Most Popular Lending Content
Call Report Code for Purchased Property & Homestead
09/17/2012
Customers of ours purchased the property adjacent to their homestead. There is a small workshop, approximately 1200 sf with a bathroom on the property. We have the first lien on these lots but another financial institution has the first lien on their homestead. What call report code do we use? Can we use 1c(2)a, 1-4 family, if the residence is next door? Should we use 1a(2), for land development and all other land loans?
Term Sheet for Commercial Considered App?
09/17/2012
When a commercial department is presented with an opportunity to provide a term sheet for a commercial loan - prior to receiving a loan application - is this request to be considered a loan application? Does a HMDA-reportable issue apply if the bank never received a loan application and there is no loan decision?
Max Interest for Unsecured Home Improvement
09/17/2012
We are getting ready to do some unsecured loans for Home improvement. What is the maximum interest by Missouri Law that the bank can charge? And what about fees?
Copy of State ID Required for Proof of Identity?
09/17/2012
Is there a requirement that lending agencies require proof of identity by coming in in person and giving a copy of a state issued ID before a loan is issued?
Docs- Draws on Consumer Residential Construction
09/17/2012
What documentation is required for draws on consumer residential construction loans? Is the AIA form signed by the contractor and our borrower acceptable? If both sign the same form am I allowed to disburse directly to the contractor? Am I required to provide any additional documentation about the draw to our borrower?