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Pros and Cons of Commercial Loan Apps

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Question: 
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.
Answer: 

Assuming that the CFPB's Small Business Lending Data Collection rule goes into effect as scheduled, I think you will see that most lenders will start using some form of application for commercial loans due to the complex data collection requirements involved.

First published on 11/26/2023

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