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Product Update Notification - 02/22/07 Consumer Loan Policy Template Update Detail What's New Topic 3 - Definitions. Several consumer lending definitions were added. Topic 4 - Responsibility. Includes the following subtopics: Board of Directors and Senior Management Loan Committee Chief Credit Officer Consumer Loan Department Loan Officers Compliance Officer Credit Review Examination Report Requirements Topic 14 - Employee Consumer Loan Processing Procedures. Provides sample guidance for the internal review, approval or decline of employee consumer loans. Topic 15 - Small Dollar Loan Program. Includes the following subtopics: General Applicability of Subprime Lending Guidance Program Overview Affordability and Pricing Standards Principal Reduction Standards Underwriting Standards Cost Feasibility Standards Savings Component Standards Collaboration Standards Financial Education Topic 17 - Audit Policy. Provides sample guidance for internal and external lending audit arrangements. Topic 18 - Staff Training. Provides sample guidance for the periodic training of lending personnel. Topic 19 - Retention of Documentation. Provides sample guidance for the retention of consumer loan documentation. What's Revised Topic 2 - Policy Statement. Includes the following new subtopics: General Operational Program Management and Servicing Regulatory Compliance Asset Allocation Portfolio Diversification and Concentrations Market Conditions Lending Limits Loan Pricing Loan Fees Insider and Affiliate Credits Non-Discrimination Policy Geographic Area Coverage Enforcement Exceptions to Policy Topic 5 - General Credit Underwriting Guidelines. Includes the following subtopics: General Loan Types Application Process General Underwriting Criteria Credit Scoring Guidelines and Methodology Exceptions to Underwriting Decisions and Override Authority Program Reporting Policy Exception Reporting Environmental Hazards Commitments Loan Agreements Loan Officer Responsibilities Regulations Terms and Repayment Joint Applications Approval or Denial Problem Loans and Collection Loan Payment Extensions Renewals and Special Reviews Topics 6 through 11 and 13. All of these topics contain revised basic underwriting standards. Click here to continue for additional changes to this product. |