02/02/2004
A customer has a revolving line of credit with a mortgage on their home as collateral and a right to rescind was given at closing. The full amount of the loan has been used and partially paid back. If the customer wants another draw will another right to rescind be necessary at that time?
01/19/2004
What required disclosures to you need on a HELOC ifthe main purpose of the loan is to purchase the borrowers' house? They are only asking for $40,000.00? Do you need an early truth in lending disclosure or early good faith estimate and any other early disclosures?
12/15/2003
If a bank makes a loan that requires a notice of right of rescission, should the "contract date" on the bank's computer system be the date the contract was completed, or the date when the rescission period ended and the funds were disbursed?
09/15/2003
Right of Rescission: After the rescission period has expired, if the creditor is "reasonably satisfied" that the consumer has not rescinded, can the creditor disburse funds without customers signing the notice stating they are not rescinding the transaction?
09/02/2003
Realizing that a Revocable Living Trust is not a natural person; and right to rescind doesn't apply, can the Trustee of the Trust apply for an equity line of credit for the Trust?
08/18/2003
This question would pertain to compliance, marketing and lending. Our Bank would like to offer special financing for our flood victims in our area. I need direction, as far as, being compliant.
08/04/2003
I am dong a construction loan for a consumer to payoff the lot and purchase and set up a mobile home. The property is 6.0 acres out of a 15 acres tract. They are currently living on the property in a travel trailer and receive mail at the collateral address Does Right of Rescission apply to this transaction?
06/30/2003
What kind of fines and penalties apply if the required HOEPA disclosures were not given to the customer?
06/30/2003
When using two pieces of real estate as collateral on a bridge loan, if one is the customer's present principal dwelling and the other property is the purchased property, does ROR apply?
06/02/2003
Three borrowers have submitted a refinance request. Two of the borrowers use the original collateral as a second home and their income to qualify. The primary occupant of the collateral disclosed no income. Would the right of rescission apply to all borrowers since this is considered a second home for the two borrowers? They are also shown as owners on the deed.