemp? How does an institution perfect a security interest in the raw material/and or crude? If the institution has to take possession for some reason, what would be the recourse? Can the financial institution sell the inventory to another hemp processor?
We know that HELOCs are exempt from 12 CFR 1026.43. Our borrower is applying for a HELOC. He has four residential properties which he owns and is paying the taxes and insurance on these. None of these are his primary residence nor are they investment properties. The taxes and insurance are not on the borrower’s filed tax return . Do we need to include the taxes and insurance for these other non-primary residence real estate properties as expenses when qualifying the borrower for a HELOC?