Taking a Wealth Mgmt Account as collateral, would you use a Commercial Pledge Agreement and/or a Control Agreement and Acknowledgement of Security Interest as Collateral?
If we as the lender own the real estate that has two houses and is less then 25 acres, does RESPA apply when an applicant requests a loan on the owned real estate?
Who does the right of rescission apply to? If a husband and wife own a home and the husband's mother lives with them but is not on the deed, would the mother have ROR if the house was being used as collateral on a car loan the mother was applying for?
I recently attended a Harland Laser Pro Regional Conference. It was indicated that the SAFE ACT states that mortgage lenders must register for a NMLSR. Does this include loan officers that just take Home Equity Loan and HELOC applications?
In approving a commercial loan that is secured by an IDOT on the guarantor's primary residence can we require his wife to provide a limited guaranty since she is an owner of the property to be pledged?
Does rescission always apply to HELOCs, but not purchase money? What about a refinance of a mortgage loan with the same lender and no new money; would rescission apply?
A local attorney has informed one of our bank officers that the SAFE Act would require a lender to be a registered mortgage loan originator in order to close loans for lot purchases (land only). I haven't heard that in any of the seminars I have attended. Is this true?
We have a bank client who made a loan to a customer with property as collateral that is located in a flood zone. The property has a mobile home on it, but the bank only took the land as collateral. The mobile home is able to be moved from the property, but there is a deck around it that is attached to the property. Would this loan be required to have flood insurance even though the mobile home is not part of the collateral?
We are providing a primary dwelling secured loan to a consumer who owns the home free and clear. Since it is not a refinancing, is the transaction rescindable?
Is a consumer credit score disclosure required for mobile home loans if we are not taking a security interest in the land on which it is located?