Most Popular Lending Content
What is the TIL Definition Of A Credit Sale?
05/05/2003
I need the definition of credit sale under Truth in Lending. A piece of ORE property is sold to a customer for x dollars, he pays us with proceeds of a loan he took out secured by a vehicle. Would we need the sales contract disclosure using the 5th box or not? We are not financing the property since the collateral is the vehicle?
Software Available To Compute Historical Data For HELOC Programs
05/05/2003
Where can I obtain software to compute historical table data for home equity line of credit programs?
Real Estate Loan To Illegal Immigrant
05/05/2003
We have had a couple of inquires from customers regarding their ability to obtain credit for the purpose of purchasing a homestead while their legal status is that of an illegal immigrant. They claim to have a legitimate ITIN issued by the SS administration and have filed for 3-4 years worth of income taxes. It is prudent and/or legal to extend credit (real estate secured) to individuals under these circumstances, if they meet all other credit qualification?
Does the renewal of a crop loan require a new UCC?
05/05/2003
On a renewal of an existing loan using crops as collateral, a new security agreement is required. Is it necessary to file a new UCC? The UCC filed when the loan was originally done (along with the original security agreement) is good for 5 years, so why would it be necessary to file a new UCC every year even though a new security agreement is required every year?
Required Signatures On TIL?
05/05/2003
I am refinancing a first mortgage for a customer. The customer is married and the loan is to only one party. The spouse is going to sign the mortgage and right of rescission. I am being told by the purchaser of the loan that the spouse also has to sign the truth in lending. Is that correct?