Most Popular Lending Content
FIRREA Business Loan Exemption
05/08/2006
FIRREA allows an exemption from a state licensed or state certified appraisal for business loans of $1M or less that are not dependent upon the sale of, or rental income generated from the collateral real estate as the primary source of repayment. A "business loan" is defined as an extension of credit to "any" corporation or other business entity. Would this exemption be applicable to a non-profit corporation (e.g., an incorporated church)?
Guidance on Loan Payoff Overages
05/08/2006
Is there a regulation that provides guidance on how to deal with overages in loan payoffs? For instance, if a borrower is paying off a loan and the check is for an amount that is more than the actual amount owed, is there guidance that says we have to give the overage over a certain amount back to the borrower? Overages vary from a few cents to a few hundred dollars.
SCRA - Must We Defer Loan Payments?
05/01/2006
Lately we have had military active duty personnel telling us that we must defer payments due on their loans. I can find where we must lower the rate to 6% and adjust payments accordingly, but I cannot find anything in the Servicemembers Civil Refief Act that specifies that we must defer the payments. Are we required to defer the payments or just reduce rate and payment amount while they are on active duty?
Force-placed Flood Insurance Notice Cycles
05/01/2006
Has there been a change in the notice cycles for force-placement of flood insurance? Our first notice is sent 45 days prior to the expiration of the current insurance policy. We've recently received conflicting information which states that the first letter must be sent the day after expiration.
Disclose "No Purchase Necessary" in Sweepstakes Ad
05/01/2006
If a financial institutions wishes to promote lending products with a sweepstakes entry, i.e., apply before July 1 and get a chance to win, would you suggest including "sweepstakes entries no purchase necessary" as part of the disclosure ad?