If a financing statement expires does anything preclude the filing of a new financing statement after expiration?
We originated a loan to a couple and their son to buy unimproved land. We took the couple's owner occupied residence and the land as collateral. We provided a right of rescission to the couple. The loan has matured and we are in the process of renewing it and find out that the son has moved a mobile home onto the unimproved land which is his primary residence. We are not advancing any new money with the renewal. Are we correct in thinking that we do not need to provide the right of rescission to the son since it became his primary residence after the loan was funded?
Is the Truth in Lending Disclosure a mandatory early disclosure in addition to the Special Information booklet, Good Faith Estimate and the Mortgage Servicing Disclosure?
How do you perfect a security interest in railroad cars?
A customer owns two separate businesses, each of which has a small line of credit. The collateral securing these lines of credit is a personal vehicle that the customer owns. The car is titled in one of the business names so how and where do I reflect that the second business also has a loan on that vehicle? As of today the title only reflects the first business as the owner and only one line of credit.
Can we take a wedding ring as collateral on a consumer loan if we hold possession of the ring and it is for purposes other than to purchase the ring?
How does one perfect a negative pledge of assets owned by a guarantor?
When a borrower rescinds a real estate loan on the basis of TIL violations within the first three years, what is the most expeditious manner with which to proceed when it appears that in fact, the loan broker originating the loan, the original funding institution, and the purchasing institution and servicer have not complied with the TIL requirements, to just accept the return of the original amount funded and waive all interest and closing costs?
Is a right of rescission necessary if two loans from the same financial institution are refinanced into one loan? One loan refinanced was secured by the borrower's primary residence and the other loan refinanced was secured by a motorcycle (not by the residence). I viewed the motorcycle loan as new money because it was not originally secured by the residence, but I'm the only one who sees it that way.
When an applicant does not qualify and the lender advises they need a co-signer or guarantor, does the co-signer/guarantor need to sign the intent to apply for joint credit? Where can I find this in the Regs because in my search I can not find anything. Also, can someone provide a good definition for co-signer and guarantor?