Most Popular Lending Content
Pledging a Jointly Owned CD as Collateral
11/03/2003
When a Joint CD is used as a collateral on a loan must both parties pledge the collateral or is the one borrowing the money the only one necessary? If a loan is secured by a CD that has a POD on it must the POD pledge the collateral also for the loan?
Bank in Dark Ages
11/03/2003
Believe it or not, we still hand type all promissory notes and all lending documentation in our bank. I have been trying to convince the boss to move to an automated system based upon the time issue, but now am going to try from a compliance issue. I need help with my side of the argument.
Reaffirmation in Chapter 7
11/03/2003
Borrower files Chapter 7 bankruptcy. Filing states intent to reaffirm. Borrower/attorney fail to execute reaffirmation and borrower is discharged. Borrower continues to make payments. Did borrower reaffirm by continuing to pay?
Issues with Applications in PDF Format
11/03/2003
Our bank wants to offer loan applications online. The customer can print the application, then submit it in person or mail the application. The customer cannot enter any information online. This application cannot be submitted via the Internet. My question is, we are offering the application in PDF format, which would require the user to download and install the Adobe Acrobat Reader. Is the bank responsible to disclose anything about Acrobat or the link to the Adobe site?
Bridge Loan Disclosures
11/03/2003
I have a loan application for a bridge loan. The customer wants to use their current residence as collateral to purchase a new residence. We will be taking a lst lien on the existing residence as well as a 1st lien on the new residence. The loan will be for 6 months, interest only. What type of disclosures do I need to prepare? Does Early TIL come into play? We will not be doing permanent financing.