05/16/2011
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?
04/18/2011
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?
02/14/2011
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?
02/14/2011
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?
02/07/2011
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?
01/24/2011
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?
01/24/2011
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?
01/17/2011
Are funds held as collateral exempt from an IRS levy, or do these funds need to be included in the bank's response to the IRS levy received?
01/03/2011
I have a PLLC opened with a husband and wife. It is in the wife's social security number. They both want to leave that way. Can they do this?
10/18/2010
We qualify loan applicants based on gross income. Our credit officer says that tax free income from SSI or VA Disability is the gross income and shouldn't be grossed up. I say the income is net and should be. Who's right? If we don't gross tax SSI up, are we discriminating?