Most Popular Lending Content
Existing Customer vs. Former Customer
11/17/2003
This is regarding the USA PATRIOT Act. My question: If a loan customer has an existing loan (no other open accounts) before October 1 and pays that loan off after October 1, can that customer come back later and get another loan without going through the identification process?
CIP and Denials
11/17/2003
Do the identification and verification requirements apply to loan applicants that do not qualify to borrow and are denied?
Early Disclosures on Construction Loans
11/03/2003
Our most recent compliance review said we should be sending out early disclosures for RESPA and Reg Z on construction loans. We have been making construction loans for years and this has never come up before. We don't extend permanent financing approval until processing is complete. No one else in our market is doing these disclosures either. Help!
"Financed By" Signs
11/03/2003
On a commercial building site, we wish to place a sign stating: "Financed by (top) Bank Logo with Member FDIC(middle) and bank phone # (bottom)." I think this is generic enough to not trigger any problems for us, but would appreciate knowing if others have words of advice for these types of signs.
Pledging a Jointly Owned CD as Collateral
11/03/2003
When a Joint CD is used as a collateral on a loan must both parties pledge the collateral or is the one borrowing the money the only one necessary? If a loan is secured by a CD that has a POD on it must the POD pledge the collateral also for the loan?