Most Popular Lending Content
Real Estate Loan To Illegal Immigrant
05/05/2003
We have had a couple of inquires from customers regarding their ability to obtain credit for the purpose of purchasing a homestead while their legal status is that of an illegal immigrant. They claim to have a legitimate ITIN issued by the SS administration and have filed for 3-4 years worth of income taxes. It is prudent and/or legal to extend credit (real estate secured) to individuals under these circumstances, if they meet all other credit qualification?
Does the renewal of a crop loan require a new UCC?
05/05/2003
On a renewal of an existing loan using crops as collateral, a new security agreement is required. Is it necessary to file a new UCC? The UCC filed when the loan was originally done (along with the original security agreement) is good for 5 years, so why would it be necessary to file a new UCC every year even though a new security agreement is required every year?
Required Signatures On TIL?
05/05/2003
I am refinancing a first mortgage for a customer. The customer is married and the loan is to only one party. The spouse is going to sign the mortgage and right of rescission. I am being told by the purchaser of the loan that the spouse also has to sign the truth in lending. Is that correct?
Can we have a free drawing for a trip?
05/05/2003
We are starting an "over 50" club and offering that anyone who signs up for the trip is eligible to win a free trip through a drawing - I believe this is ok, because it is tied to "deposits" rather than a lending product? Do you see any problem?
Limits on Consumer Loan Fees?
05/05/2003
We currently charge a service charge on every consumer loan in the amount of $50.00. The consumer loan manager wants to increase this fee to $75.00. It seems to me that I remember something about this fee having to be limited to $50.00.