When a bank holds security on a loan, such as vehicles, are they allowed, after filing a judgment against the borrower, to confiscate other personal items at the borrower's home? These items were not listed as collateral on the above mentioned loan.
When a loan is secured by two properties, which one do I list on the LAR? A customer's existing home and the home he is purchasing are being used to secure the loan.
We have a borrower who needs to change the collateral on his loan. What documents can we use? If we use a modification/change in terms, do we need a new security agreement?
We have a business revolving line of credit secured by an Assignment of a Mortgage and Note. Do we need to check for flood insurance on the property that the mortgage is securing?
We were recently informed that one of our loan customers sold the collateral on a loan we made to him. What information should we get, or what do we need to consider before filing a SAR?
We have a customer who has titled his business as an investment company, and indicated that on his CIP form. Recently, he withdrew $15,000 in cash, and when asked the nature of his business, explained that it was "hard-money lending". Considering the amount of cash withdrawn, which is unusual for him, could he be an MSB? What is a hard-money lender?
When a consumer loan is secured only by real estate, the title to the mobile home that rests on the property is not taken as collateral. Should early disclosures be provided to the customer or can the loan be treated as if it is vacant land?
When making a cash secured loan, is the bank able to hold the funds in the customer's checking account or MMA, or do the funds have to be held in a savings account or certificate of deposit? The question is posed for both consumer and business loans.
We made a lot loan to a customer five years ago. It is time to renew it, and now the customer has built a second home on the lot, which we did not finance. Do we need to disclose this for RESPA?
We have an insider whose commercial loan with our bank has recently been classified by the examiners and placed on non-accrual for non-performance/inadequate collateral. Does this warrant a SAR filing?