A Loan term is for 35 months. On the HOEPA Worksheet, do I select the two year Treasury Security Term or the three year?
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?
I am reviewing a loan that was done for our City to purchase equipment. I'm wondering what documents they need for this loan, because we do not have a checklist, and there are no promissory notes, security agreements, or joint intent.
We have a borrower who purchased a vehicle and uses it as collateral on the loan. The borrower later wishes to add his wife to the Title of the vehicle. Does the wife have to sign an already existing Security Agreement if the State Licensing Department only requires a letter from the bank that gives permission for her to be added to the Title?
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?
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?
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?
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?