I have a business account that is purchasing a vehicle for the business and I have been asked if there is any compliance issue titling the vehicle in the business name. I cannot find any information regarding this on the michigan.gov site or in my compliance information. Are you aware of any state or national issues here?
For a loan with a savings account as collateral, can all of the loan fees (doc fees, credit report fees, etc) be included in the savings hold?
Our credit card provider has a credit card application that is a pdf form. They want us to link it from our website and our customers would fill it out online and then print it out and mail it in to them. The website address for the form is not an https address, only http, which makes me not want my customer to fill it out online. Am I correct in this thinking?
When it is necessary or desirable to perfect security interests in aircraft, engines, propellers or spare parts in the United States a lender must consider a multitude of issues. For many lenders and their counsel the process of recording instruments with the Federal Aviation Administration (the "FAA") and registering aircraft in the United States needlessly remains a mystery. The following is an explanation of the most critical issues a lender must address to ensure that documents submitted to the FAA will be accepted for recording.
We currently have an FAA Security Agreement for the plane and the engine, however, the engine listed was destroyed. A new engine needs to be added. Does a new Security agreement need to be prepared or an amendment to the original?
I have a note that references a Security Agreement but there is no Security Agreement attached. Instead there is a UCC that is being use as a Security Agreement. Is this okay, or should there also be a Security Agreement that references the UCC?
Applicant wants to take equity out of their primary residence at 123 Main Street in order to purchase a secondary residence at 456 Washington Street, using the Main Street as Collateral. Which property should we report on the HMDA LAR?
We are taking as security a condo unit in a residential structure. However, the unit is not used as a dwelling. It has a commercial purpose, such as, a doctor's office or a showroom or as a model. Would this loan be HMDA-reportable?
I have an existing mortgage on land. We are disclosing a construction loan. Should the security interest description in the fed box show purchase money AND real estate or simply real estate and does that really matter. The assumption clause is there either way.
We are considering taking loan applications online. What are some key things that need to be considered as we go through this process? What questions should be asked?