02/07/2005
We are providing a consumer loan to purchase a vacant improved lot (primary collateral). We will also be taking a 2nd deed of trust on the consumer's secondary residence and a 3rd deed of trust on the consumer's primary residence as additional collateral. Is a disclosure of the right to rescind mandatory for filing a 3rd deed of trust on a primary residence taken as additional collateral?
02/07/2005
What is the percentage of tolerance for the APR on the initial TIL and the final TIL, assuming the final APR is greater?
02/07/2005
A bank holding company owns 100% of the bank's stock. Under the Texas Finance Code 34.102, a bank is prohibited from acquiring a lien on its own shares except on an antecedent debt to limit the loss or with approval of the banking commissioner. A bank is allowed to lend against shares of an affiliate per this section. May the bank lend to a shareholder of the holding company stock with the stock as collateral?
02/07/2005
A customer requested a copy of his credit report and we told him he had to call the credit bureau to request a copy. He said another area bank gave him a copy. Are we allowed to give consumers a copy of their credit reports now? Did something change that I didn't catch?
02/07/2005
We use margin and index calculations to determine rates for ARMs. The index changes every Tuesday and is to be used on loans closed after cutoff that day. If loan documentation is prepared on Tuesday before cutoff time and has an effective date of Wednesday, the previous index is used. In some instances this creates understated finance charge violations according to APRWIN. What type of exceptions, if any, might be granted by examiners in this instance?
02/07/2005
Are early disclosures required on a construction loan to an individual? The bank loan would be for construction only. Permanent financing is being provided by another lender. The first draw on the loan will transfer the lot (purchase money) into the borrower's name.
02/07/2005
What is the actual rule about Section 32 Reg Z predatory lending? Does it only include all fees charged to the borrower, or does it also include any yield spread premium paid by the lender to the broker?
02/01/2005
02/01/2005
Question: I need some guidance on an affiliated business arrangement. We have an employee who is a SVP and Chief Credit Officer and is also over our Mortgage Lending Department.
02/01/2005
Question: Our consumer lending center sometimes takes calls from consumers who want to apply for a mortgage loan.