Correcting an Improperly Recorded Mortgage
09/02/2003
Our Loan Auditor found that one of our mortgages was recorded as homestead property and it is not homestead property, do we need to re-record the mortgage?
Sam D. Ott is an attorney who specializes in banking and is of counsel with Phillips Murrah P.C. Prior to entering into private practice, Sam was Executive Vice President of Glia Group, Inc., the originator of BankersOnline.com. He was previously General Counsel and Secretary of the Board of BancFirst Corporation and BancFirst. Before his association with BancFirst, Sam served as Assistant General Counsel for The First National Bank and Trust Company of Oklahoma City and General Counsel for both First Interstate Bank of Oklahoma and Boatmen's Bank of Oklahoma.
You can contact Sam by email at sam@dapape.com or by telephone at 405-364-3346.
09/02/2003
Our Loan Auditor found that one of our mortgages was recorded as homestead property and it is not homestead property, do we need to re-record the mortgage?
09/02/2003
How can I get a printout of section 226.18 a thru r?
09/02/2003
Where can I get a sample CRA policy? I am consulting with a new startup bank and need something to start with on a CRA Policy.
09/02/2003
Where can I get a copy of the new SAR document?
08/25/2003
I was wondering if we are to hold the amount of the garnishment or the balance in the account at the time of receiving the order.
08/18/2003
We currently have about 50 mobile home loans that will be coming due this year and next. These loans were written with under liberal terms, most are on a 15 to 20 year am, some even with 30 year am, with 5 to 7 year balloons. Because of the declining value of the mobile homes, the principal amount coming due is, in many cases, greater than the value of the collateral. Some are with land, some titled. The bank is not anxious to refinance any of these loans (and is not contractually obligated to) and plans to encourage these borrowers to refinance elsewhere, telling them we no longer make these types of loans. We will be revising our loan policy to reflect this. However, if a customer threatens to walk away from the loan, we will refinance at different terms including pricing high enough to ensure at least some principal reduction. The decision to refinance any of these will be made case by case as will the terms of the refi. We'll treat them as work-out loans. In addition to HOEPA coverage, I am concerned about possible disparate impact (probable higher percentage of minorities, families with children, single women,than the general population) and the fact this may appear to be predatory in practice (definitely not the intention). Assuming we can adequately document our "business necessity" for doing this, what is our risk in handing these mobile home loans in this manner?
08/18/2003
My borrower is a general partnership. They have registered a fictitious name for their partnership. Under UCC article 9 do I record UCC documents under the fictitious name of the business or the individual partner names?
08/04/2003
I am in the process of revamping the policies for our IT department. These policies include Information Security Program, Internet Usage, E-Risk, Disaster Recovery, On-Line Privacy, EDP/End User, and Electronic Banking. Do you have any suggestions on where I can get templates for these policies?
07/21/2003
I'm looking for signage available to put up in a financial institution's lobby asking people to remove hats, scarves, and sunglasses. The signage compared the sign to a restaurant having a no shirt, no shoes, no service sign. Can you point me toward the signage?
07/21/2003
I'm looking for a comprehensive job description for a Senior Credit Officer.