Our bank is currently scrubbing our loans in Call Report Code 1A2 - Other construction loans and all land development and other land loans. The following are questions to decide whether some loans are in the right bucket: - What classifies as farmland vs raw land? - Are loans secured by timber tracts considered farmland? - What call report code do trailer parks belong in? - Are they considered "other" land and belong in 1A2 or can it be classified as a 1E2 since it is an income producing property?
Can a Bank use a "Board-approved" Estimate (number only) to satisfy the evaluation requirements if an appraisal is allowed to be waived due to the transaction amount being less than $500,000?
We are refinancing an in-house loan, and want to transfer the escrow account. The customer has approved it, but how do we show it on the loan estimate and the closing disclosure?
Ever since CIP we started keeping copies of IDs in our files. Is this OK?
We had the 6 points of information for an application but lost track of the request and took too long to deny it as we were awaiting additional income information from the applicant. What can we do now?