Most Popular Lending Content
Releasing Payoff Info to Dealers
04/01/2002
Our institution has dealerships that will call us in order to get a payoff on loans individuals have with us. In reference to the GLB privacy provisions, is it okay to release this information to the dealership once verification from them has taken place? They have our member's information because they are trying to purchase a car (SSN, address, account number, driver's license, etc.) It is kinda like the check verification procedures that you have listed under Privacy on your site.
Joint Accounts in FL Presumed to be Tenancy by the Entireties
04/01/2002
The Florida supreme court passed a law 10 months ago which states that any joint account with rights of survivorship held by a husband and wife is presumed to be Tenancy by the Entireties. My questions is, on our signature cards, it states that the ownership type is Joint (Right of Survivorship). Does this statement limit the account to Jt W/ROS without the Tennants by the Entireties, or does that still apply despite the statement?
Returned Check Losses -Are they 1099C reportable?
04/01/2002
If the loss involves a check should a 1099C Cancellation of debt be used? I was advised by a Tax Consultant that the 1099C should be used for customers losses due to overdrafts and deposited checks returned.
APR Disclosure Error Tolerances
04/01/2002
I was testing some APR Disclosures (on regular payment loans) when I noticed that although there was a "Violation APR is understated by..." message and the APR was understated by more than .125% (the tolerance for regular payment loans), the program was not printing the "Truth In Lending Reimbursement Documentation" sheet. I double checked the data that I had input but still no reimbursement sheet. Has anyone else experienced this situation with the program? Is there some other factor besides the tolerance percentage that determines whether or not reimbursement is required (i.e. loan amount or term)?
What Do the Revisions to Regulation C Mean?
03/29/2002
by Jack Holzknecht, Pegasus Education Systems
BOL Guru