We have originated a loan for a 7 bedroom group home for disabled individuals where nursing staff is provided in the home. The property is setup as a 7 bedroom unit with shared living spaces (kitchen, living room, bathroom, etc). Would this be considered multi-family? Or do the units need to be fully functioning (include kitchen and bathroom) to be considered an individual dwelling unit?
A CRA Community Development Loan was included in the last exam cycle for our bank. In 2019 the loan was modified with new money and we added it to the CRA Community Development Loan list again for the current exam cycle. With loan modifications, can we count the total loan amount or just the new money that was added to the original loan?
For in the state of Minnesota, how long do I need to keep participation payment breakdowns, if I have to at all?
What is document management?
Can the Annual Escrow Statement be provided to the borrower using an e-statement or must a paper copy be snail mailed to borrower?