02/02/2004
Customer is purchasing primary residence using his sister's house as additional collateral, as well as the purchase property. The sister and her husband are going to be borrowers as well. Do we need to provide a right of rescission on the property of the sister?
02/01/2004
The OCC has issued a final rule to preempt state laws that have the effect of limiting the powers of national banks.
01/19/2004
Does the right to rescind apply when we are just "swapping properties"? We currently hold a 2nd mortgage on a property. That property is being sold and we would like to replace the mortgage with the new property, but not refinance the loan. Does Reg Z apply to this transaction? No new money is involved. Original lender.
09/29/2003
Regarding Regulation B, if we are in a community property state, can we require a spouse’s signature on any related note? Alternatively, are we required to maintain evidence of joint application for loans even when there is no written application, such as a small business loan?
09/15/2003
I have a loan that I am not sure if it is subject to HMDA. Purpose is to purchase real estate. Collateral is rental property they already own. The loan is home equity(close end). We have a 2nd mtg. on rental house. Is this subject to HMDA?
08/18/2003
If an insider pledges a CD that they coown with a family member as part of the collateral for the family member to purchase a home, is that loan subject to Reg O?
07/21/2003
We have a consumer who wants to set up a ClosedEnd Draw Note. There is no real estate or other collateral involved. They would like to set it up on a 2year multiple advice loan and pay interest payments only. What disclosures do we need in the Fed Box? Is this treated like a construction loan even though real estate is not involved? Do we have to have estimated figures in the Fed Box coded by (e)?
07/07/2003
When documenting a renewal of a revolving line of credit (purpose is business investments), if I have a signed Reg U form in file from the inception of the loan, do I need a new one signed at renewal? We are not increasing the loan amount or changing anything else just extending the maturity date for one year.
06/30/2003
Does the 3 day right of rescission apply if we are refinancing the land only and the customer lives in a mobile home on the land? The mobile home is not pledged as collateral.
06/30/2003
Does the HOEPA test apply if I am doing a loan on a mobile home that is the borrower's primary residence but only the title is held as security? No mortgage (only a lien on the title) or land is involved.