When we have a borrower in one state but their collateral is located in another state, we will file a UCC where the debtor is located.
Some Lenders want us to file in both states just to be safe but then that posed the question, should we be preparing two separate security agreements, one for each state as well?
Also, if we have a borrower that has collateral in both states we have been just preparing one security agreement where the borrower is located and still filing two UCC's but we think we should be preparing two separate ones in this case also?
We have a commercial appraisal on a property for one borrower. The borrower could not reach an agreement with the seller so the deal fell through. We have another customer interested in the property. Can we use the original appraisal for the new customer's request?
Our financial institution has always issued conditional approvals and views that as our final loan approval for determining if an applicant has withdrawn, etc. Should we have revisited this process with the change in HMDA in 2018?
Can the bank charge a default rate on a single-close, construction-perm mortgage loan during the construction phase if construction is not completed on time? For example, a 9 month construction term with multiple draws has a fixed interest at 4.125%. If construction is not completed at 9 months when the construction phase is to mature a default rate of 4.625% would apply from the maturity of that phase. If it is permissible, does this make the loan an ARM or the increased rate a refi?
Can a third-party conduct the policy review?
What is a final credit decision for HMDA, after which a customer’s wish to not proceed with the application is not reported as withdrawn?
For loans secured by savings or CD's, can just one of the joint owners sign the security agreement (if the account is owned by John "or" Jane), or must all joint owners sign?
We have a refinance loan by the same lender and the consumer is getting a small amount back. Is there a percentage of the loan amount that triggers a rescission?
This question pertains to lender credits on California loans. We have an SB2 charge from title on all refi's which is always estimated at the max fee of $225.00. This doesn't get updated until after closing when majority of the time it is lowered to $75.00. If the lender discloses a credit for this fee upfront at $225, can the lender credit be reduced if/when the fee is reduced at closing (after funding)?
It is my understanding that we must accept private flood insurance only if it contains the Compliance Aid statement. Correct?