03/19/2012
If a loan has multiple collateral, mainly commercial buildings and then one residential building is taken as collateral and a refinance of this multiple collateral loan is done, is it HMDA reportable even though the residential building only makes up 5% of the total collateral package? Would you only report 5% of the loan amount or the whole loan amount?
02/06/2012
What method(s) are being used to determine insurable value when calculating the appropriate amount of forced placed insurance?
01/16/2012
If we have a dual collateral loan which includes some acreage in one city (not in a flood zone) and a condo unit in another city (in a flood zone), do we still have to carry enough flood insurance to cover the entire current balance of the loan (which is the lesser of the 3 (balance, improvement value or max value))? Or, do we subtract the value of the land from the current balance and make that value the amount of flood insurance needed?
01/16/2012
I have a customer who applied for a loan to purchase unidentified investment property (a house) at a Sheriff Sale. He did not have a specific property in mind but just wanted the money in case he found something he wanted. This did not involve a pre-approval. The collateral for this loan was his vehicle. The application was ultimately denied. I need to know if this is HMDA reportable? The purpose was to purchase an investment home using his vehicle as collateral (which would mean for lien status we would choose "not secured by a lien". When inputting this to our CRA Wiz program we came up with validity edits for lien status and loan purpose. Can you help us determine if this is or is not reportable?
12/05/2011
Is CRA purpose driven or collateral driven?
11/21/2011
How specific do you need to be when describing collateral in consumer documents? We are using several existing cross-collateralized mortgages for a personal expense loan and the officer wants to simply refer to "All mortgages on file at the bank".
11/07/2011
We have a client with a HELOC that has matured. They have an outstanding balance and the loan is being renewed. The Deed of Trust is already in place and the renewal will be for a decreased amount. Would this renewal be subject to a Right of Rescission? It seems that there are answers stating it is not required because it is a renewal at the same intuition with no new funds; however, there are responses which suggest this is a refinance which would require it. If it is required, how could a customer rescind the right to the collateral since the Note is not satisfied?
09/26/2011
If I take a second REM in an abundance of caution for a loan workout situation, are early disclosures required? The loan was originally an auto loan.
08/22/2011
My borrower is using another person's home as collateral on her loan. The person putting up the collateral is not on the loan. Who signs the disclosures (good faith, tila, etc)? Is it the borrower or the person putting up the collateral or both?
06/13/2011
Reg Z - I have a borrower who is using his mother's primary residence as collateral for consumer purpose. The mother is not going to be on the note itself. She is just pledging the collateral. Would the Higher Price Mortgage requirements apply and is an Escrow required?