Most Popular Lending Content
Perfecting a Lien on Aircraft
11/17/2003
What is necessary to perfect a lien on aircraft? Does something have to be filed with the FAA?
Calculating APR and Payment Stream
11/17/2003
I am trying to verify for an auditor that we are calculating the APR and payment stream correctly on the final TIL. The loan I am working with is a 3/1 ARM mortgage loan. I disclosed the first 36 payments based on the original contract rate, the remaining payments were based on the current index plus the margin for the balance of the term of the loan. The new rate was actually less than the contract rate since the index is so low at this time. I am confident this is correct and have verified it with our doc prep company - but no one has been able to show me this in writing. I have been reading Reg Z, the Commentary, and anything else I can find - but so far I can only find info on the initial disclosure and not the final disclosure. Where can I find and print the correct procedure for calculating the APR and payment stream that is to be disclosed on the final TIL ???
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?
Disclosures for Adding Credit Life Insurance
11/17/2003
If credit life and/or disability insurance is added to a residential real estate loan, are there extra disclosure requirements?