Most Popular Lending Content
Disclosures: Single Acknowledgement Form or Individually Signed Disclosures?
09/15/2003
For the upfront lending disclosures (e.g., Servicing Transfer Disclosure, ARM disclosures, etc.) for which the Bank is required to keep a customer-signed acknowledgement of receipt, can the Bank substitute a "Disclosure Acknowledgement" form which the customer signs acknowledging receipt of all the disclosures? Or do the regulations require that the disclosures be individually signed?
Home Improvements, New Improvements, and HMDA Reporting
09/15/2003
Client is requesting a $13,000 home improvement loan paying off an unsecured $3,000 home improvement loan with additional funds of $10,000 for new improvements. This is not reportable in 2004 as a refinance. Should it be reported as a home improvement loan or not reported under HMDA at all.
TIL Disclosures for Loans to Trust
09/15/2003
Is the grantor of a trust required to be given the Truth in Lending disclosures when a loan is made to a trust?
Is a W9 required for a commercial loan?
09/15/2003
Is a W9 required for a commercial loan? Some banks require it, others do not.
TIL Disclosure: Required Deposit & Demand Feature
09/15/2003
On a mortgage TruthInLending disclosure, there are two boxes to check that i am not sure about. One is the "REQUIRED DEPOSIT: The APR does not take into account your required deposit." The other box is "DEMAND FEATURE: This loan has a demand feature." Does the "required deposit" refer to the items deposited with the lenderthe escrow account. or does it refer to the downpayment on a purchase transaction? Does the "demand feature" refer to a balloon loan?