02/21/2005
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.
12/01/2004
Safety and soundness is an important element of avoiding predatory lending. Just look at the requirements in the FRB's consent order with Utah Bancshares and the Bank of Ephraim.
10/04/2004
Under the revised Article 9, we are required to terminate the UCC on consumer goods when the debt is satisfied. What is the definition of consumer goods?
08/16/2004
If a business has a loan secured by personal real estate as collateral instead of business real estate, would the bank be required to send a 1098 and report the interest, or is a statement sufficient?
05/17/2004
Let's say we have a business loan that has real estate collateral that was taken out of an abundance of caution -- 1st mortgage on a single family residence. Loan is made to an individual. Is a 1098 form needed for this business loan? I have learned from Ken Golliher’s response that the purpose of the loan or the use to which the collateral is put is irrelevant. However, our question is that, since the collateral is taken by the lender out of an abundance of caution, is it all right if we do not treat the loan as a real estate loan for Call Report purposes? (See FFIEC 031 and 041 Glossary page A-58 (6-01).)
05/17/2004
Under HMDA, I understand vacation homes and rental/investment homes are HMDA reportable if they fall under the categories of home purchase, home improvement or refinancing. However, what if a rental agency, or even an individual, purchases a home at a vacation destination such as the beach solely for the purpose of renting it out to the public? Is it HMDA reportable? The purpose here is clearly rental income, so it would appear to be business-related and therefore not HMDA reportable. On the other hand, the collateral involved is a 1-4 family-type dwelling. Please end the confusion. </strong>
04/05/2004
Can a lender issue an MPPP on a non-residential condominium? The flood manual says the unit owner can only purchase contents coverage and the association must provide the building coverage. What option is open to the bank if the association does not do this?
03/01/2004
Is it necessary to provide a right of rescission when a personal residence is taken as collateral on a commercial loan transaction?
02/23/2004
We do a lot of ICS loans and consumer loans with real estate used as collateral on the loan. When the customer comes in they usually ask for a consumer application and bring it back, but in some cases the collateral is not sufficent and we need to use their real estate as collateral. How does that work with the Government monitoring information collection requirements? The loan is considered a consumer loan with real estate for collateral.
02/02/2004
Is there a compliance issue if you make an exception to your fixedrate home equity policy in order to extend the loan to value ratio from 80% 95% for one customer?