06/15/2009
We have a loan pending for a customer who we found is in the army reserves and in IRAQ on assignment. We have not made the loan yet, but the question arose that we may have to offer him a lower rate. Can I charge him the normal loan rate or do we have to make it at the rate of 6%?
04/13/2009
On a three year mortgage with a balloon are the RESPA disclosures of the Good Faith and Mortgage Servicing Disclosure required? On this loan the mortgage is not satisfied, a new note is done with an amendment. I think it is more like an extension not a refinance.
03/16/2009
What is the definition of a restructured loan?
12/15/2008
Under the SCRA, when reducing the rate to 6% on pre-service obligations is the 6% the interest rate or the APR?
11/24/2008
We have a borrower who is a member of the Army National Guard. It is my understanding that he now has the same rights as regular Army members as far as the SCRA is concerned regarding the 6% loan interest rate. The service member received orders dated 5/14/08 to report to active duty for training beginning 7/28/08 until a specified time. Then he received orders on 7/15/08 for temporary duty for one day on July 26th. On July 18th he received an order to active duty as a member of his Reserve Component Unit for a period beginning 9/6/08. Does his period of duty begin on May 14th when the first order for training came or July 18th when he received final orders?
11/24/2008
I was told that we do not need the table on the ARM disclosure. Is this correct?
09/29/2008
If our lock-in agreement expires and we extend the date of expiration maintaining the same interest rate that exists on the original agreement, do we use the original date that the rate was locked in(as the lock-in date) or do we use the date on which the rate expiration was extended even though the rate was not changed? It would seem we should still use the original lock-in date since no changes were made to the rate.
09/01/2008
Can a bank increase the interest rate on closed end loans when a customer is past due and/or in default? What are the parameters for doing this? Where can I find something in writing?
08/04/2008
We use an automatic transfer authorization form to have payments auto debited from a DDA to pay a loan payment. Do you need the customer's signature on the form or will a loan officer's signature suffice?
05/19/2008
Can the bank set preapproved lending guidance on insiders? We would like to set an aggregate lending limit to each bank insider that would not need board approval if it met certain underwriting guidelines such as maximum DTI, minimum DSC, etc. I believe we would have these guidance levels approved yearly by the board. I am trying to make sure that we are not in violation of anything by doing this.