01/05/2025
Our institution does bridge loans where we take both the property being purchased and the borrower’s current primary residence as collateral. Both properties get listed on the Note and Mortgage. These are treated as a purchase. Do we need to disclose both addresses for this type of transaction on the LE and CD, or would that only be the case if they were refinancing multiple properties or purchasing multiple properties in one transaction?
Would the fact that they are purchasing a new home using the equity in the current home that will be sold make it so we would not have to disclose both addresses and only the property being purchased? Currently, I think we would have to disclose both, but want to ensure I am interpreting comments 1026.37(a)(6)-3 and 1026.38(a)(3)(vi)-2 correctly.
12/29/2024
What are the five "C's" of lending?
11/24/2024
When securing a loan with an assignment of leases and rents, how much could be advanced compared to value of the lease assignment? Is there any "standard" which is acceptable?
06/09/2024
Under the The Servicemembers Civil Relief Act (SCRA), (50 U.S.C. § 4026), it states that under "Availability of non-business assets to satisfy obligations" that If the trade or business (without regard to the form in which such trade or business is carried out) of a servicemember has an obligation or liability for which the servicemember is personally liable, the assets of the servicemember not held in connection with the trade or business may not be available for satisfaction of the obligation or liability during the servicemember’s military service.
Do the "assets of the servicemember not held in connection with the trade or business" include a personal guarantee of the servicemember?
04/28/2024
On our commercial loan agreements, we are using fixtures as collateral in a blanket security statement. Does this mean we need contents coverage on the flood policy? I read somewhere that Fixtures = Contents.
09/10/2023
What is the difference between a co maker and a joint owner on a automobile loan?
09/03/2023
We have a loan to a sole-proprietorship which is secured. We have the spouse sign a security agreement but it does not state "sole-proprietorship," because we have the spouse sign individually. We are in Oklahoma. Is the security agreement legal in a community property state. What is the best way to show continuity between the Note and Security Agreement when lending to a sole proprietorship with the individual and their spouse?
07/30/2023
We are doing a loan with 7 combined parcels - and just one borrower. All the parcels are titled the same. Do seperate UCC's need to be filed for each or can they be combined into one?
07/16/2023
My bank is now selling our repossessed vehicles. The vehicles are listed on our website and we probvide contact information for questions or to arrange a test drive. Is there specific information we must include in the website listing for each vehicle? For example, should we indicate that the listed price does not include tax, title and registration fees? Should each listing include the VIN? Or are these things relevant only to dealers?
05/28/2023
When doing a commercial loan that is secured by stock, would you include that value when calculating the CLTV?