We have recently had a difference of opinion on a mortgage loan closing at our bank. The situation is a young couple apply jointly for the purchase of a new home. They did not have the down payment, so the joint applicant parents put a second mortgage on their home as additional collateral. The parents are not on the note, or any other documents other than an appraisal on their property and signing a mortgage on their dwelling. Does Right of Rescission apply on the parents?
Is the FEMA SFHDF document required when the use of credit is in the form of an issued Letter of Credit drawn under a Letter of Credit and Reimbursement Agreement and secured by the Mortgage and Security Agreement's collateral? The collateral is stated in the Mortgage and Security Agreement as real property (identified building address and location).
The financial regulatory agencies have issued joint guidance on nontraditional mortgage products.
The agencies have published new examination procedures for FCRA and the FACT Act.
We have a large borrower who has loans with R/E and cattle. We have received a IRS levy. Is there any way that the levy can come prior to our liens?
C&S Marketing is offering a product named LoanSafe that allows residential mortgage originators and secondary investors to assess the risk value and fraud potential in a loan transaction.
Can a legal hold be placed on a checking or money market account for loan collateral?
I have a compliance question regarding right of rescission. If a person's primary residence is a piece of land with a mobile home on that piece of land and the person applies for a loan using the land only as collateral, is a rescission period still required? I would think it would be since the property is that person's primary residence, even though the mobile home is not being used as collateral.
I'm researching Reg AA and came across the following: "It is an unfair act or practice for a bank to enter into a consumer credit obligation that contains a nonpossessory security interest in household goods, other than a purchase money security interest." I understand what purchase money security interest is, and that we can have a security interest in that, but is that the only instance where a bank or subsidiary can take household goods as security on a loan? Is it allowable to have a customer complete a personal property list and indicate on the note/security agreement that we have security in the items indicated on the personal property list?
Banks in Sweden have an unusual problem with thefts from automated teller machine vaults because dynamite is readily available in that country, making it easily possible to blow up ATMs.