Is the federal credit application insurance disclosure required for mobile home only loans?
Marketing is working on our E-SIGN promotions and wants to know what the E-SIGN agreement will include. Is it just lending, deposits, or can it include both?
Relative to the question: <a href="http://www.bankersonline.com/lending/guru2009/gurus_ldng082409e.html">Flood Insurance on Bank Owned Foreclosed Property</a>. what if the bank has not foreclosed, but the property is in nonaccrual/charge off status on the books, security has not been released, the customer is still living in the home, and there are no plans to remove him?
When making a CRA investment mortgage security, does the investment need to be at low or moderate area or need only to the low or moderate income individual?
When making a cash secured loan, is the bank able to hold the funds in the customer's checking account or MMA, or do the funds have to be held in a savings account or certificate of deposit? The question is posed for both consumer and business loans.
A borrower obtains a loan so that she can purchase stock in a closely held business. This is not necessarily an ESOP. She would not be a majority owner. She would own less than 1% of the business, and the loan would be underwritten, based on her income and her personal credit history. While the stock would be pledged to the bank as security, it is essentially an unsecured loan or more accurately, not a loan secured by marginable stock. Business income is not used as a repayment source and her pay is salary, not an owner's distribution. If the individual obtained a home equity loan to accomplish the same purpose, the type of loan would be clearer. Would this loan be considered a commercial loan or a consumer loan?
We have recently taken over residential properties that were owned by our borrower who sold them to third parties. I found that the property taxes are past due. Our borrower was not escrowing for the taxes. I have sent certified letters requesting that the borrowers bring the property taxes current. I now want to pay the property taxes and add the amount to the loan, can I change the P and I payments or do I add this amount to the back end of the loan and collect at maturity?
If we require borrowers to maintain insurance on whatever security they pledge (real estate, livestock, machinery, etc.), but do not require that they use a specific provider to obtain the insurance, are we required to estimate how much the insurance will cost them and disclose that on the Good Faith Estimate?
We have a consumer loan customer who doesn't qualify on his own, and his grandfather wants to guarantee the loan rather than co-sign for it. Since he would not be signing the Note Disclosure or Security Agreement, is there a compliance issue?
Does rescission apply to a non-owner occupant? i.e., mother lives with daughter; daughter owns property; daughter is doing a cash-out refinance. We know rescission is given to daughter but what about mother?