Construction
Prior to advancing funds, a Bank representative or 3rd party must perform
An Inspection
Annual coverage goal of the Bank's loan portfolio
40%
When securing a loan with real estate we must record a signed mortgage in the ___________ where the collateral is located
County
Character, Capacity, Capital, Collateral, and Conditions
5's of Credit
When draws are not handled by a Title Company
Loan Policy Exception
The Risk Management Division, which includes the Loan Review function, reports directly to the
Board of Directors
To properly secure a loan with collateral we must do the following
Attach and Perfect
How long does a UCC filing last?
5 years
Document used to confirm upfront borrower equity
Settlement Statement
What are the three (3) Findings which Loan Review cites in a report
Exceptions, Recommendation, and Observations
This recorded document is required to perfect a security interest in personal, farm, or business non-real estate assets
UCC-1 Financing Statement
An entity or individual who is indirectly liable for 50% of the Note
Limited Guarantor
When availability on the line is equal to or greater than costs to complete a project
Loan-in-Balance
The primary purpose of Heartland's loan review function is to provide an effective, ____________, and ongoing loan review system to ensure the adequacy of the maintenance and monitoring of the loan portfolio
Independent
This document protects the Bank against any property loss or damage because of liens, encumbrances or defects in the title to the property
Final Title Policy
Including Town and County, how many markets do we review annually
14
Presents the name of the contractor, type of work, contract amount, previous and current payments, as well as remaining balance to complete project
Sworn Statement
A trend we feel management should address to ensure the continued monitoring and quality of the Bank's loan portfolio is called
A Significant Issue
This document is required to obtain a security interest in non-real estate farm assets
Agricultural security agreement
Required action to perfect a security interest in an assignment of life insurance.
Acknowledgement by Insurance Company