12/22/2024
When preparing the modification for a renewal/extension, if the borrower's fictitious name statement expired and we have re-filed for the fictitious name, do we need to indicate the new filing date in the modification agreement?
11/10/2024
I continue to get push back from our lenders to change rates when we have Administrative Renewals. Reason for an Admin Renewal may be that the customer does not have a current Tax Return or Personal Financial Statement. Our current practice, when doing an Admin Renewal, is to only extend the maturity date by 90 day and make NO other changes.
Is anyone else making rate changes at the time of Admin Renewals or doing them for longer than 90? Is this a regulatory issue with commercial and/or consumer loans and if so, what regulation would we be violating?
03/03/2024
When a renew a loan with collateral should a new Security Agreement be completed as well?
03/14/2021
What are some best practices for tracking auto-renewal letters of credit?
01/06/2019
HELOC's primary residence upon maturity and the applicant wants to renew the loan for another term. No new funds same type. What disclosures are required?
09/09/2018
Consumer 1st lien mortgage originally set up as a 30 year with a 5
year call. Loan matured February 1st, bank did not renew until April. Since
this was renewed after the original maturity, big discussion started. Some
think it had to be a new loan, others think a renewal would have been fine.
You date the renewal docs the maturity date but have April as the signing
date? Would that have been okay? Instead they did a whole new loan and the
consumer had to pay for all the closing costs again. A new Title Policy and
etc.
04/15/2018
When we do a renewal on commercial loan with 1-4 family as collateral we have them sign an appraisal notice - saying we have the right to do an appraisal. They might not come in to do the renewal until after maturity. Can they date this document the day they sign or do they need to back date it to the renewal date? Is this a violation if they date it after the loan renewal date?
07/24/2016
We had a 30 year fixed loan modified to a 5 - year balloon due to collection issues. The balloon is now past due
and we want to do a workout/refi back to the original terms of the original 30 - year note. Would we have to disclose?
Our main concern is this is a workout/refi of an expired balloon modification..
10/25/2015
Can you renew a loan without collecting late charges that are due? We want to renew the loan and leave the late charges in the fee balance field to collect at another time.
08/25/2014
We have a customer that has a closed end line of credit and it is being renewed into an amortized loan. Is this considered a renewal or a refinance? It is secured by residential property so we are trying to decide if it is HMDA reportable.