01/16/2006
Just wanted to verify the day count on initial disclosures. A mortgage loan application was received on Friday. Credit was run that day. When is the last day disclosures may be sent out?
01/16/2006
We are having a debate regarding Statement of Intent to Apply For Individual or Joint Credit. (a) How should a partnership with all partners signing and relying on their personal credit mark the intent box and (b)if their spouses are on the security agreements should they also mark intent?. Spouses are not signing the note-only security agreement. Also please address a corporation in the same situation.
01/16/2006
We are writing a letter of credit for a bank customer, who will use it for business purposes. The L/C is secured by a 2nd lien on the customer's residence. Are L/Cs CRA reportable, or should this L/C be included in our HMDA LAR? It is unlikely that the customer will ever draw against the L/C, but should we report the total credit available as the amount 'originated'?
01/16/2006
Are there any liability or regulatory issues in accepting a financial statement from a customer that is completed on another financial institution's form?
01/16/2006
We are doing a loan to finance a commercial building. One floor of this building is going to be leased out for commercial purpose. The other floor is going to be turned into the borrower's primary residence. The consumer's other assets were the factors used for granting the loan, however the building is being used for collateral. We are leaning towards this being a commercial loan since it will be no less that 50/50 commercial vs residence. Are we correct?
01/16/2006
I've been constantly running into a "You are not in compliance" issue in the company where I started working recently. Let's say I sent the application package to my client dated 12/01/2004. The client send the signed and dated package back one month later. My processor is insisting that the client should've dated it within 3 days. Otherwise, it's not in compliance. I think it does not make sense. If I send the package by regular mail it can take 5 days to deliver it, not to mention that the client may not sign it right away, and then it will take another 5 days to get the package. Please explain this 3 days compliance thing. I don't think my processor is interpreting it correctly.
01/16/2006
Where can we obtain ARM disclosures? [Vendor name omitted] doesn't have them in their software.
01/16/2006
What is the reasoning behind the law stating that a corporation cannot have a NOW account?
01/09/2006
An executive officer's spouse obtains a loan to purchase property over $100k. The property is deeded to the spouse only, but the executive officer is required to sign the mortgage due to state real estate laws. Is the credit considered an extension of credit to the executive officer, since his signature was required on the mortgage in order to pledge the property to the note?
01/09/2006
If you are lending funds (second mortgage) secured by a 1-4 family residential primary residence that is also "income-producing property"...can this be considered agricultural, making it exempt from RESPA and right of rescission? The funds were used to purchase a second home in another state.