The LAR (Loan/Application Register) Formatting Tool is designed to assist banks in formatting loan application data in the appropriate manner to support ongoing compliance with Home Mortgage Disclosure Act (HMDA) requirements.
A letter of credit is a bank-issued document guaranteeing a business’s payment for goods or services to a third party up to a specified dollar amount.
Loan administration is a broad topic in banking that involves determining loan eligibility, tracking loan documentation, and generating reports.
A loan assistant supports a lender on the front-end of the loan process. This allows the lender to be more productive in his or her own position.
Loan documents include all the documents that are necessary for a financial institution to make a loan to its customers, including the promissory note.
A loan file is a hard copy or electronic organizational tool that helps banks manage a customer’s credit and loan documents. Banks use loan files to store and organize important documents in compliance with their retention policies.