Latest Lending - Letter of Credit Topics
We have backing lines attached to our Letters of Credit. Most of our backing lines are secured however, the letters of credit are unsecured. We have been told by our core vendor we must attach a backing line. Questions is, do we report the backing lines that are secured based on the collateral when reporting the call report code or do we report in 4A with the Letter of Credit that is unsecured? We haven't found any definitive answers but we want to make sure we are reporting correctly.
Tracking Letters of Credit that Auto-Renew
What are some best practices for tracking auto-renewal letters of credit?
Transferable Letter of Credit Precautions
Please explain the precautions which should be used when issuing a transferable letter of credit.
Common credit exceptions
What are some common credit exceptions that banks track with ticklers?
Document Tracking: Software vs. Spreadsheet
Should we use a spreadsheet or software to track exceptions?
Automated Ticklers
Are automated ticklers worth the money?
Commercial Loan if Purpose Rental Income?
We have a member at our credit union that wishes to increase their home equity line of credit in order to purchase a rental property. The line of credit is on their primary residence, and would remain so. Would this be considered a commercial loan (and therefore require an originator with commercial lending authority), where the purpose would be to provide rental income? Or would it not, considering the actual collateral of the loan is the member's primary residence.
Cross-collateralized LOC Loan
We are doing a letter of credit loan that is cross-collateralized with the client's real estate loan. Do we need to order a new flood certification for this new loan?
Reporting a Mortgage-Secured Letter of Credit
We are writing a letter of credit for a bank customer, who will use it for business purposes. The L/C is secured by a 2nd lien on the customer's residence. Are L/Cs CRA reportable, or should this L/C be included in our HMDA LAR? It is unlikely that the customer will ever draw against the L/C, but should we report the total credit available as the amount 'originated'?
Increasing The Loan Amount For A Commercial Customer - New Note?
If a commercial loan customer had a letter of credit for $1 million as Note 1 and additional funds were approved, would you be required to draft an entirely new Note 2, or simply due an amendment to Note 1?
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Most Popular Lending Content
Document sharing with third parties
When might a financial institution need to share documents with a third party?
Documentation and loan participations
Why do some financial institutions struggle to manage documentation for loan participations?
Discontinuing USDA and FHA lending
In considering discontinuing offering USDA Guaranteed and FHA loan programs, what compliance concerns/issues should we be aware of?
Does E-SIGN consent cover future loans?
When a borrower consents to do business electronically and the loan pays off and at sometime in the future he applies for a new loan, do we have to get a new consent to do business electronically?
Related entity tracking
What is related entity tracking?
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