Most Popular Lending Content
Using Maiden Name On Loan Documents
06/02/2003
We received an application for a mortgage in the applicant's married name. However, when our documentation department prepared the loan documents, they were done in our borrower's maiden name (the applicant has been married over a year). The title to the property pledged as collateral was in the applicant's maiden name which is why the documents were prepared the way they were. Are there any legal concerns regarding the way this was processed? The manager of the documentation department says that since both names show up on the credit report it's a non-issue.
Loan To A 16-Year-Old
06/02/2003
One of our consumer officers made a loan to an employee and his 16 year old son as co-applicants. Of course, the 16 year old is well below the 18 year old limit for entering into a contract, so his signature is essentially worthless. My question is, are there any other issues we need to worry about - such as notifying the father that he alone is responsible for the loan and reporting the 16 year old's credit to credit reporting agencies.
Does ROR Apply To All Borrowers?
06/02/2003
Three borrowers have submitted a refinance request. Two of the borrowers use the original collateral as a second home and their income to qualify. The primary occupant of the collateral disclosed no income. Would the right of rescission apply to all borrowers since this is considered a second home for the two borrowers? They are also shown as owners on the deed.
Correcting rescission problems
06/01/2003
Question: We found a rescindable loan for which the Truth in Lending disclosure was inaccurate. The loan, a 30-year mortgage, is presently less than one year old.
Tips On Preparing For New HMDA
06/01/2003
At PCi's annual User Conference, several speakers shared their ideas for the transition to new HMDA. First, be prepared for last minute change.