I have a question regarding correct filing requirements for perfecting a security interest. The company is incorporated in Delaware and they are registered in Virginia (not domesticated). Our collateral is not real estate and is not farm/timber related collateral. Do we file in both Delaware and Virginia?
When we take a second mortgage, we send a letter to the first mortgage holder advising them of our second mortgage, asking them to verify the first mortgage balance and to refrain from extending any further credit or to make any further loans to this borrower secured by the same RE. We rarely receive the letters back confirming the balance. First of all, do we protect our lien in any way by sending the letter and keeping a copy showing we sent it? Would it be prudent to track until we receive these back?
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?
I have a loan where the purpose is to purchase a residential dwelling. The loan is being secured by three other properties that does not include the property being purchased. Which property do I report on for HMDA?
Do the provisions of the Servicemembers Civil Relief Act on maximum interest rate apply to a service member's non-owner occupied 5-family rental property?
Notice to co-signer? If the debtor is the wife and the creditor is the financial co. does this mean the husband signs as the co-signer, because his name is not listed as a borrower?
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?
In reviewing the FAQs from HUD concerning Early Disclosures (GFE), a loan originator must issue a GFE no later than 3 business days after the loan originator receives an application or information sufficient to complete an application. Application is defined as the submission of a borrower's financial information in anticipation of a credit decision relating to a federally related mortgage loan, which shall include the following: (1) borrower's name, (2) borrower's monthly income; (3) borrower's social security number to obtain a credit report; (4) property address; (5) estimate of value of the property; (6) loan amount and (7) any other information deemed necessary by the loan originator. When we receive an application online, it does not contain all the documents listed in our "application" (sales contract). Are we still required to send the GFE based on the information received that is considered "sufficient to complete the application".
Are we required to send any type of notification to our members once they have paid off a signature loan? Typically, we send a copy of the security agreement marked paid. Is this considered a courtesy or is it a requirement?