Q&A

Question and Answer

We have a customer who had a $5,000 unsecured Line of Credit with us. The customer repeatedly overdraws the Line of Credit, but at this time, there is an outstanding balance of $3,000. During a review of the account, the Lending Staff want to reduce the available credit on the unsecured Line of Credit to $3,000. Is an adverse action notice required?

Q&A / By

We have a customer who had a $5,000 unsecured Line of Credit with us. The customer repeatedly overdraws the Line of Credit, but at this time, there is an outstanding balance of $3,000. During a review of the account, the Lending Staff want to reduce the available credit on the unsecured Line of Credit to $3,000. Is an adverse action notice required? Read More »

Question and Answer

Under HMDA, Government Monitoring is not collected when the applicant is not a natural person. I understand that corporations, partnerships, etc. are not natural persons. However, how do I report a loan where the borrower is a non-natural person and the co-borrower is a natural person? Do I report both as “not applicable”? What if the officer/partner signs as Manager or President? Does that make a difference?

Q&A / By

Under HMDA, Government Monitoring is not collected when the applicant is not a natural person. I understand that corporations, partnerships, etc. are not natural persons. However, how do I report a loan where the borrower is a non-natural person and the co-borrower is a natural person? Do I report both as “not applicable”? What if the officer/partner signs as Manager or President? Does that make a difference? Read More »

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