When is it required to charge GRMA? Is it on all residential (1-4) property or just when recording DSD on a principal dwelling?
If a financing statement expires does anything preclude the filing of a new financing statement after expiration?
We originated a loan to a couple and their son to buy unimproved land. We took the couple's owner occupied residence and the land as collateral. We provided a right of rescission to the couple. The loan has matured and we are in the process of renewing it and find out that the son has moved a mobile home onto the unimproved land which is his primary residence. We are not advancing any new money with the renewal. Are we correct in thinking that we do not need to provide the right of rescission to the son since it became his primary residence after the loan was funded?
A customer owns two separate businesses, each of which has a small line of credit. The collateral securing these lines of credit is a personal vehicle that the customer owns. The car is titled in one of the business names so how and where do I reflect that the second business also has a loan on that vehicle? As of today the title only reflects the first business as the owner and only one line of credit.
Can we take a wedding ring as collateral on a consumer loan if we hold possession of the ring and it is for purposes other than to purchase the ring?
How does one perfect a negative pledge of assets owned by a guarantor?
Can an IRA CD be used as collateral for a loan?
My question deals with the definition of the term abundance of caution. I have recently read "to qualify under the abundance of caution definition, you would have to make the loan under the same terms and condition as if the borrower did not offer the real estate as collateral." However, in some FDIC material I have read the following: "abundance of caution, e.g., the institution takes a blanket lien on all or substantially as of the assets of the borrower, and the value of the real property is low relative to the aggregate value of all other collateral." These two seem to be in conflict. Can any of you help me get a handle on what exactly is meant by this term? If possible cite your source.
I understand that a 1098 is issued to an individual involving real estate. Is a 1098 issued to a payor when the real estate that is pledged is hypothecated?
I have a loan that is collateralized by the assignment of leases for airplane hangers. The hangers are not collateral for this loan, nor is any personal property. The only collateral is the assignment of leases. Am I required to get a flood determination for this loan?