When disclosing the payoff of an existing lien on the collateral property, should the amount listed on page 3 of the Closing Disclosure just show the principal balance, or should it show the principal balance, plus the interest due? I do not believe the reg goes into detail on what the amounts listed should be. My thought is we would need to list the amount that would fully payoff that existing lien (principal plus interest). There has been discussions about not capitalizing off interest, but as long as we are not financing the interest due into the new loan amount, I do not see how we would be capitalizing off previous interest. In addition, if we list the payoff as the principal and interest due, would we need to list just want payoff amount, or would we need to list two separate lines on the Closing Disclosure? I believe either way would be okay, but my thoughts are we would just need to list one line item that includes both principal and interest due.
Is a loan to a company buying stock from an ex-employee CRA reportable? It is secured by business assets.
We had a customer ask to start a voluntary escrow account on an existing loan. Do we need a new agreement?
What is the maximum fee allowed for a NSF check which was returned for a credit card payment? And is there a maximum fee for late charges for credit cards?
What is the minimum age a person can be to be a member of an LLC and if it is less that 18, does it impact that persons ability to borrow on behalf of the LLC?