When a borrower rescinds a real estate loan on the basis of TIL violations within the first three years, what is the most expeditious manner with which to proceed when it appears that in fact, the loan broker originating the loan, the original funding institution, and the purchasing institution and servicer have not complied with the TIL requirements, to just accept the return of the original amount funded and waive all interest and closing costs?
We have a loan to John Smith secured by a CD in the name of John Smith and John Smith dies. Can we lose our lien position to other governing laws concerning the estate of the deceased person, sole survivorship rights, or the Will of the deceased?
If a minor account is opened using the child's social security, titled beneficiary (the minor) by custodian, what happens to the funds if the custodian passes away?
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?
Working in a coastal area where the sale of property is abounding, we have several clients who escrow funds, particularly, for 1031 exchanges. Those monies may be placed in an escrow account and held for a period of time (145 days). The account is usually opened by an attorney or title company with the signors/agents being authorized representatives of the respective firm. The principals, of course, are the individuals for whom the funds are being held and may live anywhere within the United States. Are we correct in assuming our customer is the agent and/or firm who deposits and withdraws the proceeds from the account; and as such, the agent is responsible for securing identity of the individual from whom they collect and disburse? (Please keep in mind the principal in whose behalf the funds are deposited may benefit from interest paid on the account.)
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).
In North Oakland, California, a woman who was an accountant at a medical center managed to embezzle $1.4 million over six years before she was caught.
Question: We had a joint account - mother and son - into which the mother's social security checks were either deposited every month into the account, or cashed by her son, who was
U.S. Bank recently sent 40 of its bankers to an elementary school in Santa Ana, CA to teach them about money and savings.