Currently, the bank I am employed by uses commercial loan applications. In my prior work lives, the banks never had a specific cmmercial loan application. Are they required? I realize some compliance related items are collected on them; but believe this could be done in another manner. Thoughts on this topic and why you would recommend keeping them or eliminating them.
Is a customer required to sign an intent to proceed? I have not found that in the Reg.
What are lending exceptions?
Brush up on key HMDA requirements to ensure HMDA data is accurate for reporting on or before March 1, 2024.
Who should really attend a HMDA Scrubbing and Submitting course?
Our borrower inherited half of her father's farm. We made a loan for her to buy her sister's half. The loan is secured by the farm. Our customer is going to rent out the land and the home. She won't be farming it herself but will be receiving rental income from it. Does this qualify for the agricultural exemption for HMDA?