CREDIT UNDERWRITING. (1) Effective immediately, the Bank may grant, extend, renew, alter or restructure any loan or other extension of credit only after:
CREDIT UNDERWRITING. Planet Home Lending, LLC (PHL) is VA-approved for automatic underwriting and will underwrite all “agent for” loans. The underwriter’s certification and signature must appear on VA Form 26-1820, Section Q or on a separate document as is required for VA loans closed on the automatic basis. The VA Form 26-1802a must be submitted with your company’s name, address and as Agent for PHL.
CREDIT UNDERWRITING. Except as set forth on Schedule 4.24, no current Merchant of the Company exceeds acceptable chargeback to sales thresholds as established by Visa or Mastercard, with respect to current Merchants of the Company which first became a Merchant of the Company on or after January 1, 2010, received a “reject” or similar recommendation from any third party used by the Company and its Subsidiaries in conducting its credit underwriting policies and practices. No current Merchant of the Company is subject to Visa’s Brand Protection Program or MasterCard’s Business Assessment & Risk Mitigation program.
CREDIT UNDERWRITING. (1) Within sixty (60) days of the effective date of this Agreement, the Board shall revise, implement, and thereafter ensure Bank adherence to the Bank’s loan policies and procedures concerning loan modifications, extensions, renewals, and Troubled Debt Restructurings (“TDRs”), consistent with the Loan Portfolio Management booklet of the Comptroller’s Handbook, OCC Bulletin 2009-32 – Commercial Real Estate (CRE) Loans: Guidance on Prudent CRE Loan Workouts (Oct. 30, 2009), and OCC Bulletin 2012-10 – Troubled Debt Restructurings (Apr. 5, 2012), to ensure appropriate credit underwriting practices. At a minimum, the Bank’s revised loan policies and procedures shall address:
CREDIT UNDERWRITING. (1) Within sixty (60) days of the date of this Agreement, the Board shall ensure proper collateral documentation is maintained on all loans and correct each collateral exception listed in the most recent Report of Examination, in any subsequent Report of Examination, in any internal or external loan review, or in any listings of loans lacking such information provided to management in writing by the OCC.
