Andrew Hood, the vice president for retail lending at the National Cooperative Bank in Manhattan, said that a lender pre-files a UCC-1 in order to ensure that its lien will be "first in line" in the event someone else files a lien between the time of application and the loan's closing.
The first form, known as the loan estimate, would be furnished to the borrower within three days of the loan application.
If the debt were owed to a furniture store, the bank would approve the loan application, based on the amount of the loan and the consumer's repayment history.
Despite the eagerness of Mr. Spinner and other Energy Department officials to see the loan approved, other administration officials continued to raise flags about the company's viability and the completeness of the loan application package.
"At the end of the day, it's good for our industry, and it's good for the American people," Gordon M. Bethune, chief executive of Continental Airlines, said last night, talking about the rejection of the loan application.
At airports across the country, United workers expressed fear of cuts in the future, as well as bitterness at the federal government for its denial of the loan application.
Instead, the agency requested public comment on the new version of the loan application form under the Paperwork Reduction Act, a federal law that aims to minimize the paperwork burden when the government collects information from the public.
For example, TD Bank offers first-time home buyer seminars that explain the pros and cons of renting vs. owning, outline the true costs of obtaining a mortgage, provide an overview of the loan application process and share information on the criteria lenders use when evaluating borrowers.
He said of the loan applications showing his name and signature, "I never signed them. . . .
Using state motor vehicle records, they racially coded as many of the loan applications as they could.
