07/01/2013
We currently have an FAA Security Agreement for the plane and the engine, however, the engine listed was destroyed. A new engine needs to be added. Does a new Security agreement need to be prepared or an amendment to the original?
06/24/2013
I have a note that references a Security Agreement but there is no Security Agreement attached. Instead there is a UCC that is being use as a Security Agreement. Is this okay, or should there also be a Security Agreement that references the UCC?
05/20/2013
Applicant wants to take equity out of their primary residence at 123 Main Street in order to purchase a secondary residence at 456 Washington Street, using the Main Street as Collateral. Which property should we report on the HMDA LAR?
04/01/2013
We are taking as security a condo unit in a residential structure. However, the unit is not used as a dwelling. It has a commercial purpose, such as, a doctor's office or a showroom or as a model. Would this loan be HMDA-reportable?
03/25/2013
I have an existing mortgage on land. We are disclosing a construction loan. Should the security interest description in the fed box show purchase money AND real estate or simply real estate and does that really matter. The assumption clause is there either way.
03/25/2013
We are considering taking loan applications online. What are some key things that need to be considered as we go through this process? What questions should be asked?
03/04/2013
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?
01/28/2013
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?
01/28/2013
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?
11/19/2012
For Mobile Home Purchases, do we report the address of the Mobile Home or the Collateral address for HMDA?