Most Popular Lending Content
Does "contents" collateral trigger flood?
03/20/2022
If the bank takes a blanket commercial UCC as collateral does that trigger the requirement to obtain proof of Contents Coverage if the property is in a flood zone, or would the UCC have to be specific to Equipment, Furniture & Fixtures as well as the loan approval? Would proof of flood/contents coverage be necessary on a blanket commercial UCC taken as collateral?
Appraisal review form requirements
03/13/2022
Our current review form consists of a checklist of about 10-15 questions and we use the same forms for all of our reports. Is this form detailed enough for our in-house review process?
Flood notice on HELOC
03/13/2022
Is a notice to borrower required when the property is not in special flood zone with HELOC docs?
MLO-NMLS Issue
03/13/2022
A loan officer signed the initial 1003 application on Jan. 5, 2022. At that time he did not have an active license. When he signed the final 1003 he was back in good standings, but he was not authorized from Jan 1-Jan 5, 2022. Is this going to cause any type of issue with this loan?
Is requiring co-borrower a denial?
03/06/2022
I saw a post on the BOL website from 2018 by David Dickinson titled "Applicant Re-Apply w/Co-Borrower: Counteroffer?" It was unclear to me whether the lender's requirement to add a co-borrower constitutes an "other term" as part of a "counteroffer" or whether the requirement to add a co-borrower requires the denial and written adverse action of the borrower and a new application by the borrower and co-borrower (i.e. is requiring a co borrower really a counter offer). I would appreciate any clarification on the issue.