We have taken a certificate of deposit for collateral on a loan. The officer printed the assignment of deposit with the collateral description reading all existing and future accounts instead of the CD and number we actually took. Are we covered if the loan defaults?
The Fed box on a note. For a car loan, can you only put the year of the car and maybe the make. Do you have to have the vin # there as well?
We have a loan that has been charged off. The loan is secured by a property located in a flood zone. The bank is still accepting recovery payments from the borrower and has not released the interest in the collateral. The bank does not have any intention of foreclosing on the property, but does not want to release the interest. Is flood insurance required for the recovery account?
For Mobile Home Purchases, do we report the address of the Mobile Home or the Collateral address for HMDA?
If we are modifying a HELOC and increasing the credit limit do we have ROR?
Are initial PMI disclosures required on non-owner occupied purchase transactions?
We use a cross collateralization-cross default clause in all commercial loans. If collateral includes 1-4 family residences, in a refinance, is the loan HMDA reportable?
Is it permitted to use someone else's savings or CD account (borrower isn't a co-owner) for collateral on a loan?
One non-revolving line of credit - 13 real properties taken as collateral, all SFR's, all purchases - all non-owner occupied. Which address would be used to report under HMDA?
We are a small community bank and have a loan opportunity across state lines. We have never loaned outside our lending radius. We were wondering if the borrower is in one state and we are in another, do we use the note for the other state and not our state?