Examples of Loan Action in a sentence
All servicing and liquidation Loan Action decisions, including the justification for the decision, must be documented in the Loan File or Computer Tracking System.
An Environmental Investigation must be conducted before taking any Loan Action that could result in a loss, or increase the risk of loss, due to the actual or alleged presence of Contamination.
McMahon MI, Rekhi S, Nelmes RJ (2001) Pressure dependent incommensuration in Rb-IV.
Generally, a new credit report should be ordered to verify the financial information submitted in support of the proposed Loan Action.
When SBA’s prior approval is required, a request for reconsideration of an SBA Loan Center’s decision regarding a proposed Loan Action may only be submitted if relevant new facts are provided.
A list of the Obligors and a statement as to whether their consent has been or will be obtained for the proposed Loan Action.
Any contemplated Loan Action that is in conflict with the use of the word “must” in this SOP must be treated as an exception to policy.
In accordance with Chapter 3, the response to the Servicing Request must be noted in the Computer Tracking System or Loan File; a copy of the Loan Action Record and Supporting Documents must be kept in the Loan File; and the substance of any telephone calls or face-to-face meetings regarding the Servicing Request must be kept in the Loan File or entered into a Computer Tracking System.
Requests for SBA approval of a proposed Loan Action should be in the form of a clearly and concisely drafted letter based on the Lender’s internal credit memorandum.
SBA’s prior written approval of a workout plan is not required unless the plan includes a compromise of the principal loan balance or some other Loan Action that requires SBA’s prior written approval.