Most Popular Lending Content
Right of Rescission
02/02/2004
I saw the question on HELOC's and if you need a 3 day ROR.The answer was "Yes always", what if it is secured with rental property that is not the applicants primary residence?
Double Interest During Rescission Period
02/02/2004
This question is in relation to Reg Z's right of rescission. On a loan that is subject to right of rescission, we can start to accrue interest as of the date of the loan, not the rescission date. However, if we pay the loan off as of the date the loan comes out of recission, the customer will be paying double interest during that rescission period. Is this allowable?
Altering Collection Notes
02/02/2004
We have a system on which notes on collection activities can be stored. Currently, the system will not allow us to change the notes, not even if we misspell a word. There is talk about having our programmers change this screen to allow a collector to change the notes. Is it against any regulation/ruling to allow collection notes to be changed?
Is Another ROR Necessary?
02/02/2004
A customer has a revolving line of credit with a mortgage on their home as collateral and a right to rescind was given at closing. The full amount of the loan has been used and partially paid back. If the customer wants another draw will another right to rescind be necessary at that time?
Making Business Principals Liable on Account
02/02/2004
If I open a business checking account for a corporation is there any form that can be signed by the principal holding them personally responsible, as well as the corporation, for any possible losses? Also, if there are no forms, could our bank draft one and use it?