Most Popular Lending Content
Understanding Due on Sale vs. Right of Offset
06/03/2002
I have a construction loan promissory note that contains the "Right of Setoff" paragraph in it,along with the normal "due on sale". What are the ramifications of this combination on the promissory note?
Notice of Favorable Action
06/03/2002
When a loan is denied, we have the form for this purpose -notice of action taken. Is there a form to notify a customer when their loan has been approved- notice of favorable action taken?
Servicing Disclosures
06/03/2002
When exactly is a servicing disclosure required on any loan? What type, what circumstances?
Automatic Stay on Chapter 7
06/03/2002
We have been given notice of Chapter 7 bankruptcy on a small unsecured consumer loan that was 12 days late as of the date of notice. This borrower also has a checking account at our bank. Once notice is given, are we stayed from taking action on the bank's right of offset on this deposit account?
Mobile Homes and Fixture Filings
06/03/2002
I have an old mortgage loan file that has a mobile home and land as collateral. The mortgage specifically lists the mobile home and all of its identifying information, however, we don't have a recorded UCC-1 on the mobile home itself. Are we considered a true lienholder on the mobile home or would we need a recorded UCC-1?