Bank is creating a new product where the collateral will be Cash Value Life Insurance (non-real estate product). The product will be offered to both consumer and commercial customers. The product parameters are revolving LOC, prime plus a set margin that has a floor, interest only, and a loan fee. Other than providing the standard closing documents and disclosuers (as applicable) that we do on other lines of credit (Privacy, CIP, TIL), what else should I be concerned with as I see this as any other line of credit but just secured by CVLI?
Last edited by Kathleen B; 09/29/11 02:14 AM. Reason: fixed title