We are taking an assignment of patent rights. We never have had this before. How do we perfect the assignment?
If there are outstanding miscellaneous fees due (attorney fees, etc.) can we take the funds out of a customer's escrow account?
If we refinance a primary residence loan and add new money, but do not exceed the original amount of the deed of trust, is right of rescission required?
We have a borrower who needs to change the collateral on his loan. What documents can we use? If we use a modification/change in terms, do we need a new security agreement?
Is a loan secured by a savings or CD account covered if the purpose is the financing of secondary education?
A lender approved a mortgage loan and did not gross up the customer's social security income, so for HMDA reporting, I used what the loan officer came up with in determining his income. Now, upon reviewing my quarter-end HMDA reporting, the HMDA compliance officer claims the social security income needs to be grossed-up and that I should change my HMDA LAR to reflect this change. Is this correct? I thought that I was to report my HMDA according to the data used to approve the loan application. Please clarify this for me.
We have a mortgage preapproval program as defined by 203.2 - a preapproval program as a request for preapproval for a home purchase loan is an application under paragraph b(1) of this section if the request is reviewed under a program in which the financial institution, after a comprehensive analysis of the creditworthiness of the applicant, issues a written commitment to the applicant valid for the designated period of time to extend a home purchase loan up to a specified amount. Section 3500.2 defines an application as the submission of a borrower's financial information in anticipation of credit decision relating to a federally related mortgage loan, which shall include the borrower's name, the borrower's monthly income, the borrower's social security number to obtain a credit report, the property address; an estimate of the value of the property, the mortgage loan amount sought, and any other info deemed necessary by the loan originator. The six items to trigger a GFE requirement are property address, loan amount, monthly income, estimated value, borrower name, and social security. Since a property address is not known on a preapproval, is a GFE required? What if we request verification of income? Does that not trigger a GFE on a preapproval even if the property address is unknown?
When a consumer loan is secured only by real estate, the title to the mobile home that rests on the property is not taken as collateral. Should early disclosures be provided to the customer or can the loan be treated as if it is vacant land?
Is purchasing a time share, using the person's primary residence as security, HMDA reportable?
If the only term you are changing on a Commercial Revolving Line of Credit is the maturity date, can this be accomplished with just a modification agreement, or is a new note, mortgage, security agreement, etc. required?