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.
Pros and Cons of Commercial Loan Apps
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.
First published on 11/26/2023