| 5300 Frequently Asked Questions (FAQ)
2A. Why won't the call report software permit me to enter a negative (credit) balance for "Cash on Hand"? [Account 730A] "Cash on Hand" literally means coin, currency, and cash items on hand. It is not possible to have negative cash on hand. 2B. Can loans other than real estate loans be reported in "Loans Held for Sale"? [Account 003] Yes. Footnote 1 and Footnote 7 of the FFIEC Interagency Guidance on Certain Loans Held for Sale explains that mortgage loans held for sale as well as other loans held for sale should be included as discussed in the guidance. (Interagency guidance issued March 26, 2001 & attached to NCUA Accounting Bulletin 01-01) 2C. Where should credit unions report overdraft protection program advances (also referred to as bounced-check protection and courtesy pay)? [Account 397] Under "All Other Unsecured Loans/Lines of Credit".
Second Mortgages Explained In Simple Terms
With the many loan choices around at the moment, you in all probability want to know how second mortgage loans stack up. This report presents many great ideas and constructive hints as it relates to why using a second mortgage is the latest method to search out some much wanted cash. When you apply for a second loan, your home is used for collateral to provide security to the lender. Second mortgage equity loans are arranged to provide lump sums of money to the homebuyer, which you repay on a specific contract. The money could then be utilized for most any reason; though, it is recommended to wipe out debts, as opposed to spending mindlessly. The loans could be applied to pay off tuition, which is a great idea, given that the loans for college tuition could lead to problems.
Foreclosures Soared 79 Percent in 2007
Some properties may have received more than one notice if the owners had multiple mortgages.A late-year surge in the number of properties reporting foreclosure filings suggests that many are in the initial stages of the foreclosure process and could end up lost to foreclosure this year unless lenders or the government steps in, RealtyTrac said."It does appear that we're seeing a new batch of properties enter the process," said Rick Sharga, RealtyTrac's vice president of marketing.RealtyTrac is forecasting that the pace of foreclosure filings will remain steady, rather than accelerate during the first half of 2008."Assuming nothing else bad happens economically ... we will have exhausted the bulk of the worst-performing loans by the end of June," Sharga said, referring to adjustable-rate mortgage loans made to borrowers with poor credit.
|
