§160.170. Records for lending transactions.
12 C.F.R. § 160.170
In establishing and maintaining its records pursuant to § 163.170 of this chapter, each Federal savings association and service corporation should establish and maintain loan documentation practices that:
Ensure that the institution can make an informed lending decision and can assess risk on an ongoing basis;
Identify the purpose and all sources of repayment for each loan, and assess the ability of the borrower(s) and any guarantor(s) to repay the indebtedness in a timely manner;
Ensure that any claims against a borrower, guarantor, security holders, and collateral are legally enforceable;
Demonstrate appropriate administration and monitoring of its loans; and
Take into account the size and complexity of its loans.
Notes, amendments, and revision history
Authority
Authority: 12 U.S.C. 1462a, 1463, 1464, 1467a, 1701j-3, 1828, 3803, 3806, 5412(b)(2)(B); 42 U.S.C. 4106.
Source
Source: 76 FR 49030, Aug. 9, 2011, unless otherwise noted.