Most Popular Lending Content
Written Permission To Obtain Credit Report
02/17/2003
Is it required to have written permission to obtain a credit report on a potential borrower? If so, could you please tell me where I can find the information - what regulation?
Flood Insurance Requirements For Unoccupied Dwellings or Mobile Homes
02/17/2003
We are financing the purchase of land with a small cabin on it and taking as additional collateral a piece of property with a mobile home and pole barns on it. The properties are or will be owned by a partnership and will not be owner-occupied. It has been determined that the property with the mobile home and pole barns on it is in a flood zone. The mobile home is not in good condition. No one is living in it. In this case, would the borrower have to get flood insurance on the mobile home?
Calculating Flood Insurance
02/17/2003
We have a customer who purchased property located in the Flood Plain. A Church was built in the middle of the property. A survey of the property has been prepared and the customer is in the process of filing a application for Loan to take this structure out. There are other structures on the property if the Church structure is taken out, do we just need to get flood insurance for the value of the other structures? If their value is less than our loan amount, how much coverage is required? The value of the other structures or the loan amount?
Exceptions to Rewriting, Extending, or Re-Aging Consumer Loans
02/17/2003
Consumer loans cannot be re-aged, extended, or rewritten more than 2 times over 60 months. How can a bank dealing with this issue if a loan has had 2 extensions in the last 60 months and the borrower experiences difficulties such as medical emergencies, job changes, etc.?
Pursuing Deficiency Judgment Even After Partial Satisfaction Of The Obligation
02/03/2003
As a secured party, if I collect partial satisfaction of an obligation, may I still pursue a deficiency judgment?