Most Popular Lending Content
Can We Take A Qualified Annuity As Collateral? -- John M. Floyd & Associates
01/05/2004
Can a qualified annuity be used for collateral on a loan?
Early TIL Disclosures on Refinance
01/05/2004
It appears it is not necessary to do the Early TIL disclosures on a 1-4 family residential refinance even with new money, but only at closing. I know Early TIL disclosures are required on Purchase and with permanent lender on construction loans. Is this correct?
UCC Filing Required on Mobile Home Loan? -- John M. Floyd & Associates
01/05/2004
Our loan software automatically "requires" a UCC filing when we take a mobile home as collateral. Is this required even if the mobile home has a title and we perfect our lien on the title?
Lien Status Reporting Under HMDA
01/05/2004
The HMDA Final Rules state that beginning in 2004 we will be required to report the lien status of applications and loans. In reviewing Appendix A to Part 203 -- Form and Instructions for Completion of HMDA Loan/Application Register [Effective as of January 1, 2004] I do not find a column on the new LAR for reporting the lien status, nor any instructions for reporting the lien status. Will this reporting information be added to the Loan/Application Register in the new FFIEC software?
1-8 range loan grading system -- John M. Floyd & Associates
01/05/2004
We currently grade our loans on a 1-7 range system. At a recent conference I was introduced to a 1-8 range grading system. I would like to get a copy of the spreadsheet of this system if you have one. Also, are examiners now looking for an 8-grade system instead of a 7-grade system?