Thank you for the response. Yeah, my next door neighbors are not so thrilled about all the leaves right now. lol.
The peeling bark was my concern as well. It has never done this before and I know that other trees do shed bark when the trunks grow. I was not sure if that is what is happening here or if it is common for this type of tree.
In regards to the split. It does not go through the tree, it is only the outer layer of bark that seems to be wanting to peel away. I have attached some more images so you can see the area better.
The lower level branch is strong and has been there since we got the tree. All three of our kids grew up hanging off of that branch, lol.
Thanks again for all the help.