12/03/2017
How does financial analysis factor into a company’s product launch decision?
11/26/2017
Accounting is cooler - and more versatile - than you think.
01/03/2016
In New York State can Mortgage e-statements be sent to a client's work email?
09/23/2013
When it is necessary or desirable to perfect security interests in aircraft, engines, propellers or spare parts in the United States a lender must consider a multitude of issues. For many lenders and their counsel the process of recording instruments with the Federal Aviation Administration (the "FAA") and registering aircraft in the United States needlessly remains a mystery. The following is an explanation of the most critical issues a lender must address to ensure that documents submitted to the FAA will be accepted for recording.
07/15/2013
I have a question. The bank has taken additional collateral on a Consumer residential loan. The owner of the additional collateral (who is not the borrower) wants to sell and replace with different collateral. The bank wants to do this without doing a new loan. The only thing changing is the additional collateral - nothing pertaining to rate or payment is being changed. Would it be compliant to do a modification making reference to the new collateral? We would have to do a new flood determination for the new collateral being taken and a rescission since the collateral owner is putting up their primary residence. There is no cost to the original borrower but I'm guessing we would need to do a new settlement statement since we would be collecting a new flood determination from the collateral owner. Or would you suggest starting over?
07/01/2013
These are general RESPA questions that have recently been proposed by Management and we would appreciate your expertise.<ol><li>Do we have to itemize Hazard Insurance on the GFE for a home equity loan when the Hazard Insurance is already in place? It is my understanding this is a requirement on the GFE because we require the Hazard Insurance to be in place before making the loan therefore it is a cost of the loan.<li>If all the fees are paid by the lender except for the origination fee, do we need to itemize each fee paid by the lender on the GFE? Doing this gives the wrong impression to the customer that they will owe fees that they actually won't have to pay.<li>If your answer is yes to #2, could we show a credit on the GFE for the fees being paid by the lender? Doing so would bring the final fee disclosed to reflect the actual amount being paid by the customer. Another related-question would be what line would the credit be reflected on the GFE? </ol>
05/20/2013
On consumer real estate loans, when we have a tolerance issue between prelim disclosures to final documents, we have been providing a revised GFE at closing. Can you tell me if this is an appropriate way to handle this?
05/13/2013
We are currently completing a review of all of our loans that are in a flood zone to determine if they have adequate coverage. The loan that is in question was originated in 2008 and at that time we used the Cost Value from the appraisal minus the land value to determine the amount of coverage required. We used that same method during our review to determine if they still have adequate coverage. However, our auditor is now saying that since the appraisal is from 2008, we can no longer use that value and must use the RCV from the hazard insurance policy.At this point we would have to go back to our customer and tell them that for the last 4 years you have had sufficient coverage, but now that your appraisal is old we cannot use that value anymore and you need to increase your coverage.Is this the correct method? We have not renewed the loan or done anything that would warrant a new appraisal and I have not read anywhere that says after X amount of years the you can no longer use the Cost Value from the appraisal to determine the amount of coverage required.
05/06/2013
I need to file a UCC-1 financing statement on Accounts Receivable of doctors in Maryland. Do you have any wording that can help with the perfection of the lien?
04/29/2013
I've been asked to offer options to the Loan Operations Manager for a situation related to escrow. This started with the bank's purchase of a smaller institution a little over a year ago. This smaller institution was apparently not properly calculating escrow requirements. To add to the problem, last year they gave huge refunds to borrowers in error. Now, we have borrowers whose escrow accounts are deficient and they cannot make the new calculated loan payments. What is the best plan of action to get these borrowers back on track?