Risk Management of Subprime Mortgage Lending Policy
This Risk Management of Subprime Mortgage Lending Policy is intended to ensure a bank, credit union, fintech company, or other type of financial institution maintains its subprime mortgage lending activities and practices that are consistent with safe and sound regulatory lending guidance.
Table of Contents
- Purpose and Contents – Topic 1
- Policy Statement – Topic 2
- Predatory Lending Policy Statement – Topic 3
- Underwriting Standards – Topic 4
- Workout Arrangements – Topic 5
- Consumer Protection Principles – Topic 6
- Control Systems – Topic 7
- Audit Policy – Topic 8
- Staff Training – Topic 9
- Retention of Documentation – Topic 10
Recent updates to this product:
03/18/24 Update
Eliminate and/or modify references to the term “Troubled Debt Restructuring” (TDR) with a “Borrower Experiencing Financial Difficulty.”
06/01/23 Update
Eliminate references to allowance for lease and loan losses (ALLL) which was replaced by current expected credit losses (CECL).
This Risk Management of Subprime Mortgage Lending Policy (approximately 20 pages) is available to purchase from BankPolicies.com in Microsoft® Word format.
NOTE: The complete contents of this template are also included in the Mortgage Loan Policy.
Product Update Protection Plan
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